An international company with half a dozen projects around the world has signed an agreement with the Corner Brook Port Corp. to explore the potential for a green hydrogen hub in the Bay of Islands, NTV News has learned.

CWP Global has signed an MOU with the Port of Corner brook that could potentially lead to the establishment of a five-gigawatt wind energy farm that will be used to produce hydrogen and iron.

Project Gwinya is proposing to ship iron ore from Labrador into Corner Brook, where it will be used to manufacture iron locally. By powering the plant with hydrogen from a windfarm, the goal is to steer away from traditional fossil fuels and create a “green iron” that will help reduce the industry’s carbon footprint.

The next steps are to register the project with government, conduct an environmental assessment, and launch a feasibility study to assess various aspects of the project, including infrastructure, logistics and economic impacts for the region.

Officials from CWP Global will be in Corner Brook next week to hold public information sessions.