Exploits Valley Renewable Energy Corporation Receives Wind Lands Recommendation Letter

BOTWOOD, Newfoundland and Labrador, Aug. 30, 2023 (GLOBE NEWSWIRE) -- EXPLOITS VALLEY RENEWABLE ENERGY CORPORATION (“EVREC”) is pleased to announce that it has received a Wind Application Recommendation Letter from the Ministry of Industry, Energy and Technology of Newfoundland & Labrador (“IET”) in response to EVREC’s bid submission pursuant to the Crown Lands Call for Bids for Wind Energy Projects for EVREC’s P2X-wind to green energy vector development.

Under the bid process of the IET, EVREC has demonstrated its ability to bring a world-class team with proven execution capability, a commitment to environmental stewardship, technological innovation and leadership and a strong community engagement process in this successful outcome.

The stage two assessed EVREC’s experience, the proposed project, financing plan, electricity, and infrastructure requirements (energy, water, other infrastructure), community and Indigenous engagement, and social and economic benefits to Newfoundland & Labrador and the Central region.

With the receipt of the Wind Application Recommendation Letter, EVREC has been granted an exclusive right to pursue the proposed project’s development through the Government of Newfoundland and Labrador’s Crown land application and approval process. As such, EVREC expects to include this letter as part of its Crown lands application for its corresponding Wind Energy Project to the Department of Fisheries, Forestry and Agriculture (FFA) and other information required to review their application.

EVREC may also apply for additional Crown lands (if required) to facilitate ancillary items to execute its project, including, but not limited to, transmission corridor, pipeline corridor, limited access roads to access such corridors, buildings, or wharves. Any award of such lands will still be subject to the Crown Lands processes and fees as well as the Environmental Assessment process.

“I would like to thank the IET team for all their hard work in analyzing the 20,000 + pages of submitted materials over the 24 project applications these past months and through the multiple stages of review, especially through these summer months.

Most importantly, I would like to thank our local partners, the Town of Botwood, Exploits Valley Port Corporation, and Qalipu Holdings LP, a wholly owned company of the Qalipu First Nation. I would also like to thank the 14 separate groups which wrote letters in support of our application and the 450 + people who allowed us into their communities and provided their honest and constructive feedback at our outreach meetings held as part of our submission process. Together, these groups make up the social fabric of Central Newfoundland.

Over the past year, we have worked closely with the groups mentioned above and other community leaders and engaged with people one-on-one in many forums. It is clear to me that Central Newfoundlanders are very proud of their region and its history as an economic engine for the province, understand the benefits of a project like EVREC’s and what it will mean for their communities. Our constructive engagement has shown me that Central Newfoundland is open to participating in this industry with a partner that can adequately demonstrate its commitment to responsible stewardship of the region’s assets.

Through this process, EVREC has shown its ability to assemble a world-class team with proven execution capabilities and a thought leadership approach to addressing infrastructure constraints, including electricity limitations. The ability to work together to solve these issues is crucial to the viability of these projects for the province to achieve a successful energy transition and economic repositioning that can be achieved with the successful execution of this industry. We are excited to demonstrate our leadership and engagement with the province throughout the project lifecycle.

My team and I are ready to execute a project and are thankful for the opportunity.”

James Colter Eadie, Founder and Chief Executive Officer, EVREC [email protected], +40736372724

About Exploits Valley Renewable Energy Corporation

EVREC is a leading renewable energy transition company focused on large-scale, complex energy transition projects with its current focus on Newfoundland and Labrador.

“The Town of Botwood is pleased with the announcement by the Government of Newfoundland and Labrador that the Exploits Valley Renewal Energy Corporation (“EVREC”) has been chosen to advance its proposed wind-hydrogen project to the next stage.

Mayor Jim Sceviour stated “We are simply elated! This is a generational opportunity – an opportunity that will bring real economic benefits to Botwood, our region, province, and country.”

The Town of Botwood would like to extend congratulations to EVREC and their partners. Their vision, preparation, effort, and overall professionalism was second to none – job well done.

