In Canada, renewable energy company World Energy GH2 Inc. has announced that it has signed an investment agreement with SK ecoplant, the environment and energy arm of SK Group, one of the world’s largest sustainable infrastructure companies. SK ecoplant is initially investing US$50 million in Project Nujio’qonik, acquiring a 20 percent stake in the first phase of the wind-to-green hydrogen project.
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Project Nujio’qonik is a consortium of Canadian partners investigating the feasibility of the construction and operation of a cost-effective, wind power to green hydrogen/ammonia production facility located on the west coast of the province of Newfoundland and Labrador (NL), Canada.
Project Nujio’qonik aims to be Canada’s first commercial green hydrogen/ammonia producer created from over 3 GW of wind energy in one of the world’s best wind resource regions.
Just nine months after the signing of the Canada – Germany Hydrogen Alliance by Canadian Prime Minister Trudeau and German Chancellor Scholz in Stephenville, Newfoundland and Labrador, trade and export discussions continue to advance between Canada and Germany. This investment from SK ecoplant reflects confidence in the alliance and also reflects the speed at which this new critical industry is moving, said John Risley, Chairman of World Energy GH2.
First overseas investment
South Korea-headed SK ecoplant has grown rapidly in the waste battery recycling sector and renewable energy sectors including hydrogen, fuel cells, offshore wind power, and photovoltaic power.
The agreement with SK ecoplant signifies the first overseas investment in a Canadian green hydrogen project.
Canada is creating a financial climate that is attracting investments of scale. Our country’s robust response to the US Inflation Reduction Act, including the Canada Growth Fund, Investment Tax Credits, and Contracts for Difference, are innovative ways Canada is implementing to stand up an industry that can compete globally, John Riley said.
It is also SK ecoplant’s first investment in a wind-to-green hydrogen project globally and, according to World Energy GH2, is a “clear indicator that Newfoundland and Labrador are rapidly taking centre stage in the clean energy industry.”
This is an international company that can do business anywhere in the world. Not only did they choose Canada, they chose our home, Newfoundland and Labrador, and they chose Project Nujio’qonik. SK ecoplant recognizes the benefits, advancement, and sophistication of this project, and we look forward to a prosperous partnership. We are incredibly proud of all of our stakeholders, including our First Nations and community partners, who have been instrumental in attracting SK ecoplant’s investment in our project. We welcome our new investment partners to Project Nujio’qonik, and we look forward to developing a world-class green energy project together, said Sean Leet, Managing Director and CEO of World Energy GH2.
Hydrogen and wind expertise
SK ecoplant will continue to be an important partner in this project, thanks to its expertise in green hydrogen and engineering excellence. The company has already completed a green hydrogen value chain that includes renewable energy sources such as wind power and electrolysis.
SK ecoplant has established itself as a leading company in wind power generation, evidenced by its ongoing development of a 2.6 GW offshore wind power project. Its subsidiary, SK oceanplant, is a globally recognized top-tier company specializing in substructures for offshore wind power installation.
Last month, Kyung-il Park, CEO of SK ecoplant, assumed the role of Chairman of the Korea Wind Energy Industry Association.
Newfoundland and Labrador is positioned to launch this industry in Canada and to be amongst the very few first-mover commercial producers of scale worldwide. Project Nujio’qonik has world-class wind, abundant fresh water, a deep-sea port with close proximity to Europe, strong First Nations and community support, and support at all levels of government, Kyung-il Park said.
Take a leadership role
According to Kyung-il Park, the investment in Project Nujio’qonik is a step toward launching the international green hydrogen industry.
Our investment in this project is a step toward producing the first green hydrogen and ammonia in 2025 and taking a leadership position in the fight against climate change. As the first Korean company to participate in an intercontinental green hydrogen commercialization project, we have a competitive advantage and see more future business opportunities. SK ecoplant’s rapid execution ability and extensive experience will help us become a prominent leader in the global green hydrogen and green ammonia market in the future, said Kyung-il Park.
The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, Government of Canada, also attended celebrations of the signing ceremony in Seoul.
This announcement clearly demonstrates Canada’s ability to attract foreign investment and grow a cleaner economy. It is no longer ‘why Canada,’ it is ‘how Canada.’ I am happy to see companies, like SK ecoplant, answer our call for bold projects that build on Canada’s expertise to set up a world-leading hydrogen industry, said Minister Champagne.
