The Canadian Government has revealed it is funding $125m to support the development of EverWind Fuels’ green energy hub.
Announced by Honourable Sean Fraser, Canada’s Minister of Housing, Infrastructure and Communities, the fiscal backing will enable the company to accelerate the project’s development, bringing in a host of economic and environmental benefits to the region.
Fraser explained: “Sustainability is about creating opportunities that are both environmentally and economically sustainable.
“This funding will help to launch EverWind’s green energy hub, which, through international partnerships, its world-class deep-water Terminal in Point Tupper, and incredible wind power, represent an opportunity to create affordable green hydrogen for exports and for domestic decarbonisation.”
Securing financial support
The $125m funding, agreed upon in principle terms between EverWind and Export Development Canada pending final due diligence, will revolutionise Canada’s clean energy landscape.
The financial support will help drive clean energy and hydrogen production that can be exported to leading markets, such as Germany and globally, as well as supplying domestic consumption.
The funding takes the total investment in the company’s green energy hub to $180m in private capital investment to date.
Mary Ng, Minister of Export Promotion, International Trade and Economic Development, added: “Today’s $125m investment in EverWind Fuels will ensure that Canada is a leading supplier of clean energy and technology to our international partners.
“It also supports Canada in continuing to make good on our commitments under the Canada-Germany Hydrogen Alliance, announced last year in Stephenville.
“I congratulate EverWind and all First Nations and local partners involved in this project and look forward to continuing to maintain and increase Canada’s competitiveness in the global clean economy.”
How will the green energy hub benefit Canada?
EverWind’s green endeavour will have significant environmental benefits, replacing two tonnes of CO2 for every tonne of green ammonia produced, which can help supply the food, industrial and energy industries.
The project is forecasted to create 3,300 permanent jobs and thousands of temporary jobs, which will be expanded as the green energy hub grows.
The initiative will also provide a considerable boost to the Nova Scotian and Canadian economy, adding $1.5bn to the country’s annual GDP.
Trent Vichie, CEO of EverWind Fuels, concluded: “The development of this project is setting an example for how partnership and economic reconciliation should be done. We will work to progress the transition to green energy in Nova Scotia and the world.”