u/CryptoDev1

Which of these six milestones do you believe Esker will announce first?

With Esker’s rebrand complete, the focus now shifts to execution. For Project Nahoonai to advance toward a final investment decision, six major pieces must come together:

1. Secure long-term feedstock
2. Select proven conversion technology
3. Confirm viable project sites
4. Sign commercial offtake agreements
5. Establish a credible CCS solution
6. Complete the financing structure

Esker plans to advance Nahoonai in phases across multiple B.C. locations, with each site required to meet the standards of a financeable project.

This approach could reduce risk while creating the foundation for a broader pipeline of low-carbon infrastructure projects.

Important Disclaimer:

My posts are not financial or investment advice. Please conduct your own due diligence before making any investment decisions. I am simply an individual on Reddit and X sharing my personal opinions, and they should be interpreted as such.

I do, however, want to emphasize that you are welcome to share this content across any form of media, including Reddit, X/Twitter, stock chat rooms, etc.

A new low-carbon energy infrastructure ticker is officially live. Esker Infrastructure Corp. begins trading today under ESKR on the TSX Venture Exchange and ESKRF on the OTCQB. The company’s listed warrants also begin trading under ESKR.WT.

Esker is a project-development company focused on originating, structuring and financing sustainable aviation fuel and other low-carbon energy infrastructure projects. Its strategy combines strategic feedstock partnerships with proven third-party technologies to develop a scalable pipeline of waste-to-fuels projects.

The company’s flagship development is Project Nahoonai, a proposed multi-phase, multi-site project in British Columbia. With its new public-market identity now live, ESKR becomes a new Canadian clean-energy infrastructure ticker for investors to watch.

Here is the link to the official EskerCorp independent shareholders community on Reddit.

Where we discuss news and insights regarding Esker and Project Nahoonia.

Important Disclaimer:

My posts are not financial or investment advice. Please conduct your own due diligence before making any investment decisions. I am simply an individual on Reddit and X sharing my personal opinions, and they should be interpreted as such.

I do, however, want to emphasize that you are welcome to share this content across any form of media, including Reddit, X/Twitter, stock chat rooms, etc.

Ticker: CMC.V CWSFF.QB

Question: Why Are They Here?

Why do I believe Ryan Jackson assembled this specific team?

Because in my opinion, Cielo is no longer trying to prove one experimental idea. It is attempting to originate, structure, finance and execute a portfolio of large-scale clean-fuel and low-carbon infrastructure projects.

Harry K. Andersen, Cielo’s new Board Chair, brings more than 25 years of senior energy leadership, including major-project execution, capital markets, mergers and acquisitions, commercial and customer offtake agreements, regulatory affairs, government relations and Indigenous partnerships.

Ivy Chan brings project finance, commercial structuring, joint ventures, CCS experience and the ability to move projects toward financial close. Rob Pockar and Matt Scorah bring engineering, technical development, project management, feedstock, offtake and commercial execution.

Kaush Rakhit contributes company-building and energy-sector experience; Peter MacKay brings government, public-policy and economic-development insight; and Sheila Leggett provides governance and strategic oversight. Every appointment appears to fill a specific requirement in the project-development chain.

Why are they here? Because Project Nahoonai requires far more than technology. Cielo must secure feedstock, negotiate offtake, integrate proven third-party technologies and CCS, complete permitting, structure Indigenous partnerships, attract institutional capital and ultimately reach a final investment decision.

Harry Andersen said it clearly: “We are building a business, not a single project.”

There are still substantial financing and execution risks, and no appointment guarantees success, but this is not a team assembled merely to maintain a public company.

In my opinion, Ryan has deliberately assembled the people needed to de-risk projects, reach financial close and turn Cielo from a development story into an operating low-carbon infrastructure business.

Important Disclaimer:

My posts are not financial or investment advice. Please conduct your own due diligence before making any investment decisions. I am simply an individual on Reddit and X sharing my personal opinions, and they should be interpreted as such.

