StormFisher’s Acquisition of RCV Assets: A Rebound for Quebec Taxpayers
Quebec taxpayers may see a silver lining in the bankruptcy of Recyclage Carbone Varennes (RCV), as the buyer, StormFisher, acquired the company for a mere $17.5 million. This acquisition includes assets valued between $300 million and $400 million, offering a potential boon rather than a complete loss.
Although Quebec faced a net loss on its 24 per cent stake in RCV, totaling $117 million, public funds committed to the construction of the Varennes complex are not entirely lost. StormFisher plans to resume construction, salvaging the project with an additional investment estimated at $600 million.
The Varennes complex, intended for producing biomethanol and hydrogen electrolyzer, was partially completed, providing a foundation for StormFisher’s plans to create synthetic “e-methanol.” The company aims to capture and repurpose 100,000 tons of CO2 annually, targeting markets in maritime transport, aviation, and chemicals.
StormFisher’s acquisition also includes an electricity supply contract and infrastructure assets, essential for the project’s completion. While challenges exist in the competitiveness of green hydrogen production, experts and industry professionals see potential in transitioning towards sustainable solutions.
With StormFisher’s ambitious plans to produce 72,000 tons of methanol annually, the long-term profitability and significance of this venture remain a key consideration. Initiatives like this are crucial in paving the way for greener alternatives as global markets shift towards sustainability.
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