EDMONTON, AB –– Wolverine Energy and Infrastructure Inc. (“Wolverine“) (TSXV: WEII), and its wholly owned subsidiary Green Impact Partners Inc. (“GIP“), are pleased to announce the completion of the initial Hydrogen Front End Engineering Design “FEED” study (the “Study“) conducted on Wolverine’s current operating asset location in Alberta (the “Alberta Project“).
The Alberta Project forms part of the clean energy and renewable natural gas (“RNG“) assets proposed for sale in connection with Wolverine’s previously announced reverse takeover transaction involving Blackheath Resources Inc. (the “Transaction“). Upon completion of the Transaction, GIP can proceed to the next stage of hydrogen development on the Alberta Project.
Phase one of the hydrogen development of the Alberta Project is intended to result in twenty four tons of production of green, electrolysis-based hydrogen with the facility using only clean, renewable energy for operations. The dual purpose of the facility is expected to lower operating costs of the Alberta Project significantly, creating a profitable full cycle of production. Future development phases of the Alberta Project are expected to allow for substantial growth as demand and usage increases. It is anticipated that the process of hydrogen production utilized by the Alberta Project will also result in saleable industrial oxygen.
The Study was completed earlier then expected, with stronger financial and environmental results than originally anticipated, adding another important development opportunity to those previously available to GIP following the Transaction. GIP intends to continue development of its RNG assets following completion of the Transaction. Management believes that RNG and hydrogen will be the leading complimentary fuels to a low carbon future, and a key to the achievement of Net Zero Earth Impact.
Nikolaus Kiefer, Chief Financial Officer commented that, “From previous studies, we did not anticipate the profitable rationalization potential to occur this quickly. Our experienced development team continues to show their diligence and creativity in meeting the Net Zero Earth Impact goals while achieving our minimum financial targets.”
About Green Impact Partners
As noted in the joint February 16, 2021 press release (the “Prior Release“) of Wolverine and Blackheath Resources Inc. (“Blackheath“), GIP will be the resulting issuer from the Transaction and will operate as an ESG and renewables company incorporated under the laws of British Columbia, the shares of which will be listed on the TSX Venture Exchange. Following completion of the Transaction, GIP will operate with a focus on renewable energy through by-products, waste water and carbon reduction.
Wolverine is an industry-leading, diversified energy and infrastructure service provider in western Canada and the United States, providing a wide range of services including: water management, production testing, oilfield/energy rentals, and environmental services. Wolverine’s original business roots and operations began in 1952. Over the course of its history, Wolverine has a strategy combining organic growth and strategic acquisitions. Today, Wolverine is strongly positioned to consolidate a highly-fragmented energy services and midstream market in western Canada, and is diligently focused on return on capital deployed, market diversification, and maintaining best-in-class services throughout the full life cycle of its diverse clients’ projects.