SpectrumH2 signs LOI for Carbon Capture and Sequestration and MOU for Blue Hydrogen

CALGARY, AB, Nov. 30, 2021 /CNW/ - SpectrumH2 announced today that the company has executed a Letter of Intent to assess the feasibility of a large-scale, carbon-capture facility and associated sequestration project in Alberta. SpectrumH2 has engaged a local EPC firm to assist in the initial engineering stages of the project. The comprehensive project includes the capture of CO₂ at a large-scale industrial site and the transportation and sequestration of CO₂ indefinitely into a suitable geologic formation.

SpectrumH2 has submitted an Expression of Interest to the Government of Alberta and intends to submit a Full Project Proposal to become a CO₂ Hub Operator in the region. SpectrumH2 is in discussions with other GHG emitters in the area to provide additional carbon capture and sequestration (CCS) solutions.

In addition, SpectrumH2 is pleased to announce the execution of a Memorandum of Understanding ("MOU") with an intermediate natural gas producer to collaborate on the development of a hydrogen production plant in southern Alberta. Under the terms of the MOU, the companies will work together to establish the production, marketing, and distribution of zero-emission Blue Hydrogen with associated CCS.

About SpectrumH2

SpectrumH2 is an innovative low-cost supplier of hydrogen and carbon storage solutions. SpectrumH2 is focused on the production and distribution of blue hydrogen, including associated CCS. We believe that Alberta is uniquely suited to local solutions for CO₂ sequestration, and we are focused on using this advantage to reduce CCS costs and environmental impact. Our streamlined production-to-consumption approach enables SpectrumH2 to maximize full supply chain efficiencies while reducing our environmental footprint and project costs. Along with our strategic partners, we are accelerating the transition to low-carbon economy in the petrochemical, agricultural, power, and transportation industries.

www.spectrumh2.ca

SOURCE SpectrumH2

George Ardies, CEO, 403-771-9126, [email protected]; Rich Greenough, President & CFO, 403-477-0952, [email protected]