Three projects receive $12.7 million from industry-funded emissions reduction program
EDMONTON — Alberta is investing $12.7 million in three new projects that aim to use the province’s vast underground resources to boost job creation, grow the green-economy, and drive innovation in energy technology.
Funded through Emissions Reduction Alberta’s Continuous Intake Program, the projects are supported by the Technology Innovation and Emissions Reduction (TIER) program, which collects levies from large industrial emitters to fund emissions-cutting technologies.
The three projects are located in Newell County, Valleyview and throughout northern Alberta. They represent a combined investment of $35 million and aim to strengthen Alberta’s energy grid, support carbon storage and extract critical minerals used in modern lithium.
“These three projects will help tap into the massive potential of Alberta’s unique underground resources,” Environment Minister Rebecca Schulz said Tuesday. “By helping support these new technologies, we are showing how our unique geology can help grow the energy sector, strengthen the grid and create more high-paying jobs for Albertans for decades to come.”
Cache Power Corp. will receive $5 million for a compressed air energy storage demonstration near Marguerite Lake. The project will store excess electricity generated during low-demand periods in underground salt caverns, then release it during peak times to help balance the grid.
LithiumBank Resources will receive $3.9 million for work in northern Alberta to extract battery-grade lithium from underground brine aquifers — a potential game-changer in supplying critical minerals needed for electric vehicles and other technologies.
Carbon Management Canada will receive $3.8 million to test a cost-effective, real-time monitoring system for carbon dioxide stored underground. The work will take place primarily at the Newell County Field Research Station and is aimed at supporting the broader rollout of carbon capture, utilization and storage (CCUS) across the province.
The funding is designed to help the companies de-risk and scale up their technologies, said Justin Riemer, CEO of Emissions Reduction Alberta.
“This investment helps de-risk and advance technologies that unlock greater value from Alberta’s vast underground resources, reduce emissions and strengthen the province’s competitive position,” Riemer said.
The TIER system is Alberta’s primary tool for encouraging industrial facilities to lower emissions while remaining competitive. It funds innovations that reduce greenhouse gases and contribute to economic growth.
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