The company behind a proposed hydrogen project on the west coast says it has completed its acquisition of the Port of Stephenville.

World Energy GH2 says acquiring the port is an important step in its plans to ship hydrogen and ammonia to global markets. CEO Sean Leet says the deal will position the Bay St. George area as a green energy hub.

Horizon Maritime Services is contracted to assume management of the port effective today. Existing port employees will continue in their current roles.

World Energy GH2 said in a statement the Port of Stephenville will follow protocols from leading European ports to ensure robust international safety standards.

World Energy GH2 wishes to thank the former port owners, Dale Merkel and Theresa Keeping, operating under Port Harmon Authority Limited, for their solid past stewardship of the port.

The port was previously operated by former owners Dale Merkel and Theresa Keeping under the Port Harmon Authority Ltd. They operated the port year-round as a sheltered, deep sea and ice-free port.