TORONTO, June 17, 2024 (GLOBE NEWSWIRE) -- Abraxas Power Corp. (“Abraxas Power” or the “Company”) is pleased to announce that CB&I, a wholly owned subsidiary of McDermott International, Ltd., (“McDermott”) has been selected for the award of an early contractor involvement (“ECI”) agreement with the Company’s subsidiary, Exploits Valley Renewable Energy Corporation (“EVREC”), in connection with EVREC’s renewable energy project located in Central Newfoundland (the “Project”).
The Project represents one of Canada’s first commercial green hydrogen and ammonia production facilities and is expected to include the development of up to a 530 turbine wind farm with the ability to generate 3.5 gigawatts (GW) of electricity and a solar photovoltaic (PV) installation with the ability to generate 150 megawatts (MW). The facility is expected to have the capacity to produce 165kta of hydrogen and 5000 metric tons of ammonia per day.
“We are very pleased to have McDermott onboarded as our ECI contractor. With their industry-leading delivery and installation expertise across the energy industry, we are confident that we have the right partner to achieve deliverables in a high quality, well managed, low-risk manner,” said Colter Eadie, CEO of Abraxas Power.
Under the scope of the ECI agreement, McDermott will provide front-end engineering design (FEED), engineering, procurement, and construction (EPC) execution planning services, and open book EPC cost estimates for the hydrogen production, ammonia processing, and product storage portion of the Project.
About Abraxas Power Corp.
Abraxas Power is an energy transition developer focused on decarbonizing hard-to-abate sectors and creating value by solving the current and future challenges of the energy transition. Abraxas Power’s broad mandate allows it to see opportunities across technologies and geographies to transform the global energy industry. Our team has extensive experience in leading, financing, and solving the challenges associated with energy transition and a proven track record of delivering complex, large-scale development projects across various disciplines, including renewable power and storage, hydrogen and ammonia production, industrial and precious metals, large-scale project construction, and operations at scale. The team possesses strong project finance and capital markets experience and has a history of creating value for shareholders, stakeholders, and the communities they live in. Abraxas has signed strategic partnerships with various global strategics and technology providers.
Abraxas has secured over US$9 billion in capital projects through competitive government awards over the past year in furtherance of the energy transition, including our marquis Exploits Valley Renewable Energy Corporation (“EVREC”) project.
EVREC, a subsidiary of Abraxas, was awarded an exclusive right to pursue the development of a wind energy project in the central area of Newfoundland, Canada by the Ministry of Industry, Energy and Technology of Newfoundland & Labrador, securing over 360 km2 of exclusive crown lands for development. The EVREC project is a fully integrated project that will include one of the world’s largest onshore wind farms, solar, molecular and energy storage, hydrogen and ammonia production, and associated port infrastructure. The facility is expected to have the capacity to produce 165kta of hydrogen and 5000 metric tons of ammonia per day. Once completed, deliveries of 100% additional green ammonia are expected to start to Europe, other global markets and domestically in support of the energy transition. For more information, see the Newfoundland & Labrador Ministry of Industry, Energy and Technology’s press release dated August 30, 2023.
To learn more, visit www.abraxaspower.com
Cautionary Notes
Certain statements contained in this press release constitute “forward-looking statements”. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding the development of the Project, the ability of the Project to meet the Company’s targets for energy generation and hydrogen and ammonia production, Abraxas’s plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only Abraxas’ expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied, or forecasted in such forward-looking statements. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Abraxas. These forward-looking statements are made as of the date of this press release and Abraxas assumes no obligation to update or revise them to reflect subsequent information, events, or circumstances or otherwise, except as required by law.
