On October 27, 2023, Hydrogen Canada Corp. ("HCC") announced the closing of its C$10 million seed round financing and the signing of a letter of commitment on an offtake agreement with E1 Corporation, to develop a low-carbon hydrogen/ammonia supply chain from Western Canada to South Korea and other Asian markets (the "Project"). HCC intends on developing a world-scale, low-carbon hydrogen/ammonia production facility near Fort Saskatchewan, Alberta.

The government of South Korea has committed to Net Zero by 2050 and is seeking to reduce its carbon emissions by 40% by 2030. South Korea has stated that it believes that the use of hydrogen and ammonia for power generation and mobility will support those efforts. The country already has one of the largest fleets of hydrogen cars and refueling stations in the world and continues to expand that market. The South Korean government is putting in place long term energy plans to support the adoption of hydrogen and ammonia in energy generation to reduce the carbon footprint and is running auctions for the long-term supply of hydrogen for fuel cells through the Korean Power Exchange. 

Alberta is currently one of the leading areas in Canada for production of ammonia and HCC's Project is another opportunity to support development of a hydrogen and low-carbon economy.

HCC is a private, Alberta-based company that is seeking to supply low carbon, cost advantaged energy to countries in Asia with its South Korean partner, E1 Corporation.

Frank Sur and Robert Carleton of Gowling WLG advised HCC on this financing and offtake agreement.