EverWind Fuels Praises Passing of Canadian Budget Legislation: First Comprehensive Federal Clean Hydrogen Support Globally
June 20 2024 - 7:01PM
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.
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.
For more information please contact:
Adam LangerDirector, Public Affairsinfo@everwindfuels.com(902)
201-0643