Abraxas Power Corp. and Exploits Valley Renewable Energy Corporation announce EVREC Achieving Pre-Certification for Green Hydrogen and Ammonia as Renewable Fuels of Non-Biological Origin (RFNBO) for the EVREC Project

TORONTO, Sept. 27, 2024 (GLOBE NEWSWIRE) — Abraxas Power Corp. (“Abraxas”), a leading energy transition developer, and its subsidiary Exploits Valley Renewable Energy Corporation (“EVREC”), are pleased to announce that its EVREC project has achieved pre-certification for its green hydrogen (H₂) and green ammonia (NH₃) as Renewable Fuels of Non-Biological Origin (RFNBO) under the latest regulatory framework established by the European Commission on Energy, Climate Change, and Environment. This significant milestone underscores Abraxas’ commitment to advancing sustainable energy solutions and exemplifies its leadership in the global transition towards a low-carbon future.

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“This milestone not only validates our efforts to produce clean and sustainable energy but also reinforces our role in supporting global climate goals. We are thrilled with this achievement.”

EVREC, one of the most advanced projects in Newfoundland, is pioneering a mega power-to-X (P2X) project located in the Exploit Valley region of central Newfoundland. EVREC was awarded over 300 square kilometers of Crown land, which will be utilized to generate over 3 GW of onshore wind and solar energy. This is projected to produce nearly 200,000 tonnes of green hydrogen, which will be converted into nearly 1 million tonnes of green ammonia annually. The audit exercise for EVREC’s products was conducted by Bureau Veritas, a certification body recognized under the CertifHy EU RFNBO Scheme, and supported by Hinicio.

EVREC will export this critical fuel to global markets, predominantly Western Europe, from its own dedicated port infrastructure located in Botwood, Newfoundland. With the competitive advantages of EVREC’s projects, the levelized cost of ammonia generated by the project is expected to be in the lowest quartile globally. The project represents a CAD $12 billion investment into the province and is expected to significantly boost Newfoundland and Labrador’s GDP and create hundreds of skilled jobs, positioning the province as a leader in the new green energy economy.

EVREC pre-certified RFNBO for its green hydrogen and green ammonia product.

Abraxas Power partnered with CertifHy, a leading renewable hydrogen and e-fuels certification provider, along with Hinicio and Bureau Veritas to undertake the pre-certification process. Hinicio, a renewable hydrogen consultancy, first conducted a comprehensive review to ensure project compliance throughout its life cycle. Bureau Veritas subsequently assessed EVREC’s plant operations against the CertifHy EU RFNBO certification system.These combined efforts paved the way for EVREC to receive pre-certification of its production of green hydrogen and green ammonia as compliant with the European Renewable Energy Directive (RED II).

These substances, crucial for a range of industries including transportation, agriculture, and manufacturing, are now officially recognized as meeting the stringent criteria set forth for RFNBOs.

Key Highlights:

• Innovation and Sustainability: The pre-certification process involved a comprehensive review of EVREC’s planned production methods, ensuring that the green hydrogen and ammonia are produced using renewable energy sources, minimizing carbon emissions, and contributing to global sustainability goals.

• Regulatory Compliance: Achieving RFNBO pre-certification aligns EVREC with current regulatory standards, facilitating the integration of green hydrogen and ammonia into various markets, and providing stakeholders with assurance of the products’ environmental benefits.

• Market Impact: This pre-certification enhances EVREC’s competitive edge by demonstrating its adherence to the highest standards of environmental responsibility, positioning it as a key player in the green energy sector, and paving the way for broader adoption of clean energy technologies.

“Achieving pre-certification for our green hydrogen and ammonia as RFNBOs is a testament to our team’s dedication and our commitment to driving meaningful change in the energy sector,” said Dean Comand, COO of Abraxas Power. “This milestone not only validates our efforts to produce clean and sustainable energy but also reinforces our role in supporting global climate goals. We are excited to continue advancing innovative solutions that contribute to a more sustainable future.”

About Abraxas Power

Abraxas Power is a pioneering energy transition developer focused on decarbonizing hard-to-abate sectors and creating value by solving the current and future challenges of the energy transition. Abraxas Power’s broad mandate allows it to see opportunities across technologies and geographies to transform the global energy industry. Our team has extensive experience in leading, financing, and solving the challenges associated with energy transition, and a proven track record of delivering complex, large-scale development projects across various disciplines, including renewable power and storage, hydrogen and ammonia production, industrial and precious metals, large-scale project construction, and operations at scale. The team possesses strong project finance and capital markets experience and has a history of creating value for shareholders, stakeholders, and the communities they live in. Abraxas has signed strategic partnerships with various global strategics and technology providers.

Abraxas has secured over US$9 billion in capital projects through competitive government awards over the past year in furtherance of the energy transition, including our marquis Exploits Valley Renewable Energy Corporation (“EVREC”) project.

To learn more, visit www.abraxaspower.com.