Atco Mining ($ATCM) Bolsters Strong Foothold in Newfoundland's Emerging Green Energy Sector
The company says that new airborne gravity surveys have confirmed the presence of salt-dome structures prospective for hydrogen storage.
Given their unique ability to store hydrogen underground in hollowed-out caverns, salt domes are increasingly playing an important role on the hydrogen-side of the clean energy transition.
Most importantly, wind-generated electricity is capable of powering water electrolysis to produce hydrogen, which can then be used to fuel vehicles or stored for later use in fuel cells to generate electricity during times of low wind and solar output.
The island of Newfoundland is known to be one of the windiest places on earth. It is also an ideal geo-political business climate for new wind energy ventures, making the province a potential global leader in the conversion of wind energy to hydrogen from a logistics and political standpoint.
In April 2022, Newfoundland's Minister of Industry, Energy, and Technology announced the province's decision to allow companies to generate and export onshore wind energy, capitalizing on its abundant wind resources.
World Energy GH2, one of Canada’s premier renewable energy companies, launched a $16 billion project this year with plans to produce 250,000 metric tons of green hydrogen annually from a new facility powered by wind turbines on Newfoundland’s west coast.
Atco Mining, with its substantial land holdings in the region, is well-positioned to become a significant player in hydrogen storage in the St. George's Bay Basin. By aligning with the province's clean energy goals and the global hydrogen economy, Atco is making a meaningful contribution to sustainable energy initiatives.
Shares of ATCO Mining trade in Canada under the ticker symbol ATCM. The company now also trades in the U.S. under the ticker symbol ATMGF. For more information visit www.actomining.com.
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