Canada’s Minister of Housing, Infrastructure, and Communities, Sean Fraser, announces federal government backing for EverWind Fuels’ green energy hub in Nova Scotia.
Minister Fraser, acting on behalf of Mary Ng, Minister of Export Promotion, International Trade, and Economic Development, announced a $125M debt facility agreement in principle between EverWind and Export Development Canada.
The loan, pending final due diligence, aims to support the development of a green energy hub, facilitating clean power generation and hydrogen production for both domestic use and export to global markets, including Germany.
During the announcement, Minister Sean Fraser was joined by key figures including Trent Vichie (CEO of EverWind Fuels), Chief Terry Paul of Membertou First Nation, Chief Cory Julian of Paqtnkek First Nation, Chief Wilbert Marshall of Potlotek First Nation, and Mike Kelloway, Member of Parliament for Cape Breton Canso.
Mike Kelloway says, “Nova Scotia is positioned to become a leader in the emerging green energy economy — and that bright future is beginning in places like Cape Breton—Canso.”
“The sustainable job opportunities created by projects such as EverWind will have generational impacts within my riding. With that, our government is proud to be supporting green economic developments in our rural communities.”
Brief about EverWind Fuels
EverWind is a green hydrogen developer in North America and has secured the inaugural Environmental Approval for a large-scale green hydrogen project.
The company is in the advanced stages of design, engineering, and development for the initial phases of green energy generation projects and the corresponding production facility for green hydrogen and 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.
The firm has three First Nations equity partners and collaborations with Rightsholders and works closely with municipalities and stakeholder organisations at the local level to foster community involvement and development.
EverWind is led by Trent Vichie, a co-founder of Stonepeak Infrastructure Partners and former Blackstone Partner.
How will the funds be utilised?
Minister Fraser says, “This investment will help build out the infrastructure that sets the economic foundation of our region for decades to come. Projects like EverWind will help put Atlantic Canada on the global stage as not only an incredible place to invest but as a leader in clean, renewable energy.”
EverWind is leading the development of an advanced green fuels hub in North America, backed by $180M in private capital. Their project aims to replace two tonnes of CO2 for every tonne of green ammonia produced, benefitting food, industrial, and energy sectors.
The multi-phase initiative is expected to create over 3,300 permanent jobs and contribute $1.5B annually to Canada’s GDP.
Minister Mary Ng adds, “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.”