Canada’s ready to add some more green to its energy mix.
What happened: A $6 billion project to build North America’s first green hydrogen facility has been approved by regulators, giving Nova Scotia-based EverWind the green light to convert a former oil warehouse and marine terminal into a production hub for clean energy.
- Hydrogen fuel is made by separating hydrogen and oxygen atoms using electrolysis, which itself requires energy. Traditionally, that energy has come from fossil fuels, but EverWind will use renewables (wind and solar power) to produce green hydrogen.
Why it matters: With the last regulatory hurdle cleared, Canada can start producing one of the most coveted fuels. Demand for hydrogen fuel (both green and less so) is expected to increase by six to sevenfold over the next few decades as part of the cleaner energy push.
Plus, EverWind already has a customer: Germany.
The country signed a five-year energy agreement with Canada last summer to help meet its decarbonization goals and will start getting barrels of the new fuel in 2025. The deal is seen as a sign of Canada’s ambition to carve out a role as an exporter of greener energy sources.