Hy2gen is awarded renewable electricity supply for its hydrogen and green ammonia production project in Baie-Comeau, Quebec

• Hy2gen Canada Inc, a subsidiary of Hy2gen AG, have been selected by Quebec's Ministry of Economy, Innovation and Energy (MEIE) to receive a block of electricity to produce green hydrogen and ammonia in Baie-Comeau.
• Developed over the past 4 years in collaboration with the Baie-Comeau community, the project will contribute to the decarbonization of Quebec, economic development and job creation in Baie-Comeau through the creation of an industrial ecosystem.

MONTREAL, June 7, 2024 /CNW/ - Hy2gen Canada Inc, the Canadian subsidiary of global green hydrogen producer Hy2gen, have been selected, subject to agreement with Hydro-Québec, to get a block of electricity for a green hydrogen and green ammonia production plant in Baie-Comeau. The electricity from the Courant project will be supplied by Hydro-Québec, and will be used to power hydrogen and green ammonia production. This is a crucial step for Courant, enabling the basic engineering phase to begin.

If the final investment decision is positive, Hy2gen plans to start construction of the green ammonia plant in the second half of 2026, with first green ammonia production scheduled for 2029, depending on Hydro-Québec's connection schedule. For Hy2gen, this is another decisive step forward. Since 2023, Hy2gen has been producing green hydrogen at its plant in Werlte, Germany.

Cyril Dufau-Sansot, CEO of Hy2gen, is delighted with this achievement: "We are honored by the Quebec government's decision to award a block of energy to our Courant project in Baie-Comeau. This recognition is a vote of confidence in our vision and commitment to producing green hydrogen in Quebec. This is a giant step forward for Hy2gen Canada and the renewable energy industry, enabling us to make a significant contribution to decarbonizing the economy and achieving Quebec's ambitious sustainable development goals."

Pietro Di Zanno, Director of Hy2gen Canada Inc. adds: "We are grateful to the Quebec government, Hydro-Québec and the people of Baie-Comeau for their help in developing this flagship project. We look forward to working with everyone to advance the project and reap the benefits for Quebec."

Through its global subsidiaries, Hy2gen aims to become the largest and most reliable supplier of renewable hydrogen - a powerful gas pedal of green transformation. The progress of the Courant project marks a further step on the road to large-scale, cost-effective production of renewable energy solutions such as hydrogen and green ammonia, and to market leadership with this concept. The award of the power supply contract for Courant demonstrates that Hy2gen has the confidence of decision-making institutions and is establishing itself as a serious player in the global renewable energy market.

Hy2gen Canada Inc. is a 100% subsidiary of Hy2gen AG, based in Wiesbaden, Germany. The company develops, finances, builds and operates plants for the production of renewable hydrogen and hydrogen-derived "e-fuels" - green ammonia, e-methanol and sustainable jet fuel. Founded in 2017, the company is a pioneer in this field, as evidenced by the 12 GW of electrolysis-based projects under development in Germany, France, Norway, Canada and the USA.

Hy2gen benefits from important strategic and financial partnerships. These include Swiss commodities trader Trafigura, French technology and engineering company TechnipEnergies, CDPQ, French sustainable investment manager Mirova and the ?2 billion Hy24 infrastructure fund backed by Air Liquide, TotalEnergies, VINCI Concessions, Plug Power, Chart Industries, Baker-Hughes, Airbus and others. In early 2022, Hy2gen raised ?200 million from investors - "the largest private investment focused on green hydrogen to date" - confirming its credibility with global leaders in the hydrogen industry and its financial strength.

SOURCE Hy2gen