Tech Update: Steelmaker Investments and Ransomware Attacks

One of the world’s largest steel producers wants to reduce its carbon footprint. ArcelorMittal Dofasco, through its XCarb Innovation Fund, has entered into a $6.6 million investment and purchase agreement with CHAR technologies, a Mississauga-based company that converts forest waste products into renewable energy sources. Dofasco has agreed to purchase 5,000 tons of biocoal from CHAR for use in its steel mills.

Don’t you know your coal from your bio coal? CHAR takes wood waste, everything from leftover shipping pallets to wood scraps like the unused ends of logs, and then processes it using high-temperature pyrolysis—heating things without oxygen to an ultra-high temperature, about 850 degrees Celsius. This creates biocoal, a fossil-free form of coal that can be used to replace traditional coal in steel and other manufacturing processes. “You need solid carbon in blast furnaces for steelmaking or copper smelting,” said Andrew White, CEO of CHAR. “By turning wood waste into biocoal, we can keep the fossil carbon, which takes the form of coal, underground and thus reduce greenhouse gas emissions.”

Steel is extremely carbon-inclusive to make – it alone was good 8 percent of global carbon dioxide emissions in 2018. The ability to reduce emissions from steel production by using carbon neutral fuels, such as biocoal, is a major win in the global effort to curb carbon emissions. White estimates that CHAR’s biocoal eliminates 30,000 tons of greenhouse gas emissions for every 500,000 gigajoules of renewable energy it produces.

Currently, CHAR is working to get their biocarbon production facility in Thorold, Ont., up and running – White says it will open later in 2023. ArcelorMittal’s investment will enable CHAR to scale up production at its Thorold facility and other projects. CHAR also signed a memo of understanding with First Nations Co-op Lake Nipigon Forest Management to develop, construct, own and operate another biocoal facility. “It’s important for us as a company to act quickly,” says White. “But it’s also important that changes happen quickly to reduce greenhouse gas emissions.”

Ransomware attacks are getting more expensive

A new report from law firm Blakes found that Canadian companies hit by ransomware attacks are paying more – and the price has risen astronomically. In 2022, two-thirds of companies attacked paid the ransom, up from 56 percent in 2021. Canadian companies are also paying more to recover their stolen assets — in 2022, the median paid was $546,000, up from $100,000 a year earlier.

“Bad actors are aware of the lack of preparedness in all sectors,” said Claudette McGowan, CEO of cybersecurity firm Protectxa. “These attacks are easy to execute with a high payday and minimal risk.” However, there is a lot that companies can do to strengthen their defenses. McGowan suggests that business leaders invest in tools that use AI, as well as create playbooks and even conduct cyber-attack exercises (such as a fire drill). “Don’t make it easy for cybercriminals to access your data and systems,” says McGowan. “Be brilliant at the bottom line by updating systems, ensuring all applications are developed securely, implementing policies related to identity and access management, and using encryption for data in transit and at rest.”

AI to provide subtitles instantly

Toronto-based company Videolinq has launched a new service that provides automated closed captioning for live video. This AI-assisted captioning saves customers the higher hourly costs usually associated with traditional live captioning. The new service, called “Edit”, creates subtitles and transcriptions, and also offers the ability to correct subtitles in more than 60 languages.

New boot camp for female founders

SheBoot, an investment-ready enterprise boot camp that prepares female founders to pitch and secure investments, is now a national nonprofit. After three years as an Ottawa-based initiative, SheBoot is expanding to support female founders across the country. To realize the expansion, SheBoot has secured up to $700,000 in funding from the National Research Council of Canada Industrial Research Assistance Program over the next two years. It has already confirmed 30 female angel investors and secured $300,000 in equity-based investments for this fall’s pitch competition.

Mental health of young people is boosted by AI

Toronto based Vector Institute partners with Canadian mental health provider Kids Help Phone to use AI in its service. Kids Help Phone will use natural language processing to create a youth mental health dataset that analyzes young people’s speaking patterns when they dial in. This will help frontline staff to provide more precise services and enable mental health professionals to refer young people in need to the right and available services.

By the numbers

$30 million: Protein Industries Canada, an industry-led non-profit organization, plan on investing $30 million in artificial intelligence projects that will benefit the plant and agri-food sector between now and March 2026. The new technology has the potential to improve quality assurance for food manufacturers, formulate ingredients and even develop new recipes.

$2,065,000: BC-based Novarc Technologies has landed $2.065 million in investments from the Pacific Economic Development Agency of Canada. The company plans to use the money to market its unique welding robot worldwide. Novarc’s robots have pipe-welding technology designed to improve the speed at which workers can repair any type of pipe.

$80 million: CarbonCure raised $80 million (US). The fundraising for the Halifax company, which is capturing carbon dioxide in concrete to reduce the gray stuff’s high carbon footprint, is being led by Blue Earth Capital, a global investment firm.

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