Exploits Valley Renewable Energy Corporation Green Hydrogen Project in Central Newfoundland has been Advanced by Newfoundland and Labrador Department of Environment and Climate Change

TORONTO, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Abraxas Power Corp. (“Abraxas Power”), a leading energy transition developer, and its subsidiary Exploits Valley Renewable Energy Corporation (“EVREC”), are pleased to announce that Newfoundland and Labrador's Department of Environment and Climate Change has issued a letter to EVREC regarding its Environmental Assessment Registration that was filed on October 7, 2024, for its Green Energy Hub project in the Botwood, NL area (the “Project”).

The letter indicates the Project will be advancing through the next stage, with the interdepartmental environmental assessment screening committee recommending the submission of an Environmental Impact Statement (“EIS”) for the Project.

EVREC remains committed to the responsible development of the Project and is eager to continue collaboration with stakeholders, regulators, and the public throughout the next phase of environmental review. Through the EIS, EVREC will provide further detailed information about the Project in various areas, including Project scope, water resource management, air quality and emissions, flora and fauna, and Project component locations, to name a few.

“We are appreciative of the direction taken by the Department of Environment and Climate Change and, with the support of the Department, EVREC is fully committed to providing detailed information, ensuring the highest standards of integrity and transparency in every aspect of our work,” said J. Colter Eadie, CEO of Abraxas Power. “The EIS is an essential part of our approach, and we are eager to maintain open, ongoing engagement with stakeholders and regulators while continuing to work on refining and advancing all aspects of the Project.”

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Eadie continued, “This Project is a key driver for sustainable energy and economic growth. It will not only contribute to global clean energy solutions but also create high-skilled jobs, stimulate local economies, and strengthen our partnerships with communities across the region. We look forward to continuing our collaborative efforts to responsibly bring this visionary project to life.”

EVREC is a Power-to-X (P2X) project that was awarded access to over 300 square kilometres of crown lands by the Province of Newfoundland and Labrador in 2023 for EVREC’s use in the development of its project in Central Newfoundland. EVREC will include up to 3+ gigawatts (GW) of onshore wind capacity with associated energy and molecular storage to power behind-the-meter green hydrogen (H2) and green ammonia (NH3) production. The Project anticipates generating ~200,000 tons of green H2 and ~1,000,000 tons of green NH3 annually. EVREC aims to have its own dedicated port infrastructure to export its products to global markets.

EVREC has significantly advanced the Project through pre-construction activities which include engineering, wind resource measurement, and environmental assessment processes, including environmental data collection, and public and stakeholder engagement. The final Project design is subject to these ongoing assessments and activities.

EVREC’s total capital investment is expected to be CAD$12 billion. According to an Economic Impact Assessment published by Jupia Consulting, when combining both CAPEX and OPEX economic activity, the project is expected to:

• Boost provincial GDP by CAD$7.8 billion over the 34-year life of the project (in 2024 dollars), excluding the GDP impacts arising from spending the tax/royalty revenue

• Contribute CAD$3.1 billion employment income in Newfoundland and Labrador

• Support 10,900 person years of employment during the four years of construction and over 21,600 over the 34-year operating period

• Boost annual household spending in NL by over CAD$2.2 billion

• Contribute CAD$220 million in tax revenue to municipal governments over the 38-year period (CAPEX and OPEX phases). The provincial government will receive an estimated CAD$8 billion and the federal government another CAD$1.6 billion just from the in-province activity.

EVREC’S Environmental Assessment Registration can be found at:

Botwood and Area EVREC Green Energy Project - Environment and Climate Change (gov.nl.ca)

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 Power has signed strategic partnerships with various global strategics and technology providers.

Abraxas Power 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 EVREC Project. To learn more, visit www.abraxaspower.com.