Strait of Canso area businesses explore local supply of green liquid oxygen and other products

HALIFAX, NS , March 7, 2023 /CNW/ - Two Nova Scotia based companies developing world leading projects – EverWind Fuels' (EverWind) green hydrogen project in Point Tupper and Maritime Launch Services Inc.'s (NEO: MAXQ) (OTCQB: MAXQF) (Maritime Launch) Spaceport Nova Scotia near Canso , are working on a green liquid oxygen supply agreement that will further solidify both companies' sector-specific leadership positions and strengthen each party's positive impact on the local economy and environment.

EverWind and Maritime Launch announced today they have signed a Letter of Intent (LOI) to explore the potential of a customer-supplier relationship for EverWind to supply liquid oxygen, and other products, such as green hydrogen, to Maritime Launch. Green liquid oxygen is an output from EverWind's planned green hydrogen facility in nearby Point Tupper and is required for the operation of launch vehicles from Spaceport Nova Scotia.

Spaceport Nova Scotia, North America's first commercial spaceport, is currently under construction and will provide satellite delivery services to clients in support of the rapidly growing space transportation industry over a wide range of inclinations.

EverWind Fuels is developing the first independent green hydrogen and green ammonia project in North America to receive an Environmental Approval and amongst the first in the world. EverWind is expected to begin construction in the first half of 2023.

Maritime Launch expects to be operational in 2024, and EverWind Fuels in 2025.

"Securing a local, green source of liquid oxygen to supply our launch vehicles and support our launch operations will complement Spaceport Nova Scotia's location-based competitive advantage in the global space sector," said Stephen Matier , President and CEO of Maritime Launch Services. "By working together, we will reduce the carbon footprint of our spaceport with a local source of green liquid oxygen as opposed to transporting it from out-of-province. We are excited at the prospect of bringing two Nova Scotian global sector first movers together in a supply agreement that is good for business, good for Nova Scotia , and good for our planet."

EverWind already has signed offtake Memorandums of Understandings (MOUs) with German energy giants Eon and Uniper for over one million tonnes per annum of green ammonia. The company however is always looking to support local, emerging green energy transition opportunities.

"EverWind is establishing Nova Scotia as a clean energy hub to supply the huge demand for green fuels in the global energy transition, with a commitment to supply 10% of the green hydrogen volume for domestic use, primarily in Nova Scotia , potential supply agreements like this is proof that building a new industry in Canada and Nova Scotia also unlocks our ability to speed up our own domestic energy transition and provide green fuels" said Trent Vichie , CEO of EverWind Fuels. "Local decarbonization through use of locally produced green hydrogen and liquid oxygen makes sense, especially with EverWind and Maritime Launch being virtual neighbours in the Strait of Canso ."

Through the LOI, both companies have committed to collaborating to reach mutually acceptable terms and conditions that will result in a definitive supplier services agreement.

EverWind Fuels and Maritime Launch acknowledge the ancestral and unceded territory of the Mi'kmaq people, and we acknowledge them as the past, present, and future caretakers of this land, Mi'kma'ki. Our work shares a core principle practiced by the Mi'kmaq: environmental stewardship. We are committed to working with the Mi'kmaq through consultation, engagement and delivering a comprehensive partnership on all aspects of the project.

Maritime Launch is a Canadian-owned commercial space company based in Nova Scotia . Maritime Launch is developing Spaceport Nova Scotia, a launch site that will provide satellite delivery services to clients in support of the growing commercial space transportation industry over a wide range of inclinations. Spaceport Nova Scotia will allow launch vehicles to place their satellites into low-earth orbit. Spaceport Nova Scotia is Canada's first commercial orbital launch complex.

EverWind is North America's leading independent green hydrogen developer, building a 1 million tonne per annum green ammonia facility. The first phase is permitted and set to produce and export 200,000 tonnes per annum starting in 2025 then achieve the full 1 million tonnes per annum volume by 2026. EverWind owns and operates the deepest ice-free berth on the East Coast of North America , with world class access to rail, roads and pipelines. Our safety-first culture reflects a highly skilled and extensively certified workforce, with a stellar safety record.

EverWind works with some of the largest European energy companies, leading hydrogen & ammonia equipment suppliers, and financial advisors. These relationships will support the strategic and expeditious development of the next phase of our Nova Scotia project, including a 2 GW wind farm, which is expected be the largest in North America .

EverWind has three First Nations equity partners and is a champion for meaningful engagement with Rightsholders and the advancement of social and economic reconciliation. At a local level, the Company works closely with municipalities and stakeholder organizations.

Leveraging our Nova Scotia development experience, EverWind is also pursuing a sister project on the Burin Peninsula in Newfoundland & Labrador. This project will consist of a 2 GW wind farm to produce green hydrogen and ammonia, very similar to the second phase of the Nova Scotia project.

EverWind is led by Trent Vichie , a co-founder of Stonepeak Infrastructure Partners, and a former Blackstone Partner . EverWind's executive team members have previously held CEO and C-Suite positions at various infrastructure, private equity, renewable power and utility companies and their investment experience totals more than $45 billion in capital projects over the past two decades.

For More Information

Lynn Hammond
EverWind Fuels
www.everwindfuels.com
[email protected]
709.330.1260

Sarah McLean
Maritime Launch Services Inc.
www.maritimelaunch.com
[email protected]
902.402.6947

This press release may contain forward-looking statements based on current assumptions and forecasts made by EverWind. Various known and unknown risks, uncertainties, and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. EverWind does not intend, and does not assume any liability whatsoever, to update these forward-looking statements or to align them to future events or developments.

This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements.

Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: the timing of spaceport construction and ability to launch medium class vehicles.

Forward-looking statements in this news release are based on certain assumptions and expected future events, namely: the Company's ability to continue as a going concern; the Company's ability to continue to develop revenue-generating applications; continued approval of the Company's activities by the relevant governmental and/or regulatory authorities; the continued growth of the Company; the Company's ability to finance its operations until profitability can be achieved and sustained.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; risks associated with potential governmental and/or regulatory action with respect to the Company's operations; the inability of the Company to provide the enumerated services; and availability of launch vehicles.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

View original content to download multimedia: https://www.prnewswire.com/news-releases/maritime-launch-everwind-sign-loi-to-reach-customer-supply-agreement-for-green-liquid-oxygen-and-other-products-301763940.html

SOURCE EverWind Fuels Company

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2023/07/c0134.html