Highlights:
- New assessment and 3D model validate larger than expected salt dome - confirming potential to store more than 35 million cubic meters, or the equivalent of 180,000 tonnes of hydrogen - would make Fishell's Dome the largest salt storage facility on North America's east coast.
- The Company continues to strengthen its highly qualified and connected team to advance the development of the Fischell Salt Dome as part of Newfoundland and Labrador's clean energy industry.
- The Board continues to evaluate the timing and method of creating liquidity for current Triple Point shareholders.
St. John's, Newfoundland--(Newsfile Corp. - June 8, 2023) - Triple Point Resources Ltd. ("Triple Point" or the "Company"), a leading provider of clean energy underground storage solutions, is pleased to announce the successful completion of the Phase 1 Dome Assessment for its 100% owned Fischell Salt Dome, located 30 km south of Stephenville on the west coast of Newfoundland.
The assessment, conducted by RESPEC, a global expert in hydrogen salt caverns, confirms that Fischell property contains a massive Gulf Coast Style salt dome, different from common bedded salt formations. Results are based on a high-resolution ground gravity survey, seismic data and several historic exploration wells - all confirming a thick salt dome formation suitable for hydrogen storage.
Fischell's Dome offers the potential to store more than 35 million cubic meters of hydrogen, or the equivalent of 180,000 tonnes of hydrogen. This makes the Fischell asset much larger than expected and the largest known dome on the east coast of North America.
The report confirms Fischell's Dome has space for several caverns, each capable of storing over 8,000 tonnes of green hydrogen, offering massive storage that could store all the energy from projects currently proposed by Newfoundland and Labrador's wind energy industry.
In comparison, the ACES Delta Hubs in Delta, Utah, USA, is currently constructing two hydrogen caverns with a capacity of 5,500 tonnes. ACES Delta is one of the world's largest clean hydrogen storage projects in construction.
Figure 1
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"The Phase 1 Dome assessment results are incredibly exciting for us," said Julie Lemieux, CEO of Triple Point Resources. "The confirmation of Fischell's impressive potential storage capacity is a game changer for wind project viability and sets a new standard for energy storage in the region. This milestone further solidifies Triple Point's position as a leader in advancing clean-energy solutions in Newfoundland and Labrador and the significant role our project will have in the transition to a sustainable future."
The Government of Newfoundland and Labrador's Crown Land Call for Bids for Wind Energy Projects has attracted significant international interest, with twenty-four applications submitted, highlighting the need for clean energy storage that can be provided by Triple Point's Fischell Salt Dome. The Province is expected to announce the selected proponents in the coming months.
Triple Point will then continue working with proponents to complete initial engineering work and better understand the scale and timing requirements for the development of the Fischell Salt Dome project, ensuring seamless integration with the region's renewable energy operations. Triple Point will also accelerate stakeholder, community, and Indigenous engagement. The Company is committed to working closely with local and Indigenous communities as well as provincial stakeholders to maximize economic opportunities and minimize potential environmental effects associated with the dome's development.
"Our primary objective is to establish robust and safe infrastructure for green hydrogen, while prioritizing the environment and sustainability. We recognize the importance of collaborating with local communities and ensuring their voices are heard throughout this process," added Lemieux. "We are committed to transparent communication and providing the necessary information to address concerns and identify mutual benefits."
Corporate Update
Triple Point's Board of Directors (the "Board") continues to support the development and positioning of the Fischell's Dome as a clean energy storage hub for eastern Canada, as well as the ongoing evaluation of other energy storage projects globally. It is also evaluating the timing and method of creating liquidity and value for Triple Point shareholders. The positive dome assessment, future Crown Land results and marketplace conditions are all being considered to maximize value.
The Triple Point Board is proud to announce the addition of exceptional team members who bring diverse and valuable industry expertise to propel the Company's mission of advancing clean energy innovation:
- Julie Lemieux, CEO of Triple Point, has over 25 years of experience in strategic business management, governance and stakeholder engagement. Lemieux's leadership and strategic vision have been instrumental in positioning Triple Point's flagship project in Newfoundland and Labrador.
- John Anderson, Chairman of Triple Point, has extensive capital market and leadership experience and played a crucial role in shaping the spin off from Atlas Salt. Anderson's capital market connection is invaluable to Triple Point's success. Anderson is also a board member of Atlas Salt Inc.
- A notable addition to Triple Point is Mr. Don Lacey, who joins the team as Vice President of Business Development. Lacey brings a wealth of experience and knowledge to his role, having previously served as the Vice President of Operations for Plains Midstream, where he managed and operated an integrated energy processing and storage system, including a suite of salt caverns throughout North America. His hands-on experience and deep understanding of cavern operations will be instrumental in driving the success of Triple Point storage projects.
- New Director, Josee Tremblay, brings extensive corporate and industrial knowledge to Triple Point. Her former role as the VP of East Coast Canada for Suncor and her current position as a Principal at Strategic Decisions Group have equipped her with valuable connections in Newfoundland and Labrador, further strengthening Triple Point's local engagement efforts.
- Fraser Edison, Director, brings a wealth of experience and insight to Triple Point, as well as a vast network of industry and governmental in Newfoundland and Labrador, which will contribute to the Company's approach to developing its dome in the province. Edison is a board member of the Atlas Salt Inc and Vulcan Minerals Inc.
The addition of these high-caliber team members underscores Triple Point's commitment to assembling a diverse and skilled workforce capable of driving innovation and delivering sustainable energy solutions.
Qualified Person
Marty Henning, P.Geo, is the Qualified Person responsible for the technical contents of this news release as defined in National Instrument 43-101.
Visit www.Triplepoint.ca for more information.
About RESPEC
RESPEC is a global leader in diverse technologies and draws from a wide array of expertise, products, and services to deliver world-class solutions for business, mining, energy, water, natural resources, urban development, infrastructure, and enterprise services. RESPEC's subsurface experts have evaluated over 1,000 caverns in nearly every major cavern storage region in the world. Its over 50-year history underground has helped to pioneer in-house specialty software and rock lab testing that focuses on designing solution-mined and conventionally mined storage caverns. RESPEC also plays a similar role with the ACES Delta in Utah, the world's largest green hydrogen project under construction. Website.
About Triple Point Resources Ltd.
Triple Point Resources Ltd. is a Canadian based company focused on developing clean energy storage solutions for the growing hydrogen economy. The Company aims to provide safe, efficient, and cost-effective storage solutions for renewable energy sources. Triple Point is committed to working with local communities and stakeholders to promote sustainable development practices that benefit everyone. Triple Point is part of the transition to a sustainable energy future. Website.
For inquiries or investor relations, please contact:
Julie Lemieux
Chief Executive Officer
Email: [email protected]
Phone: 709-214-5721
Forward-Looking Statements
Certain information contained herein constitutes forward-looking information or statements ("forward-looking statements") under applicable securities legislation and rules. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will be", or variations of such words and phrases or statements that certain actions, events or results "will" occur. All statements within, other than statements of historical fact, are to be considered forward-looking. Such statements include that the Company's sale dome assets are suitable for and can be commercially utilized for hydrogen storage, that demand for such storage will in the future exist at commercially viable levels, that expected capacity can be achieved, and that the Company will be successful in developing such project with the support of all stakeholders. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in forward-looking statements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
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