EverWind's Leading Canadian Green Hydrogen and Ammonia Project Will Generate Substantial Economic & Structural Benefits, Major Study Finds

HALIFAX, NS, Feb. 15, 2024 /CNW/ - EverWind Fuels ("EverWind"), a pioneering developer of an Atlantic Canadian green fuels hub based across Nova Scotia & Newfoundland & Labrador, today announced the release of EverWind's Economic Impact Assessment on its Nova Scotia based green hydrogen and ammonia project ("Nova Scotia Project").

The Economic Impact Assessment, which was supported by Deloitte Canada, found significant economic and environmental benefits from EverWind's Nova Scotia Project, including the full green energy production cycle from renewable power generation (wind & solar) to green hydrogen-to-ammonia production. 

Economic contribution that will arise during the construction period for Phase 1 of EverWind's Nova Scotia Project were estimated to be: 

• Over $2.3 billion in Canadian GDP, with approximately half accruing to Nova Scotia
• Over 11,000 FTEs in Canada, with approximately half accruing to Nova Scotia
• Approximately $568 million in Government revenue, with approximately half accruing to Nova Scotia

Economic contribution during operations (post-construction) for Phase 1 of EverWind's Nova Scotia Project were estimated to be: 

• Over $340 million/year contribution in Canadian GDP, with the vast
  majority accruing to Nova Scotia
• Approximately 900 FTEs1, in Canada, with the vast majority accruing to Nova Scotia
• Approximately $37 million/year in Government revenue, with the vast majority accruing to Nova Scotia

The EIA highlighted the following structural benefits: 

• Community and First Nations Benefits – EverWind's Mi'kmaq equity partnerships will enable sustainable business growth, employment, and training opportunities for local First Nations.
• The Nova Scotia Project will reduce CO2 emissions by an estimated 1.91 to 2.33 million tonnes each year (the approximate equivalent of taking 3 out of every 4 cars in Nova Scotia off the road).
• Energy Supply and Balancing for the Grid – The Nova Scotia Project is poised to deliver annual benefits of over $30 million to Nova Scotia's grid through load following, and ancillary grid services, and tariff payments.
• International Trade for Green Hydrogen – Point Tupper is considered to be an ideal location for green hydrogen and green ammonia exports to the largest global demand markets
• Capacity Development and Innovation – The Nova Scotia Project will enhance Canada's green energy innovation, while supporting Nova Scotia's labour market.

The study finds that the first phase of production may break the chicken-and-egg problem of hydrogen supply and demand and establishes further phases of growth and sustainability of project operations. Future phases of the project, which include additional onshore and offshore wind development, are set up to generate further economic benefits to Canada and Nova Scotia.

Additional Resources: 
Deloitte Economic Impact Assessment Infographic 
Deloitte Economic Impact Assessment Full Report 

Recognition of the Mi'kmaw & their Ancestral Territory 
EverWind 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 the Mi'kmaq through consultation, engagement and delivering a comprehensive
partnership on all aspects of the project. 

About EverWind Fuels  EverWind is North America's leading independent green hydrogen developer. EverWind received the first Environmental Approval in North America for a large-scale green hydrogen project, and is well progressed in design, engineering, and development for the first phase of both its green energy generation projects and the production facility which will convert this energy into green hydrogen and green ammonia. 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, evidenced through 18 years without a lost time injury, reflects a highly skilled and extensively certified workforce. 

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. 

EverWind is led by Trent Vichie, a co-founder of Stonepeak Infrastructure Partners, and a former Blackstone Partner. EverWind's development team consists of over 20 members who have previously held senior positions at various infrastructure, private equity, renewable power, engineering, and utility companies. EverWind is also supported by a world-class advisory team including Black & Veatch, ILF, RES, Strum Environmental, McInnes Cooper, King & Spalding, McKinsey, Morgan Stanley, CIBC, and Citi.  

SOURCE EverWind Fuels Company

Adam Langer, Director, Public Affairs, [email protected], 902 201 0643