Vision Energy Project Development Update

Rhea-AI Summary

Vision Energy Corporation has provided an update on its Green Energy Hub in the North Sea Port of Vlissingen, Netherlands. The company is nearing completion of required studies to submit permit applications by December 31, 2022. The project aims to construct a 400,000 cubic meters capacity terminal for hydrogen carriers and low-carbon fuels, with an estimated investment of €450 million. The company plans to file a detailed Environmental Impact Assessment by January 31, 2023, and aims for a Final Investment Decision (FID) by late 2023.

Positive

• Completion of studies to support permit applications for the Green Energy Hub.
• Targeting first permit submissions by December 31, 2022.
• Investment of €450 million for the first phase of development.
• Focus on renewable energy products and low-carbon fuels.

Negative

• Dependence on regulatory approvals for project advancement.
• Environmental impact assessment filing deadline could lead to potential delays.

JERSEY CITY, N.J., Dec. 21, 2022 (GLOBE NEWSWIRE) -- Vision Energy Corporation (OTCQB:VENG) (“Vision Energy” or the “Company”) is pleased to provide a project development update on the company’s Green Energy Hub in the North Sea Port of Vlissingen, the Netherlands.

Vision Energy, through its wholly-owned subsidiary Evolution Terminals BV, is concluding the remaining requisite studies to support filing permit applications under the Dutch “WABO” process, targeting first submission by December 31, 2022. The submission includes filing of an Environmental Permit (“Omgevingsvergunning Milieu”) followed by Construction Permit application for Phase 1 400,000 cubic meters (CBM) capacity (“Omgevingsvergunning Bouw”), of which the latter will be a phased submission with each phase designed according to the commercial storage requirements for the future planned expansion of capacity for green and low-carbon energy products at the Terminal. The Company is on schedule to file the detailed Environmental Impact Assessment known in the Netherlands as the “MER” or “Milieueffectrapport” before January 31, 2023, in close cooperation with the authorities and in compliance with the formal process.

A portfolio of detailed studies has been conducted and are now concluded by several experts and specialist Netherlands-based consultancy firms engaged by the Company (refer to earlier Company News Releases), to support the final permit applications. Studies have included Spatial Layout, Planning and Design, detailed Quantitative Risk Assessments and Safety Reporting, Acoustic and Noise Impact Assessments, Air Quality calculations, Water handling, Fire Safety and Pilot Navigation Simulations for the Jetty.

Evolution Terminals is in advanced development of its 16.4 hectare site in the North Sea Port of Vlissingen, the Netherlands, for the construction and delivery of Northwestern Europe’s first import, storage and handling terminal designed exclusively for hydrogen carriers, renewable energy products and low-carbon fuels. Phase 1 development plan investment is estimated at EUR €450 million for up to 400,000 CBM of storage for green and low-carbon products and fuels. The project will include investment in a new deep-water jetty, quay wall redevelopment, truck and rail loading facilities, and the Company is targeting FID towards the end of 2023.

About Vision Energy
Vision Energy is a forward-looking energy company developing assets and solutions for the commercial, industrial and transportation sectors. Leveraging its proven track-record in site and asset procurement, accelerating development and permitting processes, plant design, and grid integration to facilitate low-carbon energy production, supply and distribution. The Company pursues reliable offtake relationships and operating partnerships with energy industry participants and end users seeking carbon abatements across feedstock and fuels. Vision Energy is committed to providing low carbon energy solutions with the highest yield, and where possible, projects are designed to leverage existing gas and power infrastructure to integrate and facilitate import and or distribution of reduced-carbon energy to domestic and global supply chains.

Vision Energy
95 Christopher Columbus Drive,
16th Floor Jersey City, NJ 
07302 USA
visionenergy.com

Investor Contact
Scott McGowan 
Phone: 310.299.1717
ir@visionenergy.com

Forward Looking Statements:

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “forecast”, “anticipate,” “believe,” “estimate,” “expect” and “intend,” among others. These forward-looking statements are based on current expectations, and actual results could differ materially. The Company does not undertake an obligation to update or revise any forward-looking statement. The information set forth herein speaks only as of the date hereof.

FAQ

What is the status of Vision Energy's Green Energy Hub project?

Vision Energy is completing studies for permit applications, targeting submissions by December 31, 2022.

What is the investment for the first phase of the Green Energy Hub?

The investment for the first phase is estimated at €450 million.

When does Vision Energy plan to file the Environmental Impact Assessment?

Vision Energy plans to file the Environmental Impact Assessment by January 31, 2023.

What is the capacity of the terminal at the Green Energy Hub?

The terminal is designed to have a capacity of 400,000 cubic meters.

What are the future plans for the Green Energy Hub after Phase 1?

The project includes plans for future expansions based on commercial storage requirements.