Montem Resources (ASX:MR1) looks at converting old coal mine in Alberta to renewable energy complex

• Montem Resources (MR1) enters a memorandum of understanding (MoU) with Invest Alberta in relation to Montem’s proposed Tent Mountain renewable energy complex (TM-REX) project
• The MoU outlines the roles and responsibilities each will undertake in working together to establish TM-REX
• Montem is currently investigating the possibility of converting the historical Tent Mountain coal mine into a renewable energy complex, located in the Crowsnest Pass of south-west Alberta
• The company says the “transformational clean energy project” has an estimated operating life of at least 50 years
• MR1 shares up 3.23 per cent to 3.2 cents

Montem Resources (MR1) has signed a memorandum of understanding (MoU) with Invest Alberta in relation to Montem’s proposed Tent Mountain renewable energy complex (TM-REX) project.

The company said the MoU outlines the roles and responsibilities each party would undertake in working together to establish TM-REX.

According to Montem, the “transformational clean energy project” has an estimated operating life of at least 50 years.

Montem is currently investigating the possibility of converting the historical Tent Mountain coal mine into a renewable energy complex, located in the Crowsnest Pass of south-west Alberta, Canada.

TM-REX was described by the company as potentially housing Canada’s first large-scale green hydrogen electrolyser production facility.

“This innovative project has the potential to be a paradigm shift for green energy in Alberta,” Managing Director and CEO Peter Doyle said.

“Tent Mountain’s ideal topography and location provides the opportunity to develop an outstanding renewable energy asset that will provide improved stability to Alberta’s electricity transmission system as the province looks to further diversify its power grid to reliable, affordable and renewable energy sources.”

The proposed development incorporates three primary elements – 320-megawatt (MW) pumped hydro energy storage, 100MW green hydrogen electrolyser and a 100MW offsite wind farm.

MR1 shares were up 3.23 per cent to 3.2 cents at 2:14 pm AEST.