St. John’s, Newfoundland and Labrador – July 11, 2023 – Triple Point Resources Ltd. (“Triple Point” or the “Company”), a leading provider of clean energy underground storage solutions, applauds the Government of Newfoundland and Labrador for advancing the province’s world-class wind and green hydrogen industry with the selection of developers that will proceed to the second phase of its Wind Crown Land process. It also congratulates the companies that have been selected as part of this process. Many of these multi-year, multi-billion-dollar projects will be the cornerstones to the development of Newfoundland and Labrador’s green hydrogen industry.
According to Triple Point CEO Julie Lemieux, this advancement is perfectly timed with recent news that Triple Point has validated the Fischell Salt Dome, located on the West Coast of Newfoundland, making this hydrogen storage solution the largest known salt dome on the East Coast of North America.
“We are ideally positioned near many of these future hydrogen developments with more than enough storage capacity to meet the storage needs of all the future hydrogen developers in Newfoundland and ‘Labrador,” explained Lemieux.
Triple Point Fischell Salt Dome Location
“The dome offers hydrogen developers significant storage potential to increase their export capacity and help address wind or grid irregularities to ensure constant delivery when the wind blows too much, too little or during maintenance of equipment. This solution is also substantially less expensive than above-ground industrial solutions – significantly improving the economics of major hydrogen developments. Fischell’s storage will support excess hydrogen production, increase a hydrogen project’s viability, and contribute to a stronger business model, while derisking off-take agreements.”
Triple Point will continue working with the newly confirmed proponents to complete initial engineering work and better understand the scale and timing requirements for the development of the Fischell Salt Dome project, ensuring seamless integration with the region’s renewable energy operations. The Company will also continue engaging with provincial stakeholders, local communities, and Indigenous People to maximize economic opportunities for the region.
Lemieux adds: “Fischell offers the province expanded hydrogen infrastructure and supports the creation of a clean energy hub on Canada’s east coast that will play a pivotal role in the world’s emerging hydrogen energy hub network.”
For inquiries or investor relations, please contact:
About Triple Point Resources Ltd.
Triple Point Resources Ltd. is a Canadian based company focused on developing clean energy storage solutions for the growing hydrogen economy. The Company aims to provide safe, efficient, and cost-effective storage solutions for renewable energy sources. Triple Point is committed to working with local communities and stakeholders to promote sustainable development practices that benefit everyone. Triple Point is part of the transition to a sustainable energy future. Website
Marty Henning, P.Geo, is the Qualified Person responsible for the technical contents of this news release as defined in National Instrument 43-101.
Certain information contained herein constitutes forward-looking information or statements (“forward-looking statements”) under applicable securities legislation and rules. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “will be”, or variations of such words and phrases or statements that certain actions, events or results “will” occur. All statements within, other than statements of historical fact, are to be considered forward-looking. Such statements include that the Company’s sale dome assets are suitable for and can be commercially utilized for hydrogen storage, that demand for such storage will in the future exist at commercially viable levels, that expected capacity can be achieved, and that the Company will be successful in developing such project with the support of all stakeholders. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in forward-looking statements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.