November 21, 2024 – Saskatoon, SK – Genesis Fertilizers has signed a pivotal Front-End Engineering Design (FEED) agreement with DL Engineering & Construction (DL E&C), a South Korean global leader in engineering and construction. This agreement advances Genesis Fertilizers’ plan to finance, design, and construct Canada’s first proposed low-carbon nitrogen fertilizer facility, ensuring a reliable, stable supply for its farmer-owners.
DL E&C’s expertise in world-class fertilizer plant design reinforces Genesis Fertilizers’ commitment to excellence. Their successful completion of the Ma’aden Ammonia III project in Saudi Arabia, the largest commercial production capacity per train globally, exemplifies their ability to deliver complex projects on time and under budget, even during the challenges of the COVID era.
The FEED phase establishes the essential technical and design groundwork for safe and efficient facility construction. DL E&C is set to collaborate with Canada’s PCL Construction to ensure quality, safety, and efficiency throughout preconstruction. Together, they aim to create a comprehensive blueprint that integrates advanced carbon capture technology, targeting the sequestration of up to 1 million metric tonnes of CO₂ annually.
“Our partnership with Genesis Fertilizers reflects our dedication to advancing sustainable innovation in construction,” said Jae Ho Yoo, Chief Executive, Plant Division of DL E&C. “Leveraging our expertise in world-class fertilizer plant design, we are honoured to contribute to this transformative project for Canada’s agricultural future.”
“This FEED agreement is a monumental step in our journey to deliver sustainable, low-carbon fertilizer for Western Canadian farmers,” said Jason Mann, CEO of Genesis Fertilizers. “Thanks to years of planning, and support from our farming community, we now have a clear path forward for the design of the facility. While there is still work to do to finance and construct a cutting-edge fertilizer plant, we are excited to collaborate with DL E&C and PCL Construction to make this vision a reality and bring lasting benefits to Canadian agriculture.”
- In addition to the FEED agreement, Genesis Fertilizers has achieved critical milestones that underscore its commitment to building a sustainable agricultural future, including:
- Securing land for the proposed facility at Belle Plaine, Saskatchewan.
- Gaining significant provincial government support.
- Appointing PwC as its financial advisor for the project and for government incentives.
- Awarding CARBONCO as the carbon capture technology provider.
- Establishing a memorandum of understanding with Whitecap Resources Inc., for cutting-edge carbon sequestration solutions.
As a vertically integrated, farmer-owned initiative, Genesis Fertilizers intends to return profits directly to its farmer-owners and recognizes the critical role of farmers, whose support to date has driven this initiative forward to this critical stage. If fully financed and constructed, the Genesis Fertilizers plant will address the needs of Western Canadian farmers seeking a reliable, locally sourced nitrogen fertilizer. Establishing this facility in Saskatchewan aims to reduce dependency on imports while providing a sustainable, farmer-owned alternative to import, freight costs and leakage of profits outside of Canada.
The FEED phase is scheduled to begin this December, setting defined timelines for the project. With commercial operations targeted to commence by 2029, Genesis Fertilizers will provide regular updates as we work toward revolutionizing fertilizer production in Western Canada.
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About Genesis Fertilizers
Genesis Fertilizers is proposing to finance, design and construct a new, highly efficient nitrogen fertilizer production and distribution system that serves today’s modern farmer. This will be comprised of a central production facility constructed near low-cost raw materials serving a Western Canadian network of strategically located farmer-centric distribution centres. Genesis Fertilizers’ is a privately held limited partnership, and its securities do not trade on any exchange.
About DL E &C
DL E&C is a leading Korean construction company who strives to take a leading role toward a sustainable future as a global developer. With 85 years of worldwide experience spanning over five continents in the field of oil & gas, refinery and petrochemical production facilities, DL E&C main principle to the world is to improve the value of life through mutual efforts and growth. DL E&C is a public limited liability company, and its securities are traded in Korea Exchange.
Media Contacts:
Genesis Fertilizers
Breanne Baker
(587) 433-8177
bbaker@genesisfertilizers.com
DL E&C
Hyeon Ju Ahn
+82-2-369-4740
hjahn@dlenc.co.kr
