CALGARY, Alberta— Questerre Energy Corporation (“Questerre” or the “Company”) is pleased to announce a letter of intent (the “LOI”) with ZEG Power AS (“ZEG Power”), a private Norwegian company, to evaluate their proprietary leading edge blue hydrogen technology for the Company’s Clean Tech Energy project in Quebec.
Michael Binnion, President and Chief Executive Officer of Questerre, commented, “We believe hydrogen will become a cornerstone of the emerging circular economy. As we move from near zero emissions responsible production of natural gas to the idea of zero emissions consumption, the technologies to capture the carbon emissions are essential. ZEG Power has designed a one step process that produces hydrogen and captures the carbon dioxide with improved economics. We are studying how to incorporate it into our project in Quebec.”
He added, “Our goal is a material net negative carbon project. Through reducing, recycling, and storing of emissions we can create a paradigm shift in what sustainable energy is. The ZEG Power process produces zero emissions hydrogen and a pure stream of carbon dioxide that can be recycled to make other low emissions products including concrete, plastics, fertilizer, and other industrial feedstocks. Any excess emissions can be permanently stored.”
Pursuant to the LOI, the companies will explore joint venture opportunities to apply the ZEG Power technology to produce clean hydrogen and/or clean power from Questerre’s Clean Gas project. This will include the engineering and economic due diligence for a demonstration plant concept and subsequent scale up to larger commercial plants. Subject to requisite corporate approvals, Questerre will have an exclusive right to the ZEG Power technology in Canada for a period of one year from the completion of the engineering with a right of first refusal in Canada thereafter.
In a statement on the joint venture, Kathrine K. Ryengen, Chief Commercial Officer of ZEG Power, commented, “We are very pleased to announce the cooperation with Questerre. Their Clean Tech Energy project in Quebec represents a unique opportunity for us to commercialize our technology in Canada. We will build on the learnings from the engineering recently completed for our first plant at the CCB Energy Park in Kollsnes, on the west coast of Norway, where we expect production to commence in 2022.”
ZEG Power’s goal is to offer a clean alternative for global energy production. ZEG Power’s value proposition is efficient production of clean hydrogen from hydrocarbon gases with integrated CO2 capture, based on the patented ZEG-technology. ZEG Power was established in 2008 as a spin-off from Institute for Energy Technology (IFE), Norway. The company is currently in the process of upscaling and commercializing its technology, in cooperation with key industrial partners, and supported by strong owners and positive market trends.
Questerre is an energy technology and innovation company. It is leveraging its expertise gained through early exposure to low permeability reservoirs to acquire significant high-quality resources. We believe we can successfully transition our energy portfolio. With new clean technologies and innovation to responsibly produce and use energy, we can sustain both human progress and our natural environment.
Questerre is a believer that the future success of the oil and gas industry depends on a balance of economics, environment, and society. We are committed to being transparent and are respectful that the public must be part of making the important choices for our energy future.
Questerre’s common shares are traded on the Toronto Stock Exchange in Canada and Oslo Stock Exchange in Norway under the symbol QEC.
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