Further, the Town would like to thank the Government of Newfoundland and Labrador, in particular, Minister Parsons and his IET team for an effective and efficient process. Clearly, a lot of work went into completing this very important undertaking.

Deputy Mayor Chris Ivany noted “We would like to thank the communities of the Exploits Valley and their leaders for supporting this project. Our communities demonstrated a level of support not seen anywhere else.”

Our Council is very excited about what the future holds. We know our Town and its residents are ready for the real work to begin. We look forward to seeing meaningful jobs created and real benefits flowing to our town and region.

The Town of Botwood is looking forward to working with EVREC and their partners, the Government of Newfoundland and Labrador, and the Government of Canada to make this project a reality. We are confident that in five years we will see ships leaving Botwood Harbour to deliver clean renewable energy around the world.”

James Sceviour, Mayor, Town of Botwood, [email protected], 1-709-486-6040

About the Town of Botwood/Exploits Valley

Botwood is a town of 2,800 residents situated on the shores of the beautiful Bay of Exploits in Central Newfoundland. Located just over 10 km off the TCH, Botwood is a twenty-minute drive from Grand Falls-Windsor and four hours from the provincial capital, St. John’s.

Essential amenities are close at hand - schools, health care, recreation facilities, shopping, churches, and even a local airstrip for smaller aircraft. With many community groups, organized activities, and a strong connection to nature, Botwood has much to offer those looking for a quiet place to live.

The Exploits Valley Region has a population of over 22,000 and more than 500 businesses. Properties in the region remain quite affordable, as is the general cost of living and the cost of doing business. The Exploits Valley is a great place to do business.

“The Exploits Valley Port Corporation (“EVPC”) is quite pleased with the news from the Government of Newfoundland and Labrador that the Exploits Valley Renewal Energy Corporation (EVREC) has been chosen to advance its wind-hydrogen project to the next stage.

EVPC has worked closely with EVREC to utilize the Port of Botwood for this exciting project. As the owner and operator of the port, EVPC understands the potential of Botwood Harbour and its strategic advantage. EVPC congratulates EVREC and its partners for their determination and hard work to bring this exciting project forward. Their success is well-deserved.

EVPC Chair Scott Sceviour said “A revitalized Port of Botwood will contribute significantly to our region’s economy. We look forward to seeing ships leaving Botwood Harbour to deliver clean renewable energy around the world.”

Scott Sceviour, Chair, EVPC, [email protected], 1-709-486-3033

About Exploits Valley Port Corporation (“EVPC”) and Port of Botwood

EVPC is the owner/operator of the Port of Botwood. Botwood Harbour has hosted vessels worldwide for over two hundred years and has been the industrial gateway to Central’s historic resource-based industry since the late-1880s. Botwood’s large sheltered deep-water harbour that is ice-free year-round makes it ideal for many marine activities and commercial enterprises. With modern wharf facilities and a strategic location, the Port of Botwood is poised once again to become a hub for the new frontier opportunities at the forefront of Canada’s global leadership in the energy transition.

Adam Buckle, CFO of Exploits Procurement Limited stated “As EVREC’s local strategic partner responsible for project management, procurement and logistics, we are excited to see this world class project move forward within the provincial bid process. Our success to date is a true testament to the full team including EVREC principals, consultants, central Newfoundland municipalities, and Qalipu Holdings LP. We have been working hard and planning for this day for quite some time. We look forward to engaging further with the local communities and our partners in bringing this project to fruition.”

Adam Buckle, Local Project Lead, Exploits Procurement Limited, [email protected], 1-709-632-6744

CAUTIONARY NOTES

Certain statements contained in this press release constitute “forward-looking statements”. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding EVREC’s anticipated development of a project in Central Newfoundland, the Company’s strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied, or forecasted in such forward-looking statements. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events, or circumstances or otherwise, except as required by law.

For more information, please contact:

J. Colter Eadie
Chief Executive Officer
Exploits Valley Renewable Energy Corporation
+40 736-372-724
[email protected]