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Torrent Capital Update on Investment in Argentia Capital Inc.

Torrent Capital Update on Investment in Argentia Capital Inc.

Halifax, Nova Scotia – (Newsfile Corp. – March 21, 2024) – Torrent Capital Ltd. (TSXV:TORR) (“Torrent Capital”) congratulates Port of Argentia and Hamburg Port Authority on the signing of a Letter of Intent (“LOI”) to collaborate on the export and import of green hydrogen from Canada to Germany.  The agreement was signed in Hamburg during the Canada-Germany Hydrogen and Ammonia Producer-Offtaker Conference. 

The conference was being held in support of the Canada-Germany Energy Partnership and Hydrogen Alliance.  That Alliance commits the two countries to collaborate on reducing emissions and transitioning to cleaner fuels and a greener economy through the export of clean Canadian hydrogen to Germany.  

During the conference, Canada and Germany announced the signing of a memorandum of understanding (“MOU”) that commits both countries to backing transactions between Canadian hydrogen producers and Germany’s industrial manufacturing and energy distribution sectors.  The intent of the MOU is to identify pathways which will enable Canadian hydrogen producers to develop commercial scale projects based on reasonable prices contained in long-term commercially binding offtake agreements with German buyers.  

The Port of Argentia is looking to host the production of a robust supply chain of green hydrogen derivatives for export to Germany.  Pattern Renewable Holdings Canada 2 ULC (“Pattern Energy”) is undertaking the feasibility, environmental and permitting work necessary to establish Argentia Renewables, a 300-MW wind energy to green hydrogen production project at the Port of Argentia.  Coinciding with the Canada-Germany Hydrogen and Ammonia Producer-Offtaker Conference, Pattern Energy signed a LOI with Mabanaft, an integrated energy company headquartered in Germany.  The LOI outlines both company’s mutual interest of exploring the possibility of a partnership between Pattern Energy and Mabanaft for equity investment and green ammonia supply from Pattern Energy’s Argentia Renewables project.