I do, however, want to emphasize that you are welcome to share this content across any form of media, including Reddit, X/Twitter, stock chat rooms, etc.

TICKER: CMC.V CWSFF.QB Cielo announced today that Harry Andersen has been appointed to the Board and as Chair, effective September 15, 2026.

Sheila Leggett has stepped down as Chair but remains a director and becomes Chair of the newly formed Governance, Nominating and Compensation Committee. Larry Schafran has resigned from the Board and will remain involved as an adviser. Cielo explicitly describes the change as part of the deliberate build-out of a leadership team aligned with its clean-fuels and low-carbon-infrastructure strategy and its ability to advance multiple sites in parallel.

And Harry’s own line in today’s release may be the most important sentence:
“We are building a business, not a single project.”

HARRY K. ANDERSEN — CIELO’S NEW BOARD CHAIR

A DEEP DIVE INTO A MULTI-BILLION-DOLLAR ENERGY INFRASTRUCTURE CAREER

On September 16, 2026, Cielo announced the appointment of Harry K. Andersen to the Board of Directors and as Chair of the Board, effective September 15.

Cielo says the appointment is part of a deliberate build-out of leadership aligned with its strategy as a clean-fuels and low-carbon-infrastructure project developer, capable of advancing multiple sites in parallel.

Harry summed it up himself:

“We are building a business, not a single project.”

That makes understanding his career more important than ever.

Harry Andersen is best described as an energy-infrastructure transaction executive with a legal/M&A foundation.

His career spans:

Energy M&A
Joint ventures
Major-project development
Corporate finance
Regulatory strategy
First Nations / Indigenous partnerships
Governance
Pipeline operations
CCS
Private infrastructure investment
Strategic acquisitions and divestitures
Capital markets
Long-term commercial agreements
Major-project execution

Gryphon/Captus investor material describes Andersen as having 25+ years of energy experience, involvement in more than $15 billion of M&A and financings, and more than $10 billion of brownfield and greenfield projects.

1. EDUCATION & PROFESSIONAL FOUNDATION

Harry’s full name is Harold “Harry” K. Andersen.

He holds:

B.A. — University of Calgary
Bachelor of Laws — University of Calgary

Pembina’s disclosures describe his experience as spanning major acquisitions, project development, joint ventures, financings, reorganizations, restructurings, regulatory matters, governance and First Nations/Tribal consultation.

2. STIKEMAN ELLIOTT — APPROX. 2000–2011

Before joining Pembina, Andersen spent roughly 11 years as an associate and partner at Stikeman Elliott LLP.

His practice focused heavily on:

Energy
Corporate transactions
M&A
Corporate finance
Regulatory matters
Project development

This matters because Andersen entered infrastructure from the transactional side.

He learned how major assets are bought, sold, financed, structured and regulated before eventually moving into operating leadership.

3. EXPRESS PIPELINE — C$1.175 BILLION

In 2003, BC Gas, Ontario Teachers’ Pension Plan and Borealis Infrastructure acquired the Express Pipeline System from EnCana for approximately:

C$1.175 BILLION

including assumed project financing.

Stikeman Elliott acted as lead counsel to the buyers, and Harold Andersen was part of the corporate team.

The system extended approximately 2,750 kilometres from Alberta into major U.S. refining markets.

This was already major infrastructure M&A early in his career.

4. BP RANGELAND — APPROX. C$157 MILLION

In 2004, BP Canada sold its Rangeland business, including pipeline assets, to Pacific Energy Partners for approximately:

C$157 MILLION

including inventory.

Andersen was on the Stikeman Elliott team representing BP.

5. BANKERS HALL / BROOKFIELD TRANSACTION

In 2002, British Columbia Investment Management Corporation acquired a 50% interest in Calgary’s Bankers Hall from Brookfield Properties.

Andersen was part of the Stikeman Calgary team acting for the purchaser.

