EverWind Fuels Company ("EverWind") welcomed the federal government's Fall Economic Statement, which announced a series of measures establishing Canada as one of the world's preferred jurisdictions for clean energy production and investment. Canada's Deputy Prime Minister and Minister of Finance Chrystia Freeland and her team have developed a swift, ambitious, and effective response to the recent U.S. Inflation Reduction Act, ensuring substantial clean energy production, decarbonization progress, intellectual property development, and job creation remains in Canada.
Specifically, EverWind is encouraged to see several policies announced which support project development, investment, growth, and labour, including:
Introduction of an Investment Tax Credit for Clean Hydrogen ("Clean Hydrogen ITC") of at least 40%, which will be established after consultations with industry.
- The Clean Hydrogen ITC will enable Canada's green hydrogen production to be globally competitive and facilitate domestic consumption as well as global exports
- EverWind will produce zero-emissions green hydrogen and derivative fuels, which meet the strictest criteria carbon-intensity, and is supportive of a tiered system to incentivize zero-carbon fuels
- EverWind is strongly committed to its continued support of labour, apprenticeship & training, and job creation, and applauds the labour incentives created in the Clean Hydrogen ITC
Introduction of an Investment Tax Credit for Clean Technology ("Clean Tech ITC") of up to 30% to incentivize investments across assets required for renewable power generation (solar, wind, and hydro), electricity storage systems, and other critical capital projects.
- Combined with its world-class renewable resources, the Clean Tech ITC will enable Canada to deliver some of the most competitively priced renewable energy, enabling large-scale decarbonization
- The Clean Tech ITC firmly establishes Canada as a globally preferred investment destination for clean energy
Launch of the Canada Growth Fund which will support emissions reductions by accelerating the investment in and deployment of low-carbon hydrogen and other decarbonization initiatives.
- Initial $15 billion is a groundbreaking commitment by the Government of Canada
- Fund has a thoughtful set of options to deploy the capital, including contracts for difference, offtake contracts, and creative debt & equity financing instruments
- Demonstrates Canada's clear commitment to fighting climate change through explicit financial support across all immediate and long-term decarbonization initiatives, including the Clean Fuel Regulations
Improving Regulatory Processes for Major Projects by Increasing Capacity and Efficiency
- New resources committed to agencies responsible for clean energy projects will help expedite approval processes and ensure Canada's first-mover advantage in global clean energy markets
- Expedited approval processes will allow investment certainty to secure Canada's leading position in the green energy industry
Expansion of Canada's Critical Minerals Strategy (the "CMS") providing new commitments for expanding Canada's capacity and across the critical minerals value chain
- Key equipment for both EverWind's production facilities and the global green energy transition require critical minerals abundant in Canada and scarce globally
- The CMS solidifies Canada's leading role in the global critical minerals sector
Trent Vichie, CEO of EverWind commented, "Canada required a swift, ambitious, and effective response to the recent U.S. Inflation Reduction Act and Minister Freeland has delivered. Federal measures, combined with strong Nova Scotia provincial support under Tim Houston's leadership provides the policy environment to develop Canada's green hydrogen industry. As a green hydrogen and ammonia developer, EverWind is supportive of the measures announced and we look forward to playing a key role in the global fight against climate change and the path towards net zero. Combined with Minister Wilkinson's work on natural resources, the thoughtful, comprehensive, and competitive measures for clean energy arms the private sector with the tools required to facilitate global decarbonization. We believe this will establish Canada as the premier jurisdiction for clean energy investment, innovation, and leadership."
He continued, "The refundable nature of the tax credit enables private capital to be recycled to further stimulate project development, creating a virtuous cycle for green energy investment and supporting the establishment of a Canadian green energy economy. We also commend the establishment of the Canada Growth Fund, which we believe provides flexible capital solutions to support the development of nascent green energy markets, including hydrogen and derivative products."
Recognition of the Mi'kmaq & their Ancestral Territory
EverWind Fuels 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 Mi'kmaw through consultation, engagement and delivering a comprehensive partnership on all aspects of the project.