Fredericton’s Atlantic Hydrogen Closes
FREDERICTON–Fredericton’s Atlantic Hydrogen (AHI) has closed.
The company, led by former Fundy Cable boss Bill Stanley, was developing a process that attempted to remove hydrogen and carbon from natural gas while emitting minimal greenhouse gases.
Halifax-based energy giant Emera was Atlantic Hydrogen’s largest investor, having pumped $10 million into the company since 2009 and holding a 37.4 per cent stake. The government of New Brunswick also faces a loss of its $4.7 million investment in AHI. The federal government also invested millions in the company.
The company was out of options, according to Stanley. While acknowledging the decision to close the company was “disappointing,” he said, “we think the employees and many stakeholders of AHI have reason to be proud.”
The closure means AHI’s team of 16 engineers and scientists will lose their jobs.
Deloitte has been appointed trustee for the bankruptcy proceedings and will seek a buyer for the company’s assets.