The value was undisclosed.

This was not an energy deal, but it shows Andersen working around large institutional transactions and Brookfield-linked assets very early in his career.

6. PRIMEWEST / CALPINE

In 2004, PrimeWest Energy Trust acquired Calpine Canadian assets and partnership interests.

The transactions involved approximately:

C$732 million of oil and gas assets

plus approximately:

C$74 million of trust units

and a roughly C$550 million financing package.

Andersen was part of Stikeman’s corporate/securities team advising PrimeWest.

So even before Pembina, his work already involved:

pipelines
→ institutional infrastructure
→ energy acquisitions
→ capital raising
→ complex corporate transactions

7. PEMBINA PIPELINE — 2011–2022

This became the defining chapter of Andersen’s career.

His progression through Pembina was substantial:

2011
→ General Counsel

2013
→ Vice President, Legal & General Counsel

2017
→ Senior Vice President, External Affairs & Chief Legal Officer

2021
→ Senior Vice President & Chief Operating Officer, Pipelines

2022
→ Departed Pembina to pursue other opportunities.

That progression says a lot.

He did not remain simply “the lawyer.”

Pembina ultimately placed him in operating leadership over its pipeline business.

8. PROVIDENT ENERGY — APPROX. C$3.8 BILLION

Shortly after Andersen joined Pembina, the company acquired Provident Energy Ltd. in 2012 in a transaction valued at approximately:

C$3.8 BILLION

Lexpert identifies Andersen, then Pembina’s General Counsel, as one of the internal legal leaders on the transaction.

The deal substantially expanded Pembina’s:

NGL extraction
fractionation
storage
transportation
midstream logistics

capabilities.

9. VERESEN — A DEFINING M&A TRANSACTION

This is perhaps the clearest demonstration of Andersen’s direct M&A leadership.

Pembina acquired Veresen in 2017.

Pembina’s own executive-compensation disclosure specifically credits Andersen with:

leading the due diligence and negotiation of the acquisition agreement.

Pembina ultimately recorded:

C$6.4 BILLION

of acquisition consideration.

When Veresen debt and preferred shares were included, Pembina described the broader transaction value at approximately:

C$9.4–C$9.7 BILLION

with a combined pro-forma enterprise value of approximately:

C$33 BILLION.

The acquisition brought Pembina interests in:

Alliance Pipeline
Aux Sable
Veresen Midstream
Ruby Pipeline
Alberta Ethane Gathering System
Montney gas-processing infrastructure
major Canadian and U.S. midstream assets

After closing, Andersen was appointed to the boards of:

Alliance Pipeline
Aux Sable
Veresen Midstream.

His experience therefore covered:

due diligence
→ negotiation
→ closing
→ integration
→ post-close governance

That is serious M&A experience.

10. KINDER MORGAN CANADA + COCHIN — APPROX. C$4.35 BILLION

In 2019, Pembina announced the acquisition of Kinder Morgan Canada and the U.S. portion of the Cochin Pipeline for approximately:

C$4.35 BILLION.

At the time, Andersen was Pembina’s SVP, External Affairs & Chief Legal Officer.

Pembina’s own disclosure says Andersen was involved in all aspects of the integration, including Canadian Competition Bureau approval, and led negotiations with senior management around the integration process.

So while I would still distinguish this from the Veresen deal, where Pembina explicitly says he led the acquisition-agreement work, his role in Kinder/Cochin was clearly substantial.

11. CEDAR LNG — INDIGENOUS MAJORITY-OWNED INFRASTRUCTURE

In June 2021, Pembina acquired a 50% interest in Cedar LNG and entered into partnership with the Haisla Nation.

Lexpert specifically lists Harry Andersen as part of Pembina’s internal legal team on the transaction.

The project later developed into a:

US$4 BILLION

major infrastructure development.

Today the ownership structure is approximately:

50.1% Haisla Nation
49.9% Pembina

making Cedar LNG an Indigenous-majority-owned major infrastructure project.

