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royal-helium-secures-3m-investment-from-the-government-of-canada
royal-helium-secures-3m-investment-from-the-government-of-canada

Royal Helium secures $3m investment from the Government of Canada

Royal Helium has received $3m from the Government of Canada through Prairies Economic Development Canada (PrairiesCan) under its Aerospace Regional Recovery Initiative (ARRI) to equip and enhance its Steveville helium processing facility.

Launched in 2021 to help the Canadian aerospace sector emerge from the pandemic with the capacity to compete globally. Specifically, the organisation focuses on three key objectives:

  1. To green operations and adopt environmentally sustainable practices
  2. To improve productivity
  3. To strengthen commercialisation while furthering integration into regional and global supply chains

Andrew Davidson, CEO of Royal Helium, notes that the company has been working with PrairiesCan on the funding programme for almost a year and says he’s pleased to have been approved to receive the support.

The funding approval is tied directly to an offtake agreement signed with a leading space launch company in North America and is the result of months of work between Royal Helium and the professionals at PrairiesCan.

Read more: Royal Helium strikes deal with major space launch firm

Davidson continued, “Sourcing interest-free and zero-equity dollars that we can use to advance our other properties moves us materially closer to bringing additional production facilities to bear.”

Repayment of the contribution will begin on 1st April 2025, and will be amortised with 60 equal monthly interest-free payments.

Royal Helium operates its Steveville plant in Alberta, Canada. The plant is designed to process 15 million cubic feet per day of raw gas fed by the two 100% owned helium wells, also in Steveville, and produce 22,000 million cubic feet per day of 99.999% helium.

In addition to helium, the plant will also produce enough gas to power the plant and up to 22 million pounds of commercial carbon dioxide (CO2), providing a secondary cash flow.

Read more: Royal Helium starts commercial helium sales at Steveville

Helium Super Summit

Join gasworld in October 2024 as our Helium Super Summit heads to Houston. More information, including our theme and agenda, will be released over the coming weeks – you can register your interest to ensure you stay updated.

Our Helium Super Summit 2023 agenda was focused on the most significant challenges facing the helium business in 2023/24 and the uncertainty that hangs over the market and its array of end-users. Our 2023 summit has had over 400 attendees and is sold out, so we recommend securing your space. You can book your ticket or register interest here https://bit.ly/gasworldconferences .

Interested in speaking and contributing? Get in touch with our Content Director, Rob Cockerill, at [email protected]


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