EverWind Fuels Praises Passing of Canadian Budget Legislation: First Comprehensive Federal Clean Hydrogen Support Globally

Canada’s most advanced clean hydrogen developer applauds the timely, robust and effective response to the U.S. Inflation Reduction Act

HALIFAX, Nova Scotia, June 20, 2024 (GLOBE NEWSWIRE) -- EverWind Fuels ("EverWind"), the western hemisphere’s most advanced clean hydrogen project, today praised the Royal Assent of Bill C-69, the budget implementation legislation that includes investment attraction measures critical to ensuring Canada maintains an edge in the fiercely competitive global clean energy space.

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Specifically, Bill C-69’s passage into law provides “a refundable tax credit to qualifying businesses for investments in certain clean hydrogen projects.” It also provides a tax credit for certain investments in clean technology manufacturing property. Now officially enshrined in Canadian law means the Clean Hydrogen Investment Tax Credit (ITC), first announced in the 2022 Fall Economic Statement, is operational and accessible before similar investment attraction measures contained in the U.S. Inflation Reduction Act are available to investors and project proponents.

Federal ITC’s will provide numerous economic benefits to Canada’s nascent clean hydrogen sector including job creation, economic growth and billions of dollars in tax revenues to all levels of government. Key environmental benefits include supporting efforts to decarbonize Nova’s Scotia’s grid by replacing coal with zero-emission renewables.

Quotes:

Trent Vichie, Founder and CEO, EverWind Fuels

“The passage into law of the Clean Hydrogen ITC is a major step forward for Canada’s global leadership in the future energy economy. Having these incentives in place before U.S. measures sends a signal to the world to choose Canada which is exactly what we’ve done. Canada has now put the public policy framework in place that will create well paying jobs while we continue to lower emissions and boost economic Reconciliation with our Indigenous Partners.”

Chief Terry Paul, Membertou First Nation

“The passage of policies that will incentivize investment in Canadian clean energy projects is a win-win-win for economic benefits, fighting climate change and creating opportunities for Indigenous people. Alongside EverWind, we commend the federal government for putting forward policies that are forward looking and will position our country for growth and prosperity."

Chief Wilbert Marshall, Potlotek First Nation

“Our partnership with EverWind is a driving force behind our commitment to a cleaner and more prosperous future. These tax credits, coupled with the Indigenous Loan Guarantee program, will ensure Potlotek First Nation is a major player in the energy transition and is helping Nova Scotia get off coal once and for all.”

Chief Cory Julian, Paqtnkek Mi’kmaw Nation

“Environmental stewardship is at the heart of everything we do as First Nations communities. The passage of these important budget provisions now ensures the economic benefits will go hand in hand with our commitment to fighting climate change and leading by example.”

Recognition of the Mi'kmaw & their Ancestral Territory

EverWind acknowledges the ancestral and unceded territory of the Mi'kmaq people, and we acknowledge them as the past, present, and future caretakers of this land, Mi'kma'ki. Our work shares a core principle practiced by the Mi'kmaq: environmental stewardship. We are committed to working with the Mi'kmaq through consultation, engagement and delivering a comprehensive partnership on all aspects of the project.

About EverWind Fuels

EverWind is North America's leading independent green hydrogen developer. EverWind received the first Environmental Approval in North America for a large-scale green hydrogen project, and is well progressed in design, engineering, and development for the first phase of both its green energy generation projects and the production facility which will convert this energy into green hydrogen and green 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. Our safety-first culture, evidenced through 18 years without a lost time injury, reflects a highly skilled and extensively certified workforce.

EverWind has three First Nations equity partners and is a champion for meaningful engagement with Rightsholders and the advancement of social and economic reconciliation. At a local level, the Company works closely with municipalities and stakeholder organizations.

EverWind is also concurrently developing a world-scale green fuels project on the Burin Peninsula in Newfoundland & Labrador. This project will be critical in delivering the scale and competitive wind resource required to support the green energy transition ambitions of some of the largest industrial companies in the world. EverWind is currently preparing its environmental approval application and to date has collected 17 months of environmental data and is executing the largest wind measurement campaign in the Province. EverWind continues to engage with communities and stakeholders on the Burin Peninsula and work closely with the Government of Newfoundland and Labrador to ensure the economic, social and environmental prosperity of the region for generations to come.

EverWind is led by Trent Vichie, a co-founder of Stonepeak Infrastructure Partners, and a former Blackstone Partner. EverWind's development team consists of over 20 members who have previously held senior positions at various infrastructure, private equity, renewable power, engineering, and utility companies. EverWind is also supported by a world-class advisory team including Black & Veatch, ILF, RES, Strum Consulting, McInnes Cooper, King & Spalding, McKinsey, CIBC, and Citi.