This proposed greenfield waste-to-energy facility, which would be constructed by the Partnership and operated by Gibson, would have integrated carbon capture equipment enabling the Project to incinerate municipal solid waste and produce carbon-negative electricity. A front-end engineering and design ("FEED") study is underway, and a final investment decision ("FID") by the Partnership is planned in early 2025, with commissioning targeted in 2027.
The Project supports the advancement of technologies fundamental to achieving a net-zero electricity grid across the country. Integrated waste-to-energy and Carbon Capture and Storage ("CCS") has significant potential to be replicated in municipalities across
The Partnership will collaborate to advance the development of the flagship Heartland project. Pursuant to the terms of the Partnership, should the Project reach a positive FID, Gibson, CGF and Varme would have a 50 percent, 40 percent and 10 percent ownership interest, respectively. In addition, CGF would provide a carbon price assurance mechanism in the form of a Carbon Credit Offtake ("CCO") to purchase up to 200,000 tonnes per annum of compliance grade carbon credits generated by the Project at an initial price of
CGF is a
CGF makes strategic investments to help
a) | reduce emissions and achieve |
b) | accelerate the deployment of key technologies, such as low-carbon hydrogen and CCS; |
c) | scale-up companies that will create jobs, drive productivity and clean growth across new and |
d) | encourage the retention of intellectual property in |
e) | capitalize on |
Further information on CGF's mandate, strategic objectives, investment selection criteria, scope of investment activities, and range of investment instruments can be found on www.cgf-fcc.ca.
In Budget 2023, the
Gibson is a leading liquids infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products. Headquartered in
Gibson shares trade under the symbol GEI and are listed on the
Varme, a subsidiary of Norwegian-based Varme Energy AS, is the first Canadian energy development company focused on waste-to-energy with integrated CCS. Varme leverages access to capital and proven experience from its European partners to maximize the success of its Canadian projects. By diverting waste from landfills, recovering the energy trapped in our waste and producing clean energy, Varme Energy is building a future free from landfills. For more information, visit https://www.varmeenergy.com.
CGF Media Relations
mediacgf@cgf-fcc.ca
Gibson Investor & Media Relations
investor.relations@gibsonenergy.com
communications@gibsonenergy.com
Varme Media Relations
sean@varme.ca
Certain statements and information contained in this press release constitute forward-looking information (as such term is defined under Canadian securities laws). All statements other than statements of historical fact are forward-looking information. The use of any of the words ''anticipate'', ''plan'', ''continue'', "target", ''estimate'', ''expect'', ''intend'', ''propose'', ''might'', ''may'', ''will'', ''shall'', ''project'', ''should'', ''could'', ''would'', ''believe'', ''predict'', ''forecast'', ''potential'', "goal", "seek", and ''opportunity'' and similar expressions expressing future outcomes or statements regarding an outlook are intended to identify forward-looking information.
Forward-looking information contained in this press release includes, but is not limited to, information regarding the potential development of the Project and its expected activities, capabilities and outcomes, timing and capital costs related to the Project, the expected impact of the Project on net-zero goals, methane emissions and overall climate impacts, the scalability of the Project and demand therefor both in
The forward-looking information contained in this press release reflects beliefs and assumptions with respect to the outlook for economic and industry trends, commodity prices, capital markets, interest rates, the regulatory and legal environment, climate-related matters, and the timing and financial impact of certain events. The Partnership believes that its assumptions and analysis in this press release are reasonable; however, no assurance can be given that these expectations will prove to be correct.
Actual results could differ materially from those anticipated in such forward-looking information as a result of factors outside of the Partnership's control and due to the risks and uncertainties described under the heading "Risk Factors" in Gibson's current management's discussion and analysis and Annual Information Form, in each case as filed on SEDAR+ at www.sedarplus.ca and available on its website at www.gibsonenergy.com. Readers should refer to "Forward-Looking Information" and "Risk Factors" included in such documents. Readers are cautioned that there may be risks that are unknown and other risks that may pose unexpected consequences. As such, forward-looking information included or referred to in this press release should not be unduly relied upon. The forward-looking information included or referred to in this press release is expressly qualified by this cautionary statement and is as of the date hereof. The Partnership does not undertake any obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
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