Cedar reached positive FID in June 2024.

Why does Cedar matter?

Because the structure combines:

Major infrastructure

Indigenous ownership
shared governance
project-level financing
British Columbia
long-term offtake
large-scale energy development

That experience is directly relevant to the kind of institutional infrastructure strategy Cielo now says it is pursuing.

12. CHINOOK PATHWAYS — INDIGENOUS EQUITY OWNERSHIP

Pembina and the Western Indigenous Pipeline Group established Chinook Pathways to pursue ownership of the Trans Mountain system.

The federal lobbying registry specifically lists:

Harry Andersen — Management Committee Member, Chinook Pathways Inc.

Pembina describes Chinook Pathways as an Indigenous-led partnership created to pursue equity ownership in Trans Mountain.

This takes Andersen’s experience well beyond consultation.

It puts him inside the architecture of:

Indigenous ownership + governance + major infrastructure.

And today’s Cielo announcement specifically highlights his experience with an Indigenous partnership related to Trans Mountain.

13. ALBERTA CARBON GRID — WORLD-SCALE CCS

During Andersen’s Pembina tenure, Pembina and TC Energy launched the Alberta Carbon Grid.

The concept was designed as an open-access carbon transportation and sequestration platform capable of ultimately handling:

UP TO 20 MILLION TONNES OF CO₂ PER YEAR.

The system was designed around:

CO₂ transportation

sequestration
existing pipeline infrastructure
multiple industrial customers

This placed Andersen inside the development era of one of Canada’s largest CCS infrastructure concepts.

That background now sits directly beside Cielo’s own stated strategy of integrating carbon management and CCS into clean-fuel projects.

14. CANADA KUWAIT PETROCHEMICAL CORPORATION — MULTI-BILLION-DOLLAR JV

Pembina and Kuwait’s Petrochemical Industries Company created a 50/50 joint venture through Canada Kuwait Petrochemical Corporation.

Pembina specifically credited Andersen as being instrumental in the:

50/50 JV arrangements.

Pembina later disclosed its proportionate capital exposure at approximately:

C$2.7 BILLION

including directly owned supporting facilities.

Andersen also represented Pembina in CKPC governance.

That added:

international JV experience

major industrial development
FID preparation
board/governance experience

to his résumé.

15. JORDAN COVE LNG — APPROX. US$10 BILLION

Today’s Cielo announcement goes even further than the older Pembina filings.

Cielo states that Andersen:

led the development of the proposed US$10-billion Jordan Cove LNG project.

His responsibilities included major regulatory, government, permitting and stakeholder work.

The proposed development included an LNG export facility and a 229-mile pipeline in Oregon.

The project ultimately did not proceed.

That experience still matters.

Major-project leadership includes understanding:

permitting risk
political risk
regulatory risk
stakeholder opposition
capital risk
why projects fail

as well as how they succeed.

16. PEACE PIPELINE & PEMBINA’S ORGANIC GROWTH

Andersen’s résumé was not purely about acquisitions.

Pembina credits him with helping secure regulatory and environmental approvals for major organic infrastructure development and facilitating the engineering, construction and commissioning of major pipeline facilities.

That included work around:

Peace Pipeline expansions
Hythe
Two Lakes
Duvernay gas plants
cogeneration
LPG terminal development
other major infrastructure.

Pembina placed billions of dollars of projects into service during this period.

So his career includes:

BUILDING INFRASTRUCTURE AS WELL AS BUYING IT.

17. CHEVRON — 20-YEAR INFRASTRUCTURE AGREEMENT

Pembina specifically credited Andersen with involvement in a:

20-YEAR INFRASTRUCTURE DEVELOPMENT AND SERVICE AGREEMENT WITH CHEVRON CANADA.

That matters because long-duration contracted cash flow is a core element of infrastructure project finance.

