Airex secures funding for torrefaction demonstration

June 10, 2014, Montreal, Que. – Airex Energy has reached an
agreement on new funding for the company’s torrefaction technology project, helping the company come one step closer to a torrefaction demonstration plant in Canada.

Seed Fund Cycle-C3E, the Cycle family’s second venture
capital fund in the clean technologies field, and Desjardins-Innovatech
recently completed the strategic partnership to grow the company by closing a
$3 million round of funding.

This funding will enable Airex to build and operate a new
demonstration plant that will become the commercial showcase for the CarbonFX
biocoal technology. “We are very proud to be able to rely on support from an
experienced team like Cycle Capital Management. We can benefit from Cycle’s
vast business network and its industrial partners to accelerate the roll-out of
our technology worldwide," declared Sylvain Bertrand, CEO of Airex Energy.

“Airex Energy provides efficient cutting-edge torrefaction
technology that meets market requirements while using residual biomass,” notes
Andrée-Lise Méthot, Founder and Managing Partner of Cycle Capital Management
(CCM). “For Cycle Capital, biocoal is a long awaited product that will allow
Airex to positioned itself as a major player on several foreign market.”