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Monday, Dec 4, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Alternative Energy

EverWind Fuels acquires three wind farms for green hydrogen production

The wind farms represent a private investment in Nova Scotia’s Phase 1 of EverWind’s green hydrogen and ammonia project

EverWind Fuels acquires three wind farms for green hydrogen production
Image via EverWind Fuels.

Halifax-based green hydrogen project, EverWind Fuels, bought three wind farms raising its total production ability by approximately 530 megawatts.

The company announced on Tuesday that the farms will be built in a partnership with Renewable Energy Systems Ltd. (RES), which has constructed over 23 gigwatts (GW) of wind farms.

The wind farms, Windy Ridge, Bear Lake and Kmtnuk, represent nearly $1 billion in private investment. The installation of three new wind projects will significantly boost the amount of wind-generated electricity supplied to Nova Scotia Power’s grid.

This progress brings Nova Scotia Power closer to achieving the provincial mandate of 80 per cent renewable energy sales by 2030. Any surplus green power produced by EverWind can be supplied to Nova Scotia Power for consumption by its customers.

This arrangement will be financially advantageous due to the Canadian Government Investment Tax Credit passed last year for renewable generation. Also, EverWind’s electricity usage can bring substantial benefits to the system by using hydrogen production, allowing for flexible use of renewable power.

This flexibility will support the transition to green energy, particularly considering Nova Scotia’s fluctuating seasonal energy demand.

Read more: Oman to invest US$6.7B to build the world’s largest ‘green’ hydrogen plant

Read more: PyroGenesis Canada completes integrated cold test for hydrogen purification system

EverWind anticipates 2.5 million megawatt hours of electricity

All the power required for Phase 1 production of EverWind will come from newly constructed renewable energy sources. The energy generated by the Wind Farms will be transmitted through Nova Scotia’s power grid to EverWind’s Point Tupper facility.

In addition, EverWind is acquiring and leasing adjacent land to support production with up to 300MW of solar power. This solar power will not only enhance production but also provide added benefits in terms of grid flexibility.

EverWind anticipates generating 2.5 million megawatt hours of electricity through a combination of wind farms and solar developments, which are sufficient to power over 200,000 tonnes of ammonia.

“Every wind project we consider building is conditional on ensuring that we do not remove a single watt slated for domestic residential, commercial, or industrial usage from Nova Scotia’s grid,” said Trent Vichie, CEO of EverWind

“In fact, we are picking up the bill to produce net new clean energy, and any excess electricity generated at these projects will be made immediately available for domestic use. We will have the ability to scale our production to add resiliency to the grid during periods of peak demand.”

Read more: Sinopec’s green hydrogen plant starts production in Xinjiang

Read more: SK Ecoplant invests in green hydrogen facility in Newfoundland and Labrador

Green hydrogen could replace fossil fuels across various industries

Green hydrogen is produced through a process called electrolysis, which uses renewable energy sources such as wind or solar power, instead of fossil fuels.

Green hydrogen holds the potential to replace fossil fuels across various industries, aiding the shift towards a sustainable energy system. This significant potential, combined with government support and investments, contributes to the rapid growth and increasing significance of the hydrogen market.

In May, the Center on Global Energy Policy at Columbia University conducted a study on offshore wind resources along the Atlantic coast. The study revealed that several states have plans for a combined capacity of 50 gigawatts of offshore wind farms.

To ensure the successful implementation of these plans, the study suggested adopting a model similar to Texas’ Competitive Renewable Energy Enterprise Zone (CREZ) program. This model emphasizes the coordination of transmission resources, which can play a vital role in bringing these offshore wind projects from the planning stages to actual implementation.

A few other companies operating in the green hydrogen space include Charbone Hydrogen (TSXV:CH), St-Georges Eco-Mining Corp (CSE: SX) and Ballard Power Systems Inc. (TSX: BLPD)


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