It adds experience in:

long-term contracts
counterparty structuring
commercial economics
contracted revenue

18. MAJOR BOARD & GOVERNANCE EXPERIENCE

Andersen has held governance roles involving major infrastructure entities, including:

Alliance Pipeline
Aux Sable
Veresen Midstream
Canada Kuwait Petrochemical Corporation
Chinook Pathways

These were not ceremonial appointments.

They involved major operating assets and JV structures.

19. FROM LAWYER TO COO OF PIPELINES

One of the most telling moments in Andersen’s career came when Pembina appointed him:

SENIOR VICE PRESIDENT & CHIEF OPERATING OFFICER, PIPELINES

Cielo’s new announcement notes that he oversaw Pembina’s Pipeline Division, including pipeline transportation, terminals, storage and rail operations across Canada and the United States.

That is unusual progression for somebody who began his career as corporate counsel.

It demonstrates that Pembina ultimately trusted him with major operating infrastructure.

20. BTG ENERGY INFRASTRUCTURE PARTNERS

After Pembina, Andersen moved into the private-infrastructure world and became involved with BTG Energy Infrastructure Partners.

The platform focused on areas including:

midstream
power
energy-transition infrastructure

This marked another evolution in his career:

From:

operating major infrastructure

to:

evaluating, structuring and building infrastructure investment platforms.

21. CAPTUS GENERATION

Andersen subsequently became founder and CEO of Captus Generation.

Today’s Cielo release now clearly refers to Captus as his most recent former role, eliminating the uncertainty around his current status.

Captus developed an infrastructure concept around approximately 850 acres in Pincher Creek, Alberta with:

redundant natural gas infrastructure
grid connectivity
non-potable water
telecom proximity
a depleted reservoir capable of supporting potential on-site carbon sequestration.

That project embodies a very simple infrastructure philosophy:

BUILD WHERE THE INFRASTRUCTURE ALREADY EXISTS.

22. PROPOSED CAPTUS / GRYPHON TRANSACTION

In January 2025, Gryphon entered into an agreement to acquire the Captus entities and related assets.

SEC filings disclosed approximately:

C$24 MILLION IN CASH CONSIDERATION

subject to adjustments.

The proposed deal also contemplated Andersen and other members of the Captus team joining Gryphon.

The transaction later failed to close.

Captus announced Andersen’s resignation as CEO in August 2025.

Summit Point Capital subsequently acquired Captus in October 2025.

Today, Cielo describes Andersen as the former founder and CEO of Captus.

And now:

CHAIR OF CIELO WASTE SOLUTIONS.

23. SEPTEMBER 2026 — CIELO BOARD CHAIR

On September 16, 2026, Cielo announced that Andersen had joined its Board and become:

CHAIR OF THE BOARD

effective September 15.

The same restructuring included:

Sheila Leggett
→ stepped down as Chair
→ remains a director
→ becomes Chair of the new Governance, Nominating and Compensation Committee

Larry Schafran
→ resigned from the Board
→ remains involved as an adviser

Cielo says the renewed Board is part of the deliberate build-out of a leadership group matched to its strategy.

The company now describes itself as a clean-fuels and low-carbon-infrastructure project developer that originates, structures and finances projects by combining:

feedstock

offtake
proven third-party technology
carbon management / CCS
strategic partnerships
Indigenous partnerships

with a platform capable of advancing multiple sites in parallel.

Ryan Jackson’s explanation for bringing Andersen in was equally direct: Cielo says his experience in major projects, capital markets, commercial matters and Indigenous partnerships matches where the company is headed.

24. MAJOR TRANSACTIONS & PROJECTS — QUICK SUMMARY

Jordan Cove LNG
~US$10B
Role: Led development; regulatory/permitting/stakeholder leadership.

Veresen acquisition
C$6.4B acquisition consideration / roughly C$9.4–9.7B transaction value including debt context
Role: Led due diligence and negotiation of acquisition agreement.

