Buckeye Partners L.P. announced the deal’s closing to acquire Bear Head Energy. This company is developing a project to produce, store, and export hydrogen and green ammonia. It’s all made on a massive scale at Point Tupper, Nova Scotia, with a hydrogen capacity of more than two gigawatts.
Buckeye Partners statements
“Buckeye’s intention with this acquisition is to develop a large-scale green energy production, distribution, and export hub.” Said Buckeye CEO Todd Russo. “Given the project’s unique features and the geographic advantages of the region, including its status as one of the top locations globally for wind energy generation, we believe that this has the potential to become one of the world’s premier green hydrogen production facilities. As Buckeye continues to evolve into a more diversified energy company, acquisitions like Bear Head represent an opportunity to invest in growth. It must aligns with our customers’ evolving needs and ESG priorities while leveraging our existing expertise and capabilities.”
The project’s development continues in stages, and Buckeye aims to partner with renewable energy developers on land and sea. The goal is to build a large-scale green hydrogen hub for Atlantic Canada. The company aims to create many new clean energy jobs in the province. Your plan will help support Nova Scotia’s carbon emissions reduction goals. It will also establish itself as a region as a world leader in green hydrogen production for domestic and export markets.
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“Together, Bear Head and Buckeye have the experience and resources necessary to successfully develop, and construct. Also to operate a world-class green hydrogen facility on the Bear Head site.” Said Bear Head President and CEO John Godbold. “Under Buckeye’s ownership, we believe the Bear Head project will become a premier asset in the global hydrogen value chain by matching Nova Scotia’s considerable renewable resources with the world’s growing need for green fuels.”