On February 28, 2024, Canada's Minister of Labour and Seniors, Seamus O'Regan, announced federal support for the nation's first commercial-scale green hydrogen and ammonia facility on the west coast of Newfoundland and Labrador. Export Development Canada (EDC) and World Energy GH2 secured a CA$128 million (US$95 million) credit facility to fund Project Nujio'qonik until its long-term financing. This investment aligns with the Canada-Germany Hydrogen Alliance, signed in August 2022, and aims to produce 210,000 tonnes of green hydrogen and 1.2 million tonnes of green ammonia annually. The project's first phase will generate approximately 400,000 tonnes of green ammonia for export.

The project is expected to create 2,200 direct construction jobs, 400 operational jobs, and 4,200 indirect jobs. Legal advisors for the transaction included Norton Rose Fulbright Canada LLP and Stewart McKelvey, while financial advisors for World Energy GH2 were RBC Capital Markets and Green Giraffe Advisory. McCarthy Tétrault and McInnes Cooper provided additional legal support to World Energy GH2.

Sean Leet, CEO of World Energy GH2, emphasized the project's significance for both Canada and the international green hydrogen market. The Honourable Mary Ng and other government officials highlighted the initiative's role in advancing Canada's clean energy leadership and its commitment to reaching net-zero emissions by 2050.