Kinder Morgan Canada + Cochin
~C$4.35B
Role: Senior C-suite executive; deeply involved in integration and regulatory/negotiation work.

Provident Energy
~C$3.8B
Role: Pembina General Counsel / internal legal transaction leadership.

Cedar LNG
~US$4B total project cost
Role: Pembina legal team on acquisition and Haisla partnership.

CKPC petrochemical JV
Multi-billion-dollar development
Role: Instrumental in 50/50 JV structure and project development.

Express Pipeline
C$1.175B
Role: Stikeman Elliott transaction team.

Alberta Carbon Grid
Up to 20Mt CO₂/year long-term concept
Role: Senior executive during creation of major CCS infrastructure platform.

Chinook Pathways
Trans Mountain Indigenous ownership initiative
Role: Management Committee member.

PrimeWest / Calpine
~C$806M combined acquisition components
Role: Stikeman corporate/securities team.

BP Rangeland
~C$157M
Role: Stikeman transaction team.

Captus / Gryphon proposed transaction
C$24M cash consideration
Role: Captus founder and CEO.

25. THE NUMBERS THAT SUMMARIZE THE CAREER

Gryphon investor material described Andersen as having:

25+ YEARS OF ENERGY EXPERIENCE

$15B+ OF M&A AND FINANCINGS

$10B+ OF BROWNFIELD AND GREENFIELD PROJECTS.

Those figures now sit behind the résumé of:

CIELO’S BOARD CHAIR.

26. WHAT IS HARRY ANDERSEN ACTUALLY BEST AT?

His career breaks into several major strengths.

M&A

The Veresen deal is the clearest example.

Pembina specifically says he led:

due diligence
→ acquisition-agreement negotiation

and subsequently participated in integration and governance.

JOINT VENTURES

CKPC
Cedar LNG
Chinook Pathways
Alberta Carbon Grid

That is an unusually strong portfolio of major partnerships.

INDIGENOUS INFRASTRUCTURE

Cedar LNG and Chinook Pathways stand out.

This goes beyond consultation.

It includes:

ownership + governance + economic participation.

CAPITAL MARKETS & PROJECT FINANCE

His career has involved transactions, financing, commercial agreements and large-scale capital development across multiple infrastructure platforms.

REGULATORY & PROJECT DE-RISKING

Jordan Cove, Peace Pipeline and other Pembina projects gave Andersen exposure to some of the most complicated regulatory environments in North American energy.

INFRASTRUCTURE PLATFORM CREATION

Captus demonstrates an ability to combine:

land

existing infrastructure
gas
power
CCS
capital

into an investable development platform.

27. WHAT MAKES HIS CAREER UNUSUAL?

Many executives specialize in one discipline.

Andersen’s career crosses:

law
→ M&A
→ governance
→ project development
→ Indigenous partnerships
→ operations
→ private infrastructure
→ CCS
→ capital markets
→ strategic transactions

He can look at an infrastructure asset from multiple directions:

legal
commercial
regulatory
governance
operational
financing
exit

That combination is unusual.

28. WHY CIELO SAYS HE FITS

We no longer have to speculate about why Harry Andersen’s résumé is relevant to Cielo.

Cielo told us.

The company says it is developing a multi-site clean-fuels and low-carbon-infrastructure platform requiring expertise in:

major-project execution
project finance
CCS
regulatory affairs
Indigenous engagement
capital markets
commercial agreements
governance

And Ryan Jackson specifically says Andersen brings the major-project, capital-markets, commercial and Indigenous-partnership experience that matches where Cielo is headed.

Harry’s own statement may summarize the strategy better than anything else:

“WE ARE BUILDING A BUSINESS, NOT A SINGLE PROJECT.”

MY TAKEAWAY

If I had to describe Harry Andersen’s career in one sentence:

He is a transaction-trained energy infrastructure executive who learned M&A as a lawyer, executed and helped integrate multi-billion-dollar transactions at Pembina, moved into operating leadership, worked across Indigenous ownership structures and CCS infrastructure, transitioned into private-capital-backed project development — and is now Chair of Cielo Waste Solutions.

