An Owen Sound-based clean energy technology company plans to expand its production capacity after receiving a multi-million dollar loan through FedDev Ontario.
The federal minister of economic development for southern Ontario Filomena Tassi was at Hydrogen Optimized Thursday morning to make the announcement. The company is receiving a $3.5-million loan from the federal government.
“This is about opportunity for growth. And this is about seizing the potential,” Tassi told a crowd of workers, local politicians and other local leaders Thursday morning. “This investment is going to help Hydrogen Optimized secure its first large sales contract and expand its production capacity to meet growing demand for green hydrogen for several industries, establishing them as key manufacturers in the global electrolyzer market.”
The funds from FedDev Ontario will go towards an $11-million project that will expand the production capacity at Hydrogen Optimized’s manufacturing facility in Owen Sound “five-fold” to 5,000 electrolyzer units per year.
It’s expected to create 50 full-time jobs.
“The jobs are important. The spin-offs, of using local suppliers and they’ve got employees. And those (50 people) are going to buy groceries, they’re going to buy cars,” says Owen Sound Mayor Ian Boddy. “We’re lucky to be in this clean energy frontier. We’re lucky we’ve got other hydrogen-oriented businesses through the Grey Bruce area that are going to help us change the world from a Canadian perspective.”
Hydrogen Optimized makes patented water electrolyzers — known as RuggedCell technology — that are used to produce clean hydrogen. The process involves the application of an electric current into water to separate its constituents of hydrogen and oxygen. The energy can then be used in and help decarbonize major industrial settings, such as steel, ammonia and cement production plants.
“Our focus: we’re not necessarily trying to fuel your car. But we’re trying to make the steel that your car is made out of green,” Hydrogen Optimized president and CEO Andrew T.B. Stuart says. “And avoid coal, avoid those sorts of emissions.”
