EverWind Fuels LLC announced on Monday that it has acquired a storage terminal in Nova Scotia, with plans to expand and develop the site into a regional green hydrogen hub for Eastern Canada.
The firm has bought the storage terminal in Point Tupper, where it plans to build green hydrogen and ammonia production facilities. It closed the purchase from NuStar Energy LP (NYSE:NS) last week, paying USD 60 million (EUR 55.7m) for the asset.
The site has an existing ice-free, deep-water port with 27-metre depth and two berths that can accommodate the largest vessels in the world, while also housing existing rail loading facilities.
According to information on EverWind Fuels' website, the company could develop a project worth between USD 5 billion and USD 10 billion, or even more, based on 1,400 acres of available land.
Production of green hydrogen could begin as early as 2025.
EverWind Fuels said it has engaged multidisciplinary management, engineering and development consultancy Hatch to support overall engineering design and work with Strum Consulting on the permitting work for the project. At the same time, Norway’s Nel ASA will be carrying out detailed engineering for the supply of electrolysers and KBR has been selected to supply the technology for the green ammonia production unit.
EverWind Fuels further noted it intends to collaborate with offshore wind developers to expand production over time.
CIBC Capital Markets and Citi serve as EverWind's joint financial advisors, while Shearman & Sterling LLP and Canadian firm McInnes Cooper act as legal counsels.
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