Montem Resources (ASX: MR1) has partnered with Invest Alberta to work on converting the historical Tent Mountain coal mine in Canada into a renewable energy complex.
The pair signed a memorandum of understanding last month which outlines the roles and responsibilities each will undertake in working together to establish the project.
In today’s announcement Montem managing director and chief executive officer Peter Doyle said the innovative project has the potential to be a paradigm shift for green energy in the Canadian province of Alberta.
“Tent Mountain’s ideal topography and location provides the opportunity to develop an outstanding renewable energy asset that will provide improved stability to Alberta’s electricity transmission system as the province looks to further diversify its power grid to reliable affordable and renewable energy sources,” he said.
Invest Alberta chief executive officer Rick Christiaanse said Alberta’s reputation as a reliable and sustainable global energy provider is making the province a destination of choice for green energy investment.
“We have seen a number of cleantech investments in Alberta recently, and it is encouraging to see investors focused on harnessing Alberta’s history of innovation to build a cleaner, more sustainable future.”
Green hydrogen project
Late last year, Montem announced aspirations to become Canada’s first large-scale green hydrogen producer from its Tent Mountain project in the Crowsnest Pass of southwest Alberta.
Tent Mountain is expected to produce up to 13,000 tonnes of hydrogen each year over an estimated project life of at least 50 years. The planned development will consist of a 320-megawatt pumped hydro energy storage (PHES), a 100MW green hydrogen electrolyser and a 100MW off-site wind farm.
The project is expected to spur economic growth for Alberta through the creation of more than 200 local jobs and elevate the province’s status as a global clean energy hub.
Montem recently engaged consultancy Hatch to undertake detailed designed and engineering to support Class III cost estimates for the PHES element of the proposed complex at Tent Mountain.
These cost estimates and project economics are expected to become available at the end of the 2022 second quarter.