- Suncor and ATCO are collaborating on a clean hydrogen project near Fort Saskatchewan, Alberta in an effort to reduce the province’s CO2 emissions and advance Canada’s clean energy priority
- The collaboration will involve early stage design and engineering for a potential clean hydrogen project
- Suncor and ATCO are continuing to work collaboratively with the provincial and federal governments to create the regulatory fiscal framework needed to advance this world-scale clean energy investment
- Suncor Energy (SU) is down 2.16 per cent on the day, trading at $27.63 per share
- ATCO Ltd. (ACO.X) is down 0.82 per cent and is trading at $42.10 per share
Suncor and ATCO are collaborating on a clean hydrogen project in an effort to reduce CO2 emissions and advance Canada’s clean energy priority.
The project is located near Fort Saskatchewan, Alberta.
The announcement follows as the Government of Canada and the Government of Alberta released messages of support for emission-reduction projects and infrastructure that will contribute to Canada’s goal to reach net-zero emissions by 2050.
The collaboration will involve early-stage design and engineering for a potential clean hydrogen project that would produce more than 300,000 tonnes per year of clean hydrogen, reduce Alberta’s CO₂ emissions by more than two million tonnes per year, advance Alberta’s hydrogen strategy, and generate substantial economic activity and jobs across the province.
Suncor President and CEO Mark Little commented on the partnership.
“With abundant natural gas resources and geology that is well suited to the utilization and permanent storage of CO₂, Alberta is one of the best places in the world to produce clean hydrogen,” he said.
Approximately 85 per cent of the produced clean hydrogen would be used to supply existing energy demand.
Nancy Southern, chair and CEO of ATCO, remarked,
“A clean energy future is a shared national priority, and a transformational project like this one will require extraordinary collaboration with all levels of governments. We look forward to working with our partners in government and with our regulators to bring this vision to life.”
Suncor and ATCO are continuing to work collaboratively with the provincial and federal governments to create the regulatory fiscal framework needed to advance this world-scale clean energy investment.
Alberta Premier Jason Kenney commented,
“Massive hydrogen projects like this will help us reach our emission goals while also creating thousands of good jobs for Albertans.”
Minister Francois-Phillippe Champagne, Minister of Innovation, Science and Industry of Canada, added,
“I am happy to see companies answer our call for bold projects that can demonstrate Canadians’ expertise, drive, and spirit to build a world-leading hydrogen industry.”
The parties anticipate that Suncor would construct and operate the hydrogen production and CO2 sequestration facilities and ATCO would construct and operate associated pipeline and hydrogen storage facilities.
Suncor Energy (SU) is down 2.16 per cent on the day, trading at $27.63 per share.
