Genesis Fertilizers expands partnerships with CARBONCO and Whitecap to develop a proposed low carbon-intensity fertilizer plant

SASKATOON, SK, Nov. 5, 2024 /CNW/ - Genesis Fertilizers Limited Partnership ("Genesis Fertilizers") has solidified two strategic partnerships to further its vision of developing a low carbon-intensity fertilizer production facility. In collaboration with CARBONCO Pte. Ltd. ("CARBONCO"), a leading provider of decarbonization technology solutions and a subsidiary of DL E&C (KRX: 375500), and Whitecap Resources Inc. ("Whitecap"), a Canadian oil & liquids weighted growth company (TSX: WCP), Genesis Fertilizers plans to implement a cutting-edge carbon capture and sequestration (CCS) solution at its proposed facility in Belle Plaine, Saskatchewan, Canada.

These partnerships represent a critical milestone for Genesis Fertilizers' efforts to drive sustainable agriculture. CARBONCO is set to provide post-combustion carbon capture technology capable of capturing up to 1 million metric tonnes of CO₂ annually. Whitecap's  New Energy division plans to manage the transportation and permanent sequestration of CO₂ emissions through its Belle Plaine Carbon Hub.

The expanded capacity of the proposed facility expects to produce over 1,128,000 metric tonnes per annum (MTPA) of ammonia and nitrogen-based fertilizers, including urea, urea ammonium sulfate (UAS), and diesel exhaust fluid (DEF) (based on current market mix expectations). The decision to increase capacity from 700,000 MTPA to over 1,128,000 MTPA aligns with North America's growing demand for low-carbon fertilizers and aims to enhance economies of scale, benefiting Genesis Fertilizers' Limited Partners (LPs) through reduced production costs, improved efficiency, and a broad product portfolio.

Jason Mann, President and CEO of Genesis Fertilizers, stated, "Our partnerships with CARBONCO and Whitecap are game-changing for the future of sustainable agriculture. Together, we're reducing emissions while ensuring farmers have access to a stable, low-carbon and competitive supply of nitrogen fertilizer for the future."

In addition to environmental benefits, the proposed Genesis Fertilizers project aims to deliver a significant economic impact. The proposed facility is expected to create over 1,500 jobs during construction and 180 long-term positions once operational. Furthermore, the project is also projected to inject millions of dollars into the local economy, providing stable demand for logistics, transportation, and maintenance services.

The Front-End Engineering Design (FEED) phase is scheduled to begin in the coming months, with commercial operations targeted to commence by 2029. Genesis Fertilizers will continue to provide updates on its progress, including additional technology partnerships and project milestones.

For more information, visit www.GenesisFertilizers.com.

Advisory Regarding Forward-Looking Statements

This release contains certain information and statements ("forward-looking statements") that constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future results or events, are based upon internal plans, intentions, current expectations and reasonable beliefs, and are subject to risks and uncertainties that may cause actual results or events to differ materially from those indicated or suggested therein. All statements other than statements of current or historical fact constitute forward-looking statements. Forward-looking statements are typically, but not always, identified by words such as "anticipate", "assume", "estimate", "expect", "intend", "forecast", "continue", "contemplate", "propose", "may", "can", "will", "if", "to be", "aim", "should", "could", "would", "believe", "plan", "target", "objective", "project", "potential", "outlook", "subject to", "working toward" and similar or other expressions indicating or suggesting future results or events.

Forward-looking statements are not promises of future outcomes. There is no assurance that the results or events indicated or suggested by the forward-looking statements, or the plans, intentions, expectations or beliefs contained therein or upon which they are based, are correct or will in fact occur or be realized (or if they do, what benefits Genesis Fertilizers or limited partners of Genesis Fertilizers may derive therefrom). In particular, but without limiting the foregoing, this release contains forward-looking statements pertaining to: the construction of the Genesis Fertilizer's fertilizer plant and its location; design options and use of latest technologies available for the fertilizer plant; the fertilizer plant's products; minimizing emissions from the fertilizer plant and sustainability; use of carbon capture and the amount of CO2 potentially sequestered; use of decarbonization technologies; reduction in the environmental impact of grain production; jobs created on both the construction and operation of the project; and the benefits of the foregoing on the investment of limited partners in Genesis Fertilizers.

The forward-looking statements contained herein reflect management's current views, but the assessments and assumptions upon which they are based may prove to be incorrect. Although Genesis Fertilizers believes that its underlying assessments and assumptions are reasonable based on currently available information, undue reliance should not be placed on forward-looking statements, which are inherently uncertain, depend upon the accuracy of such assessments and assumptions, and are subject to known and unknown risks, uncertainties and other factors, both general and specific, many of which are beyond Genesis Fertilizers' control, that may cause actual results or events to differ materially from those indicated or suggested in the forward-looking statements. As Genesis Fertilizers is currently in the capital raising phase of the project, such risks and uncertainties are numerous and include, but are not limited to, access to the significant amounts of required capital and debt financing for construction and initial operation of the fertilizer plant and distribution facilities; general economic, business and industry conditions; the state of the economy and the agricultural crop input business; business prospects and opportunities; variance of Genesis Fertilizers' actual capital costs versus projections and estimates, operating costs and economic returns from those anticipated; the availability of government grants and programs; and risks related to the sourcing of feedstock and the manufacturing of nitrogen fertilizer.

This press release is not a solicitation to invest in Genesis Fertilizers.

SOURCE Genesis Fertilizers LP

Media Contact: Breanne Baker, [phone], [email protected]