Hydrogen Canada Corp. Announces World Scale Blue Hydrogen/Ammonia Facility with Product Bound for South Korea

CALGARY, AB, Oct. 27, 2023 /CNW/ - Hydrogen Canada Corp. ("HCC") is pleased to announce the closing of its C$10 million seed round financing and the signing of a letter of commitment on an offtake agreement with E1 Corporation ("E1"), to develop a low-carbon hydrogen/ammonia supply chain from Western Canada to South Korea and other Asian markets (the "Project"). HCC intends on developing a world-scale, low-carbon hydrogen/ammonia production facility (the "Facility") in the Alberta Industrial Heartland near Fort Saskatchewan, Alberta.

"This project represents an opportunity to use cost advantaged, low carbon natural gas in Alberta to support the decarbonization of South Korea and other Asian countries and to provide a level of energy security to those countries as well," said Dr. Bryan Moon, Hydrogen Canada's President. "Access to cost effective carbon sequestration also creates a material strategic advantage for this project in Alberta's Industrial Heartland. Our partner, E1 Corporation, is major trader of LPG in Asia, including significant volumes of Canadian LPG and it recognizes the marketability of low cost, reliable energy products sourced from western Canada".

The government of South Korea has committed to Net Zero by 2050 and is seeking to reduce its carbon emissions by 40% by 2030. South Korea has stated that it believes that the use of hydrogen and ammonia for power generation and mobility will support those efforts. South Korea already has one of the largest fleets of hydrogen cars and refueling stations in the world and continues to expand that market. The South Korean government is putting in place long term energy plans to support the adoption of hydrogen and ammonia in energy generation to reduce the carbon footprint and is running auctions for the long-term supply of hydrogen for fuel cells through the Korean Power Exchange. Alberta is currently one of the leading areas in Canada for production of ammonia and HCC's Project is another opportunity to support development of a hydrogen and low-carbon economy.

"E1, a global leader in the LPG industry and South Korea's longest-standing LPG provider, has embarked on a transformative journey. Drawing from its extensive LPG industry expertise and inherent strengths, E1 is positioning itself as a leading supplier of clean ammonia, hydrogen, and LPG in South Korea. The foundation for this ambitious endeavor lies in the partnership with Hydrogen Canada Corp., which promises to deliver cost-effective, low-carbon hydrogen and ammonia to South Korea, made possible by Canada's abundant and affordable natural gas resources, a robust CCUS infrastructure, and the strategic advantage of shorter maritime routes from Western Canada to the Far East. As this promising collaboration unfolds, we are optimistic about securing crucial support from the Canadian Government, a pivotal step towards the project's success. This initiative not only reaffirms Canada's position as a reliable LPG supplier for E1 Corporation but also assumes a pivotal role in the supply of clean ammonia and hydrogen to us." said E1 Corporation Chairman JY Koo.

"We know that Alberta has the opportunity and ability to provide energy security around the world. Our abundant natural resources, including hydrogen and ammonia, are enabling us to continue to grow our energy industry and pursue new technologies. Alberta is open for business and we're pleased to see Hydrogen Canada Corp partner with South Korea's E1 Corporation to invest here." Alberta Premier Danielle Smith.

Initial feasibility studies with respect to the Facility have been completed by HCC and the Facility has an anticipated design capacity of approximately one million tonnes per annum of low-carbon ammonia. The Facility is also planning to utilize innovative technology to capture and permanently sequester a significant amount of the CO2 emissions. The low-carbon ammonia will be transported via rail to Canada's West Coast and then shipped to South Korea and other Asian markets.

About Hydrogen Canada Corp.

Hydrogen Canada Corp. is a private, Alberta based company seeking to build and operate a world class hydrogen/ammonia facility in the Alberta Industrial Heartland. Hydrogen Canada Corp. seeks to supply low carbon, cost advantaged energy to South Korea and other countries in Asia with its South Korean partner, E1 Corporation.

Forward-Looking Statements

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). Forward-looking statements are frequently characterized by words such as "will", "planning", "intend", "possible", "anticipated" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. HCC believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The forward-looking statements contained in this press release are made as of the date hereof. HCC will not update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as required except as required by law.

SOURCE Hydrogen Canada Corp.

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