EverWind Fuels Applauds Government of Canada's Budget 2023
Budget 2023 Positions Canada to Lead the Global Clean Energy Transition
HALIFAX, NS, March 29, 2023 /PRNewswire/ - EverWind Fuels Company ("EverWind"), Canada's most advanced large-scale green hydrogen project, applauds the Government of Canada's 2023 Budget. The global movement toward green energy is rapidly accelerating, and this is a critical time for the Federal Government to determine whether Canada will be a leader or a follower in the future energy economy. Budget 2023 delivers in providing comprehensive measures slated to solidify Canada as a world-leading provider of clean energy and compete with the U.S. Inflation Reduction Act.
Trent Vichie, CEO of EverWind commented, "Today's budget will help Canadian clean energy projects secure the coveted first-mover advantage in a global industry that is fiercely competitive. The global green energy hubs of tomorrow are being determined today. Off-takers, investors, and equipment suppliers are looking at jurisdictions and projects around the world, and Budget 2023 sends a clear signal that they should choose Canadian projects. We look forward to working with the Government of Canada to develop the Canada Growth Fund which in combination with other Budget 2023 measures will secure Canada's status as a leading provider of clean energy globally and ensure a clear path towards net zero and energy security."
EverWind applauds the Federal Government's work with stakeholders and the Budget's focus on supporting the competitiveness of Canada's green energy flagbearers. The Budget also includes criteria which ensures support for projects fostering the creation of skills, jobs, and long-term economic growth for Canada.
EverWind and their Mi'kmaw First Nations Equity Partners, Bayside Development of Paqtnkek, Potlotek, and Membertou also recognize the Government of Canada's commitment to advance opportunities for Indigenous communities to participate as partners in major projects.
Rose Paul, CEO of Bayside Development (Paqtnkek Mi'kmaw Nation) said, "As Equity Partners in the EverWind Point Tupper Clean Energy Project, Mi'kmaw have an opportunity to directly influence and benefit from the transition to net zero. Reconciliation through meaningful participation in resource development requires concrete actions which can only be realized when Indigenous peoples have a seat at the table, like we have with EverWind. I look forward to learning more about the programs introduced in Budget 2023 that will support Indigenous participation through direct investment in clean energy projects throughout Canada."
- Investment Tax Credits ("ITC") for Clean Hydrogen & Clean Tech
A 40% ITC for clean hydrogen and a 30% ITC for clean technology to help ensure Canadian green energy projects can develop with greater speed and certainty and can be cost competitive on the global stage.
- Introduction of The Canada Growth Fund ("CGF")
The CGF introduces innovative support mechanisms such as Contracts for Differences which closes additional gaps with the U.S. Inflation Reduction Act. This helps Canadian projects bridge near-term uncertainties with export markets to create long-term benefits for Canadians.
- Supporting Indigenous Partners in Clean Energy Projects
New programs that provide loan guarantees and other incentives will ensure Indigenous expertise is at the ownership and decision-making tables throughout Canada's energy transition.
EverWind Fuels acknowledges the ancestral and unceded territory of the Mi'kmaq people, and we acknowledge them as the past, present, and future caretakers of this land, Mi'kma'ki. Our work shares a core principle practiced by the Mi'kmaq: environmental stewardship. We are committed to working with Mi'kmaw through consultation, engagement and delivering a comprehensive partnership on all aspects of the project.
EverWind is North America's leading independent green hydrogen developer, building a 1.0 million tonne per annum green ammonia facility on the East coast of Nova Scotia. The first phase is permitted and set to produce and export approximately 200,000 tonnes per annum starting in 2025, then achieve 1.0 million tonnes per annum production by 2026. EverWind owns and operates the deepest ice-free berth on the East Coast of North America, with world class access to rail, roads and pipelines. Our safety-first culture reflects a highly skilled and extensively certified workforce, with a stellar safety record.
EverWind converts renewable power first into green hydrogen and then into green ammonia, which is a form that can be transported around the world and used as a clean source of energy. EverWind works with some of the largest European energy companies, leading hydrogen & ammonia equipment suppliers, and financial advisors. These relationships will support the strategic and expeditious development of the next phase of our Nova Scotia project, including a 2 GW wind farm, which is expected be the largest in North America.
EverWind has three First Nations equity partners and is a champion for meaningful engagement with Rightsholders and the advancement of social and economic reconciliation. At a local level, the Company works closely with municipalities and stakeholder organizations.
Leveraging our Nova Scotia development experience, EverWind is also pursuing a sister project on the Burin Peninsula in Newfoundland & Labrador. This project will consist of an additional 2 GW wind farm to produce green hydrogen and ammonia, very similar to the second phase of the Nova Scotia project.
EverWind is led by Trent Vichie, a co-founder of Stonepeak Infrastructure Partners, and a former Blackstone Partner. EverWind's executive team members have previously held CEO and C-Suite positions at various infrastructure, private equity, renewable power and utility companies and their investment experience totals more than $45 billion in capital projects over the past two decades.
SOURCE EverWind Fuels Company
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