Exploits Valley Renewable Energy Corporation Green Hydrogen Project in Central Newfoundland Receives Guidelines for Environmental Impact Statement

TORONTO, April 15, 2025 (GLOBE NEWSWIRE) -- Abraxas Power Corp. ('Abraxas Power'), a leading energy transition developer, and its subsidiary Exploits Valley Renewable Energy Corporation ('EVREC'), today announced that Newfoundland and Labrador's Department of Environment and Climate Change has released the Environmental Impact Statement (EIS) guidelines for the highly anticipated Green Energy Hub project in the Botwood, NL area (the 'Project'). The Project, set to revolutionize energy production in the province, aims to harness renewable energy sources to produce hydrogen in a sustainable and environmentally responsible manner.

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The purpose of the EIS is to identify for all phases of the Project (construction, operation and maintenance, decommissioning and rehabilitation) the important beneficial and adverse environmental effects associated with the Project, measures to mitigate adverse effects, the significance of residual environmental effects, public concerns and the response to those concerns. The comprehensive guidelines are intended to ensure that the Project is developed with the highest environmental standards in mind, supporting Newfoundland and Labrador's commitment to a clean energy future while minimizing environmental effects.

The release of the EIS guidelines marks the beginning of the formal environmental assessment process. Public consultations will be held throughout the process, allowing community members, stakeholders, and interested parties to find out more about the Project as it develops.

EVREC remains committed to the responsible development of the Project and is eager to continue collaboration with stakeholders, regulators, and the public throughout the next phase of environmental review. Through the EIS, EVREC will provide further detailed information about the Project in various areas, including Project scope, water resource management, air quality and emissions, flora and fauna, and Project component locations, to name a few. The Project is expected to not only contribute to the province's green energy transition but also create significant economic benefits, including job creation, new investment opportunities, and the establishment of Newfoundland and Labrador as a key player in the growing global hydrogen market.

Dean Comand, COO of Abraxas Power, said, "The EIS is an essential part of our approach, and we are eager to maintain open, ongoing engagement with stakeholders and regulators while continuing to work on refining and advancing all aspects of the Project. Newfoundland and Labrador is on the cutting edge of clean energy innovation, and this Project represents an exciting opportunity for the province to contribute to global sustainability efforts. The EIS is an important step in the process and underscores our commitment to responsible development and to working alongside communities and stakeholders to ensure that the environmental impact is carefully considered at every stage of this transformative project."

EVREC is a Power-to-X (P2X) project that was awarded access to over 300 square kilometres of crown lands by the Province of Newfoundland and Labrador in 2023 for EVREC's use in the development of its project in Central Newfoundland. EVREC will include up to 3+ gigawatts (GW) of onshore wind capacity with associated energy and molecular storage to power behind-the-meter green hydrogen (H2) and green ammonia (NH3) production. The Project anticipates generating ~180,000 tons of green H2 and ~1,000,000 tons of green NH3 annually. EVREC aims to have its own dedicated port infrastructure to export its products to global markets.

EVREC has significantly advanced the Project through pre-construction activities which include engineering, wind resource measurement, and environmental assessment processes, including environmental data collection, and public and stakeholder engagement. The final Project design is subject to these ongoing assessments and activities.

EVREC'S Environmental Assessment Registration can be found at:

About Abraxas Power

Abraxas Power is a pioneering 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 Power has signed strategic partnerships with various global strategics and technology providers.

Abraxas Power 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 EVREC Project.