Natural Resources Minister Jonathan Wilkinson announced at a press conference in Calgary on Wednesday that 11 clean energy projects will receive a total of $11 million in federal funding.
A majority of these projects are based in Alberta. Funding allocation includes $2.5 million for small modular nuclear reactor research at the University of Alberta and the University of Regina. The remaining $8.5 million will support seven Alberta companies working on hydrogen-related projects.
Among the recipients is Atco Gas, which aims to develop Canada’s first commercial building heated entirely by hydrogen. Other beneficiaries include Innovative Fuel Systems, working on a retrofit system for converting heavy-duty diesel truck engines to hydrogen, and New Wave Hydrogen, which is developing a process to produce clean hydrogen from natural gas without carbon dioxide emissions.
The government’s investment reflects the growing interest in low-carbon hydrogen and other clean fuels. Currently, over 80 low-carbon hydrogen production projects are in various stages of development across Canada. The economic potential of hydrogen development in the country is estimated to exceed $100 billion.
“Hydrogen presents a massive opportunity,” Wilkinson said, adding that it’s “a clean energy source that can build on existing strengths, and simultaneously support energy security and climate objectives.”
Both hydrogen and small modular nuclear reactors are key focus areas in the federal government’s strategy to achieve net-zero emissions by 2050.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