What stands out most is that his experience covers both ends of the infrastructure lifecycle:

BUILD THE ASSET

and

TRANSACT THE ASSET.

Now he is leading the Board of a company that says it intends to build a scalable, multi-project clean-fuels and low-carbon-infrastructure business.

That makes today’s appointment one of the most consequential governance changes Cielo has made in years.

SOURCES

Cielo — Harry Andersen appointed Chair, September 16, 2026⁠

Important Disclaimer:

My posts are not financial or investment advice. Please conduct your own due diligence before making any investment decisions. I am simply an individual on Reddit and X sharing my personal opinions, and they should be interpreted as such.

I do, however, want to emphasize that you are welcome to share this content across any form of media, including Reddit, X/Twitter, stock chat rooms, etc.

https://www.safinvestor.com/opinion/150176/show-me-the-carbon-credits/

This article may be one of the clearest explanations yet of what Ryan Jackson is actually trying to build. The biggest takeaway is that Cielo is not positioning Nahoonai as a SAF plant that happens to earn carbon credits.

Ryan is saying the opposite: SAF is planned to be sold at Jet A1 parity and may represent only about 25% of total revenue, while the majority is expected to come from carbon-credit markets. That is a fundamentally different business model.

It means Cielo is trying to use low-cost biomass feedstock, integrated CCS, federal CFR credits, B.C. LCFS credits, and CCUS tax incentives to create the margin — while using competitively priced SAF to make long-term offtake easier to secure. If that model works, Cielo may be competing less on “green fuel premium” and more on carbon economics at industrial scale.

The second piece that stands out is financing. Ryan specifically talks about Indigenous ownership opening the door to low-interest Crown corporation debt and equity support before FID, while the project remains in pre-FEED with a 2030 operational target.

That tells me management is thinking about the project the way serious infrastructure developers do: stack predictable revenues, de-risk the technology, bring in Indigenous ownership, lower the cost of capital, and make the project financeable before construction begins.

The phrase “industrialisation through decarbonisation” may actually summarize the entire strategy. Cielo is not simply trying to produce SAF — it is trying to turn carbon reduction itself into the economic engine that finances large-scale renewable infrastructure.

Pick One Only.

Cielo’s next chapter will not be defined by a single announcement, appointment or promise.

It will be defined by whether the company can bring together the experience, discipline and complementary capabilities required to advance Project Nahoonai toward financial close.

That is what makes the present leadership structure so important: Ryan Jackson, Ivy Chan, Rob Pockar, Matt Scorah and Kaush Rakhit bring distinct strengths across capital formation, commercial development, engineering, project execution, sustainability and strategic relationships.

Equally significant is that several members of this team share a professional history. Their connections through Matrix Solutions, Nauticol Energy and Canadian Discovery represent more than names on a résumé—they reflect established working relationships, institutional knowledge and an understanding of how each person contributes under pressure.

That familiarity does not guarantee success, but it may reduce organizational friction and allow the team to move with greater alignment as Cielo navigates engineering, partnerships, financing and project development.

Cielo also possesses something the team’s previous private ventures did not: a public-market platform. If managed with transparency and discipline, that platform can create access to capital, broaden investor awareness and give shareholders the ability to participate in the company’s progress. The opportunity is real, but it must now be converted into measurable execution.

Experience, lessons and teamwork may provide a stronger path forward—but financial close remains the milestone that will ultimately validate the strategy.

Important Disclaimer:

My posts are not financial or investment advice. Please conduct your own due diligence before making any investment decisions. I am simply an individual on Reddit and X sharing my personal opinions, and they should be interpreted as such.

I do, however, want to emphasize that you are welcome to share this content across any form of media, including Reddit, X/Twitter, stock chat rooms, etc.

