CU.X Canadian Utilities Limited

CALGARY, AB, May 4, 2022 /CNW/ - - ATCO Ltd. (TSX: ACO.X) (TSX: ACO.Y) / Canadian Utilities Limited (TSX: CU) (TSX: CU.X) ATCO Group, through its investment in Canadian Utilities Limited, today announced an agreement to provide Canadian Pacific (NYSE: CP) (TSX: CP) with engineering, procurement and construction services for two hydrogen production and refuelling facilities in Alberta. ATCO is actively developing several hydrogen projects in Canada and Australia, including production, blending and refuelling facilities to drive down emissions and help progress the energy transition.  

"We're thrilled to be working with CP to advance hydrogen in yet another energy application, in this case for use as a commercial transportation fuel," said Bob Myles, Executive Vice President, Corporate Development, ATCO. "For 75 years, we've been providing customers and communities with safe and reliable essential services, and we ensure that same dependability and agility is built into energy transition solutions as we journey to a cleaner, more sustainable energy future for all."

ATCO is actively transitioning our portfolio to meet the needs of a new energy future and investing in innovative technology and developing a suite of solutions from which our customers can choose. ATCO's commitment to achieve net-zero GHG emissions by 2050 also extends to our customers' use of our products and services.

"CP is pleased to bring ATCO's expertise in hydrogen production and fueling to our Hydrogen Locomotive Program," said Kyle Mulligan, CP Assistant Vice-President Operations Technology. "The Calgary and Edmonton fuelling stations will be essential to bringing zero-emissions hydrogen locomotive propulsion into reality as part of CP's commitment to sustainable and responsible operations."

The hydrogen infrastructure at each CP site will include a 1MW electrolyzer, compression, storage and dispensing for locomotive refuelling. In Calgary, the electrolyzer will be powered in part by renewable electricity from CP's existing 5 MW solar power facility co-located at CP's headquarters. Construction of facilities is expected to begin later this year with production and supply of hydrogen being provided to locomotives in 2023.

The construction of the hydrogen facilities at CP's Calgary and Edmonton railyards will advance CP's innovative Hydrogen Locomotive Program, which has set its sights on building North America's first line-haul hydrogen-powered freight locomotive. CP's financial commitment to its Hydrogen Locomotive Program has been supported by $15 million in funding, awarded in 2021 by Emissions Reduction Alberta (ERA).

With approximately 6,400 employees and assets of $23 billion, ATCO is a diversified global corporation with investments in the essential services of Structures & Logistics (workforce and residential housing, innovative modular facilities, construction, site support services, workforce lodging services, facility operations and maintenance, defence operations services, and disaster and emergency management services); Utilities (electricity and natural gas transmission and distribution, and international electricity operations); Energy Infrastructure (electricity generation, energy storage and industrial water solutions); Retail Energy (electricity and natural gas retail sales); Transportation (ports and transportation logistics); and Commercial Real Estate. More information can be found at www.ATCO.com.

Investor & Analyst Inquiries:
Colin Jackson
Senior Vice President, Finance, Treasury, Risk & Sustainability
Colin.Jackson@atco.com
(403) 808 2636

Media Inquiries:
Kurt Kadatz
Director, Corporate Communications 
Kurt.Kadatz@atco.com
(587) 228 4571

Certain statements contained in this news release constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "plan", "expect", "will", "intend", "commit", and similar expressions. In particular, forward-looking information in this news release includes, but is not limited to references to: the commitment to achieve net zero GHG emissions by 2050; the planned construction of North America's first line-haul hydrogen-powered locomotive by CP; plans to construct hydrogen production and refueling facilities and the timing of construction and the supply of hydrogen from the facilities; hydrogen blending and other projects under development.

The expectations reflected in the forward-looking information are believed to be reasonable based on the information available at the date hereof. Such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct. Forward-looking information should not be unduly relied upon. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties, and other factors, which may cause actual results, levels of activity, and achievements to differ materially from those anticipated. The forward-looking information reflects beliefs and assumptions with respect to, among other things, the ability to successfully achieve our net zero GHG target by 2050; the development and performance of technology and technological innovations; the ability to access and implement technology necessary to achieve our GHG targets; continuing collaboration with certain government agencies, regulatory bodies and environmental groups; the performance of assets and equipment; future energy demand and use; future production rates; future revenue and earnings; the ability to meet current project schedules; and other assumptions inherent in the expectations in respect of the forward-looking information.

Actual results could differ materially from those anticipated in this forward-looking information as a result of, among other things, risks inherent in the performance of assets; capital efficiencies and cost savings; applicable laws and government policies; regulatory decisions; competitive factors; prevailing economic conditions; credit risk; interest rate fluctuations; the availability and cost of labour, materials, services, and infrastructure; the development and execution of projects; prices of electricity, natural gas, natural gas liquids, and renewable energy; the development and performance of technology and new energy efficient products, services, and programs, including but not limited to the use of zero-emission and renewable fuels, carbon capture, and storage, electrification of equipment powered by zero emission energy sources and utilization and availability of carbon offsets; the occurrence of unexpected events such as fires, severe weather conditions, explosions, blow-outs, equipment failures, transportation incidents, and other accidents or similar events; and other risk factors, many of which are beyond our control. Due to the interdependencies and correlation of these factors, the impact of any one material assumption or risk on a forward-looking statement cannot be determined with certainty. Readers are cautioned that the foregoing lists are not exhaustive. For additional information about the principal risks that ATCO faces, see "Business Risks and Risk Management" in ATCO Ltd.'s Management's Discussion and Analysis for the year-ended December 31, 2021, which is available at www.sedar.com and ATCO.com. The forward-looking information contained in this news release represents expectations as of the date hereof, and is subject to change after such date. We disclaim any intention or obligation to update or revise forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities regulations.

SOURCE ATCO Ltd.