Atlantic hydrogen firms welcome $200M in German investment for Canadian exports
Global News
The budding hydrogen sector in Atlantic Canada is welcoming a 200-million euro commitment from the European Union.
The budding hydrogen sector in Atlantic Canada is welcoming a 200-million euro commitment from the European Union to support the production of renewable hydrogen and its derivatives from Canada.
The EU’s executive branch approved the money last week saying it will unlock another 200-million euros, the equivalent of C$323 million, in Canadian investment for fuels that would be exported to Germany.
Auctions for hydrogen suppliers and buyers are expected in 2027 with up to 300 megawatts of energy on offer.
Germany says this could mean almost 2.5-million fewer tons of carbon dioxide in the atmosphere.
Everwind Fuels, which is planning to begin construction this year on a hydrogen plant in Point Tupper, N.S., says the funding gives it a concrete route to secure a long-term offtake deal.
Canada and Germany signed a joint declaration of intent to work together on clean hydrogen in 2022 as a way to lessen the European country’s reliance on Russian energy following the invasion of Ukraine.
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