MEET CIELO’S NEW CFO — IVY CHAN

This appointment deserves far more attention than simply saying, “Cielo hired a new CFO.” Ivy Chan brings more than 25 years of experience across the energy sector, with a background that combines engineering, commercial strategy, major capital projects and project finance.

She has worked across upstream, midstream and downstream energy, helped structure joint ventures and commercial agreements, aligned institutional investors, governments and Indigenous partners, and advanced complex projects from origination through financial close.

That is not the résumé of someone being brought in simply to keep the books.

What makes Ivy’s appointment even more compelling is how precisely her experience appears to fit where Cielo is heading today. Project Nahoonai and Cielo’s broader clean-fuels strategy will require far more than technology.

They will require disciplined project development, sophisticated financing, strategic partnerships, government participation, Indigenous collaboration and ultimately the ability to take a major infrastructure project all the way to financial close.

Ryan Jackson captured that perfectly when he said Ivy understands both what Cielo is building and how it gets financed. That may be one of the most important statements Cielo has made about the next stage of its development.

And then there is the connection we discovered: Ivy is not arriving in isolation. She previously worked alongside members of the same broader energy-development network now surrounding Cielo, including Rob Pockar and Matt Scorah through Nauticol Energy, while Rob, Matt and Kaush Rakhit have additional history together through Canadian Discovery and Matrix Solutions.

One by one, Cielo appears to be assembling people with complementary experience in technology, execution, commercialization, financing and large-scale project development.

This is no longer just about one executive appointment. It is about the team being built around Cielo’s next chapter—and Ivy Chan may represent one of the most important pieces yet.

Important Disclaimer:

My posts are not financial or investment advice. Please conduct your own due diligence before making any investment decisions. I am simply an individual on Reddit and X sharing my personal opinions, and they should be interpreted as such.

I do, however, want to emphasize that you are welcome to share this content across any form of media, including Reddit, X/Twitter, stock chat rooms, etc.

PROXIMITY.

The more we look at Project Nahoonai, the more this one word seems to connect a lot of the pieces we have been discussing separately.

1. Proximity to feedstock
Prince George sits in one of British Columbia’s most significant forestry regions. If Nahoonai can secure long-term access to forestry residuals close to the project, that can directly affect transportation cost, handling and reliability.

2. Proximity to CN rail
Prince George is a major CN hub with existing rail and forest-products infrastructure. For a project that may utilize reclaimed railway ties and other residual wood fibre, that proximity could become strategically important.

3. Proximity can improve economics
Biomass is bulky and relatively low value before conversion. The farther it has to travel, the more trucking, labour, fuel and handling get added to the cost. In this business, distance matters.

4. Proximity can also help carbon intensity
Transportation creates emissions. Reducing the distance between feedstock and the facility can potentially improve both economics and the lifecycle carbon profile of the finished fuel.

5. Proximity creates an industrial cluster advantage
Prince George already has forestry, rail, highways, industrial infrastructure and an experienced resource workforce. Cielo is not proposing Nahoonai in the middle of nowhere and trying to build an entire supply chain from scratch.

That brings me to the bigger question:

Why Prince George?

Maybe part of the answer is much simpler than we have made it.

Proximity to the fibre.
Proximity to the rail.
Proximity to forestry infrastructure.
Proximity to industrial infrastructure.
Proximity to the supply chain.

Technology matters.

Financing matters.

Government support matters.

Partnerships matter.

But none of it works very well if the feedstock economics and logistics do not work.

That is why I believe proximity may be one of the most overlooked catalysts behind Project Nahoonai.

One important distinction: proximity does not guarantee feedstock. Cielo still needs to prove that it can secure sufficient, economical, long-term supply agreements.

But if that happens, the geography of Prince George may prove to be much more than just the location of the project.

It may be part of the competitive advantage.

I’d keep this one relatively simple and let PROXIMITY do the heavy lifting.

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