Varennes Carbon Recycling: $284.45 million from Investissement Québec

QUEBEC CITY — The Quebec government confirms on Wednesday an investment of $284.45 million to Recyclage Carbone Varennes (RCV), in Montérégie, for a project that combines the biofuel plant and the green hydrogen production plant.

This contribution through Investissement Québec brings the sums invested by the Québec government in RCV to $364.45 million. The 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 electrolyser with a capacity of 88 megawatts (MW) for the production of green hydrogen and a clean fuel production plant.

In a press release, the Minister of Economy and Innovation and Minister responsible for Regional Economic Development, Pierre Fitzgibbon, writes that the installation of this state-of-the-art equipment will allow Quebec to develop expertise in areas of the future such as the production of green hydrogen. It will maximize the production yields of the new biorefinery and reduce its carbon footprint.

The biofuel will be produced from materials made up of forest residues as well as non-recyclable and non-compostable waste from sorting centres.

The financing agreed to at Recyclage Carbone Varennes is subject to the signing of commercial agreements.