Quebec invests a further $219.24M in Recyclage Carbone Varennes

In Canada, The Minister of Economy and Innovation and Minister responsible for Regional Economic Development, Pierre Fitzgibbon, has confirmed an investment through Investissement Québec of C$284.45 million (C$161.85 million in the form of a loan and C$122.6 million in preferred shares) to Recyclage Carbone Varennes (RCV). The RCV project now combines the biofuel plant and the green hydrogen production plant. This participation replaces Hydro-Québec’s investment in the green hydrogen production plant.

This contribution brings to C$364.45 million the sums invested by the Quebec government in RCV. This amount corresponds to that announced by the government and Hydro-Québec at the start of the project. The strategic partners (Shell, Suncor and Proman) will be the other investors in the project and will be responsible for supporting the establishment in Varennes of an electrolyzer with a capacity of 88 MW for the production of green hydrogen and a clean fuel production plant.

The installation of this state-of-the-art equipment will allow Quebec to develop expertise in promising fields such as the production of green hydrogen, an essential tool in the fight against climate change. It will maximize the production yields of the new biorefinery and reduce its carbon footprint. The biorefinery, for its part, will promote the development of a circular economy, since the biofuel will be produced from materials made up of forest residues as well as non-recyclable and non-compostable waste from sorting centers.