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Why did World Energy GH2 back away from an energy-for-export project in Western Newfoundland? Shareholder John Risley explains
A year and a half ago, John Risley was the vocal champion and enthusiastic investor in a multi-billion-dollar wind-to-hydrogen-to-ammonia export project in Western Newfoundland. Risley is chair and CEO of CFFI Ventures Inc., a venture capital company based in Bedford, N.S. that is a shareholder in World Energy GH2.
In April 2024, World Energy GH2’s four-gigawatt wind-powered Project Nujio’qonik passed its provincial environmental assessment requirements. Construction was supposed to have been well advanced by now. Instead, they’re pivoting to a new plan, focusing on Newfoundland and Labrador, Canada and North America’s domestic power needs. The grander export concept may still come to fruition, but at some undetermined point in the more distant future.
Risley spoke with Atlantic Business Magazine about the major changes underway. Responses have been edited for length.
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