Steel Reef to Provide Power from Flare Gas to Saskatchewan Communities

CALGARY, Sept. 30, 2024 (GLOBE NEWSWIRE) -- Steel Reef Infrastructure Corp. ("Steel Reef") is pleased to announce it has entered into multiple long term Power Purchase Agreements (PPAs) with SaskPower to provide in excess of 100 megawatts (MWs) of carbon efficient power for Saskatchewan communities.

This $265-million capital investment in Saskatchewan will increase electricity capacity, powering homes and businesses throughout the province. Steel Reef will deliver this supply through its emissions-to-energy practice?a sustainable power solution?by utilizing recovered gas that would have otherwise been vented or flared into the atmosphere.

"There is an abundance of available energy to support Saskatchewan moving further into the energy transition," says Scott Southward, President and Chief Executive Officer of Steel Reef. "Having proven the emissions-to-energy practice in Saskatchewan over the past several years with our existing infrastructure assets, Steel Reef will now invest in electricity generating turbines powered by recovered flare gas. This process reduces emissions and provides electricity from a previously unavailable source."

Steel Reef will install additional turbines and electrical substations at its facilities in Coleville, North Portal, Saskatchewan Ethane Extraction Plant (SEEP), Steelman and Viewfield. On average, each site will produce approximately 20 megawatts of power to be brought onto the SaskPower grid by late 2027.

"We are committed to using a diverse mix of generation options to ensure continued cost-effective and reliable power for our customers," said Rupen Pandya, SaskPower President and CEO. "This agreement is just one of the innovative ways SaskPower is powering our future."

Southward continued: "We are pleased to partner with SaskPower and expand our service offering in the province. Since 2012, Steel Reef has deployed approximately $1.2 billion into infrastructure assets within the Western Canadian Sedimentary Basin and Bakken Resource Play in Saskatchewan and North Dakota. This agreement is a significant step forward in becoming a market leader in flare gas to power."

About Steel Reef

Steel Reef is a Canadian company that gathers and redistributes wasted emissions to deliver the energy that powers our lives.? From our Saskatchewan roots, we have grown into a dominant player in the energy transition, powering homes, communities and industries dedicated to reducing emissions and powering potential. Steel Reef is steadfast in our commitment to deliver even more impact tomorrow than we do today. Learn more at steelreef.ca.

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Forward-Looking Information
Certain statements contained in this release are forward-looking in nature, including with respect to the election of directors and management appointments and the anticipated benefit to the Company, including expectations regarding the Company's ability to capitalize on potential investments and increase value for investors. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, or future events or are not statements of historical fact should be viewed as "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Steel Reef to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There can be no assurance that such forward-looking statements will prove to be accurate as actual results, and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this release. The forward-looking statements contained herein are expressly qualified by this cautionary statement. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made, and Steel Reef undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.