St. John's, Newfoundland and Labrador--(Newsfile Corp. - December 20, 2024) - Triple Point Resources Ltd. (Triple Point) is pleased to announce a collaboration with Natural Resources Canada's (NRCan) Geological Survey of Canada through an Office of Energy Research and Development (OERD) funded project. Aiming to advance studies related to salt property testing, leveraging historical geological drill cores from the Fischells Salt Dome in Newfoundland and Labrador, this collaboration represents a significant step forward in optimizing the role of salt caverns in Canada's clean energy future.
This initiative is part of a national study involving leading Canadian research centers, aimed at enhancing standards for the design, construction and operation of underground energy storage facilities. Insights from this project will contribute to updates to the Canadian Standards Association's CSA-Z341 framework, ensuring that salt cavern storage facilities meet the highest standards for safety, reliability and environmental protection.
A salt dome is a large underground formation of salt that can be used to create salt caverns, which are stable, secure spaces ideal for storing energy, helping to support the intermittent nature of renewable energy.
"Triple Point is pleased to collaborate with NRCan and the Geological Survey of Canada to further advance our Fischells Salt Dome project and to advance underground storage safety standards," said Julie Lemieux, CEO of Triple Point. "Participating in this joint study allows us to work alongside national institutions to ensure our project meets the highest safety and performance standards while providing access to cutting-edge research to maximize the potential of the Fischells Salt Dome for both hydrogen and Compressed Air Energy Storage (CAES)."
"We are ensuring that Canada's natural resources are developed responsibly, competitively, and inclusively in all regions of Canada, so that all Canadians can benefit from 21st-century clean energy. This latest collaboration with Triple Point to advance studies for the Fischells Salt Dome Project represents a step forward to improve energy storage technology and safety in Newfoundland and Labrador. I am pleased to see this partnership supporting clean growth and good, well-paying jobs in thriving sectors of the natural resources economy," said The Honourable Jonathan Wilkinson, Canada's Minister of Energy and Natural Resources.
As a key player in developing clean energy storage infrastructure, Triple Point is committed to supporting Canada's net zero goals through collaboration, research, development and innovation. This initiative will provide detailed, site-specific insights into the unique geology of the Fischells Salt Dome; it also builds on earlier research conducted by RESPEC Company LLC, which highlights how such a project can create long-term value for the local economy, making the province a clean energy powerhouse. This collaboration not only positions Triple Point for the most advanced and efficient project development but reinforces the strategic importance of the Fischells Salt Dome in strengthening Canada's hydrogen economy.
In addition to this collaboration with NRCan-GSC, Triple Point is also advancing feasibility studies related to long duration energy storage through CAES and hydrogen.
Using the combination of CAES and hydrogen storage in salt caverns, Triple Point is leveraging the Fischells Salt Dome, a rare geological asset on the East Coast of North America, to provide a reliable, long-duration energy storage system that stabilizes the grid, supports renewable energy integration, attracts new industries and captures excess energy from the electrical grid and wind producers – energy that would otherwise be lost.
By creating the conditions for industries to launch their projects with dependable power, the Fischells Salt Dome lays the foundation for long-term revenue diversification and job creation, driving decarbonization and industrial growth in Newfoundland and Labrador, positioning the province as a leader in the global energy transition.
To learn more about Triple Point and the Fischells Salt Dome, visit www.triplepoint.ca and sign up for our newsletter.
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About Triple Point Resources Ltd.
Triple Point Resources owns the Fischells Salt Dome mineral rights and a total of 226 sq. km of mineral licenses prospective for salt on the west coast of Newfoundland. The dome is strategically located in one of the world's premier wind corridors, 10 km from the coastline, beneath the Trans-Canada Highway with the Maritine Link transmission line crossing the property. Triple Point focuses on developing large-scale underground energy storage solutions using hydrogen and compressed air energy storage (CAES) to support renewable energy integration and grid stability.
Forward-Looking Statements
Certain information contained herein constitutes forward-looking information or statements ("forward looking statements") under applicable securities legislation and rules. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will be", or variations of such words and phrases or statements that certain actions, events or results "will" occur. All statements within, other than statements of historical fact, are to be considered forward-looking. Such statements include that the Company's sale dome assets are suitable for and can be commercially utilized for hydrogen storage, that demand for such storage will in the future exist at commercially viable levels, that expected capacity can be achieved, and that the Company will be successful in developing such project with the support of all stakeholders. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in forward-looking statements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
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