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Minnova Renewable Energy Enters into MOU with the City of Flin Flon to Develop Large Scale Green Hydrogen Production

3/29/2023

Minnova Corp. announced that their wholly owned subsidiary Minnova Renewable Energy and the City of Flin Flon have entered into a non-binding memorandum of understanding dated March 20, 2023 pursuant to which MRE and the City of Flin Flon aim to promote the valuation and possible future development of large-scale green hydrogen production based on renewable hydroelectric power. MRE and the City of Flin Flon will work cooperatively to evaluate potential for the City of Flin Flon and surrounding communities to become a northern trading hub for green hydrogen and hydrogen-based energy carriers.

Canada is already a large producer of hydrogen used primarily for oil refining, ammonia production, methanol production and steel production. Virtually all this is grey hydrogen produced from fossil fuels and releases significant CO2 to the atmosphere. Green hydrogen can be produced from renewable hydroelectric power, which is a key part of the City’s and province of Manitoba’s energy infrastructure advantage. Green hydrogen production in the vicinity of the City of Flin Flon represents both an ambitious goal and a unique opportunity.

MRE will work with the City of Flin Flon and other stakeholders to initiate studies on green hydrogen production and hydrogen-based energy carrier supply chain. Studies will evaluate and address the challenges of large-scale green hydrogen production and distribution and the extended supply chain of conversion, storage and transport with the goal of providing actionable recommendations to governments and industry to take full advantage of local infrastructure.

Gorden Glenn, CEO commented “we are pleased to work with the City of Flin Flon and jointly explore opportunities to repurpose the city’s significant northern infrastructure and take a leading role in green hydrogen production in support of Canada’s Net Zero 2050 Greenhouse Gas emissions commitment. Minnova completed a positive feasibility study on the restart of our 100% owned PL Gold Mine located just 65 km northeast of the City of Flin Flon and are familiar with the City’s infrastructure and commitment to innovation and rejuvenating its industrial base. Positive worldwide discussions with communities, utilities and industry, as part of our MRE strategy to produce green hydrogen, only serves to highlight the opportunity that Flin Flon has to leverage its infrastructure to develop a significant green hydrogen hub to serve northern Manitoba’s future zero carbon energy needs. Manitoba has always been a large scale, low cost electrical energy producer. Working closely with the City of Flin Flon, surrounding communities and, other Manitoban government agencies we are confident that we can expand Manitoba’s reputation as an efficient, low CO2 emitting renewable energy producer.”

“We are very pleased to work with Minnova Renewable Energy in moving forward with green hydrogen production in Flin Flon,” said Mayor George Fontaine. “This is one of many initiatives we have underway that positions our city as an attractive option for green industries such as Minnova, a company at the forefront of global energy transition.”