- Perfectly Timed with Triple Point’s Validated Salt Dome for Hydrogen Storage Development
St. John’s, Newfoundland and Labrador-– Triple Point Resources Ltd. (“Triple Point” or the “Company“), a leading provider of clean energy underground storage solutions, applauds the Government of Newfoundland and Labrador for advancing the province’s world-class wind and green hydrogen industry with the selection of developers that will proceed to the second phase of its Wind Crown Land process. It also congratulates the companies that have been selected as part of this process. Many of these multi-year, multi-billion-dollar projects will be the cornerstones to the development of Newfoundland and Labrador’s green hydrogen industry.
According to Triple Point CEO Julie Lemieux, this advancement is perfectly timed with recent news that Triple Point has validated the Fischell Salt Dome, located on the West Coast of Newfoundland, making this hydrogen storage solution the largest known salt dome on the East Coast of North America.
“We are ideally positioned near many of these future hydrogen developments with more than enough storage capacity to meet the storage needs of all the future hydrogen developers in Newfoundland and ‘Labrador,” explained Lemieux.
“The dome offers hydrogen developers significant storage potential to increase their export capacity and help address wind or grid irregularities to ensure constant delivery when the wind blows too much, too little or during maintenance of equipment. This solution is also substantially less expensive than above-ground industrial solutions – significantly improving the economics of major hydrogen developments. Fischell’s storage will support excess hydrogen production, increase a hydrogen project’s viability, and contribute to a stronger business model, while derisking off-take agreements.”
Triple Point will continue working with the newly confirmed proponents to complete initial engineering work and better understand the scale and timing requirements for the development of the Fischell Salt Dome project, ensuring seamless integration with the region’s renewable energy operations. The Company will also continue engaging with provincial stakeholders, local communities, and Indigenous People to maximize economic opportunities for the region.
Lemieux adds: “Fischell offers the province expanded hydrogen infrastructure and supports the creation of a clean energy hub on Canada’s east coast that will play a pivotal role in the world’s emerging hydrogen energy hub network.”
About Triple Point Resources Ltd.
Triple Point Resources Ltd. is a Canadian based company focused on developing clean energy storage solutions for the growing hydrogen economy. The Company aims to provide safe, efficient, and cost-effective storage solutions for renewable energy sources. Triple Point is committed to working with local communities and stakeholders to promote sustainable development practices that benefit everyone. Triple Point is part of the transition to a sustainable energy future.
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