Things are afoot in Newfoundland at the moment. This week we had the opportunity to catch up with Julie Lemieux, CEO of Triple Point Resources, which is planning to start drilling to further define what looks like the largest salt dome on the eastern North America seaboard.
The Fischell's Brook salt dome offers the potential to store more than 35m cubic metres of hydrogen (the equivalent of 180,000 tonnes).
Salt domes are big business already, as they not only provide mined salt, they are also used for natural gas storage. With an approaching hydrogen economy, however, companies and governments are looking to salt domes as major hydrogen storage facilities.
You will notice there is no stock ticker for Triple Point: this is because the company has yet to IPO, and some market participants are wondering whether it will. Vortex Energy Corp [CSE:VRTX], which IS listed, is probing the Robinson River Salt Project, also in Newfoundland/Labrador. That stock has gone bananas recently; it was priced at 10 cents Canadian in February and is now trading at C$2.28.
This is a clear demonstration of investor appetite for the hydrogen storage story in Canada, especially on the east coast, where salt domes can be used to store green hydrogen needed to fuel European economies in the future. It looks like the dome which Triple Point is sitting on is of much bigger scale and quality than Robinson River. Here are my thoughts following my meeting with the Triple Point team.
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