SYDNEY, AUSTRALIA: Montem Resources Limited (ASX: MR1) has entered a Memorandum of Understanding (MOU) with Invest Alberta, effective March 23, 2022, outlining the roles and responsibilities each will undertake in working together to establish Montem’s proposed Tent Mountain Renewable Energy Complex (TM-REX).
The TM-REX represents a transformational clean energy project with an estimated project life of at least 50 years. Montem is investigating converting the historical Tent Mountain Coal Mine into a renewable energy complex, located in the Crowsnest Pass of southwest Alberta, Canada.
The planned development includes three primary elements; a 320MW pumped hydro energy storage (“PHES”), 100MW green hydrogen electrolyser and a 100MW offsite wind farm.
Montem Managing Director and CEO Peter Doyle said: “This innovative project has the potential to be a paradigm shift for green energy in Alberta. The TM-REX will see the conversion of a coal mine into a renewable energy complex, with the ability to host Canada’s first large-scale green hydrogen electrolyser production facility,”
“Tent Mountain’s ideal topography and location provides the opportunity to develop an outstanding renewable energy asset that will provide improved stability to Alberta’s electricity transmission system as the Province looks to further diversify its power grid to reliable, affordable and renewable energy sources.”
Invest Alberta CEO Rick Christiaanse said: “Alberta’s reputation as a reliable and sustainable global energy provider is making the province a destination of choice for green energy investment.
We have seen a number of cleantech investments in Alberta recently, and it is encouraging to see investors focused on harnessing Alberta’s history of innovation to build a cleaner, more sustainable future.”
TM-REX will spur economic growth and high-quality job creation within the clean energy and cleantech sectors in Alberta, with the creation of more than 200 local jobs. This partnership will enable Montem to increase its investment in Alberta’s workforce and produce a world-class clean energy project.
It will elevate Alberta’s status as a global clean energy hub as it contributes to the diversification of Alberta’s economy by creating high-quality sustainable employment opportunities, and develop the business environment, workforce and infrastructure required for the clean energy and cleantech sectors to prosper in Alberta.
As global demand for green energy solutions persists, Invest Alberta’s partnership with Montem will support the potential transition of the Tent Mountain Mine, which represents a transformational opportunity for Alberta’s energy sector.