2023 Tidewater Renewables ESG Report

CALGARY, April 24, 2023 - Tidewater Renewables Ltd. (“Tidewater Renewables” or the “Corporation”) (TSX: LCFS) is pleased to announce the release of its inaugural ESG Report summarizing the Corporation’s performance on several key environmental, social, and governance (“ESG”) topics and highlighting its commitment to responsible energy development and the energy transformation.

“Tidewater Renewables is excited about our role in creating clean energy solutions for a more sustainable future,” said Rob Colcleugh, Chairman and Interim Chief Executive Officer. “Tidewater Renewables was created in response to the increasing global demand for renewable fuels and alternative energy solutions. We are in the business of turning waste materials into biofuels in the form of Renewable Diesel, Renewable Natural Gas, and Renewable Hydrogen. These reliable and affordable energy solutions help reduce waste pollution and decrease greenhouse gas emissions to reduce the carbon intensity of fuels used across Canada.”

The ESG Report features Tidewater Renewables’ progress to date including:

• Building Canada’s 1st Renewable Diesel and Renewable Hydrogen (HDRD) facility
• Total Recordable Injury Frequency (TRIF) of 0.31 for construction of the HDRD facility
• Produced Renewables Diesel at the HDRD facility is expected to reduce consumer carbon intensity by 80-90% compared to fossil fuel-based diesel
• 25% of Tidewater Renewables’ Board of Directors are women
• The Corporation’s team has grown from three to 35 employees in only 18 months
• Over $16 million in Provincial and Federal Government funding provided through clean technology grants

About Tidewater Renewables

Tidewater Renewables is traded on the TSX under the symbol “LCFS”. Tidewater Renewables is a multi-faceted, energy transition company. The Corporation is focused on the production of low carbon fuels, including renewable diesel, renewable hydrogen, and renewable natural gas, as well as carbon capture through future initiatives. The Corporation was created in response to the growing demand for renewable fuels in North America and to capitalize on its potential to efficiently turn a wide variety of renewable feedstocks (such as tallow, used cooking oil, distillers corn oil, soybean oil, canola oil and other biomasses) into low carbon fuels. Tidewater Renewables’ objective is to become one of the leading Canadian renewable fuel producers. The Corporation is pursuing this objective through the ownership, development, and operation of clean fuels projects and related infrastructure, that utilize existing proven technologies. Organically, Tidewater Renewables seeks to leverage the existing infrastructure and engineering expertise of Tidewater Midstream and Infrastructure Ltd., regarding the development of the Corporation’s portfolio of greenfield and brownfield capital projects as well as the expansion of the Corporation’s product offerings. Additional information relating to Tidewater Renewables is available on SEDAR at www.sedar.com and at www.tidewater-renewables.com.

Press Release

For further information:

Robert Colcleugh
Chairman and Interim CEO
Tidewater Renewables Ltd.
Phone: 587.475.0210
Email: rcolcleugh@tidewatermidstream.com

Ray Kwan
CFO
Tidewater Renewables Ltd.
Phone: 587.776.0042
Email: rkwan@tidewater-renewables.com