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Triple Point Resources Ltd. Assessment Confirms Larger than Expected Hydrogen Storage Potential of Fischell Salt Dome




  • New assessment and 3D model validate larger than expected salt dome – confirming potential to store more than 35 million cubic meters, or the equivalent of 180,000 tonnes of hydrogen – would make Fishell’s Dome the largest salt storage facility on North America’s east coast.
  • The Company continues to strengthen its highly qualified and connected team to advance the development of the Fischell Salt Dome as part of Newfoundland and Labrador’s clean energy industry.
  • The Board continues to evaluate the timing and method of creating liquidity for current Triple Point shareholders.

St. John’s, Newfoundland–(Newsfile Corp. – June 8, 2023) – Triple Point Resources Ltd. (“Triple Point” or the “Company“), a leading provider of clean energy underground storage solutions, is pleased to announce the successful completion of the Phase 1 Dome Assessment for its 100% owned Fischell Salt Dome, located 30 km south of Stephenville on the west coast of Newfoundland.

The assessment, conducted by RESPEC, a global expert in hydrogen salt caverns, confirms that Fischell property contains a massive Gulf Coast Style salt dome, different from common bedded salt formations. Results are based on a high-resolution ground gravity survey, seismic data and several historic exploration wells – all confirming a thick salt dome formation suitable for hydrogen storage.

Fischell’s Dome offers the potential to store more than 35 million cubic meters of hydrogen, or the equivalent of 180,000 tonnes of hydrogen. This makes the Fischell asset much larger than expected and the largest known dome on the east coast of North America.

The report confirms Fischell’s Dome has space for several caverns, each capable of storing over 8,000 tonnes of green hydrogen, offering massive storage that could store all the energy from projects currently proposed by Newfoundland and Labrador’s wind energy industry.

In comparison, the ACES Delta Hubs in Delta, Utah, USA, is currently constructing two hydrogen caverns with a capacity of 5,500 tonnes. ACES Delta is one of the world’s largest clean hydrogen storage projects in construction.

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“The Phase 1 Dome assessment results are incredibly exciting for us,” said Julie Lemieux, CEO of Triple Point Resources. “The confirmation of Fischell’s impressive potential storage capacity is a game changer for wind project viability and sets a new standard for energy storage in the region. This milestone further solidifies Triple Point’s position as a leader in advancing clean-energy solutions in Newfoundland and Labrador and the significant role our project will have in the transition to a sustainable future.”

The Government of Newfoundland and Labrador’s Crown Land Call for Bids for Wind Energy Projects has attracted significant international interest, with twenty-four applications submitted, highlighting the need for clean energy storage that can be provided by Triple Point’s Fischell Salt Dome. The Province is expected to announce the selected proponents in the coming months.

Triple Point will then continue working with proponents to complete initial engineering work and better understand the scale and timing requirements for the development of the Fischell Salt Dome project, ensuring seamless integration with the region’s renewable energy operations. Triple Point will also accelerate stakeholder, community, and Indigenous engagement. The Company is committed to working closely with local and Indigenous communities as well as provincial stakeholders to maximize economic opportunities and minimize potential environmental effects associated with the dome’s development.

“Our primary objective is to establish robust and safe infrastructure for green hydrogen, while prioritizing the environment and sustainability. We recognize the importance of collaborating with local communities and ensuring their voices are heard throughout this process,” added Lemieux. “We are committed to transparent communication and providing the necessary information to address concerns and identify mutual benefits.”

Corporate Update

Triple Point’s Board of Directors (the “Board”) continues to support the development and positioning of the Fischell’s Dome as a clean energy storage hub for eastern Canada, as well as the ongoing evaluation of other energy storage projects globally. It is also evaluating the timing and method of creating liquidity and value for Triple Point shareholders. The positive dome assessment, future Crown Land results and marketplace conditions are all being considered to maximize value.

The Triple Point Board is proud to announce the addition of exceptional team members who bring diverse and valuable industry expertise to propel the Company’s mission of advancing clean energy innovation:

  • Julie Lemieux, CEO of Triple Point, has over 25 years of experience in strategic business management, governance and stakeholder engagement. Lemieux’s leadership and strategic vision have been instrumental in positioning Triple Point’s flagship project in Newfoundland and Labrador.
  • John Anderson, Chairman of Triple Point, has extensive capital market and leadership experience and played a crucial role in shaping the spin off from Atlas Salt. Anderson’s capital market connection is invaluable to Triple Point’s success. Anderson is also a board member of Atlas Salt Inc.
  • A notable addition to Triple Point is Mr. Don Lacey, who joins the team as Vice President of Business Development. Lacey brings a wealth of experience and knowledge to his role, having previously served as the Vice President of Operations for Plains Midstream, where he managed and operated an integrated energy processing and storage system, including a suite of salt caverns throughout North America. His hands-on experience and deep understanding of cavern operations will be instrumental in driving the success of Triple Point storage projects.
  • New Director, Josee Tremblay, brings extensive corporate and industrial knowledge to Triple Point. Her former role as the VP of East Coast Canada for Suncor and her current position as a Principal at Strategic Decisions Group have equipped her with valuable connections in Newfoundland and Labrador, further strengthening Triple Point’s local engagement efforts.
  • Fraser Edison, Director, brings a wealth of experience and insight to Triple Point, as well as a vast network of industry and governmental in Newfoundland and Labrador, which will contribute to the Company’s approach to developing its dome in the province. Edison is a board member of the Atlas Salt Inc and Vulcan Minerals Inc.

The addition of these high-caliber team members underscores Triple Point’s commitment to assembling a diverse and skilled workforce capable of driving innovation and delivering sustainable energy solutions.

Qualified Person

Marty Henning, P.Geo, is the Qualified Person responsible for the technical contents of this news release as defined in National Instrument 43-101.

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RESPEC is a global leader in diverse technologies and draws from a wide array of expertise, products, and services to deliver world-class solutions for business, mining, energy, water, natural resources, urban development, infrastructure, and enterprise services. RESPEC’s subsurface experts have evaluated over 1,000 caverns in nearly every major cavern storage region in the world. Its over 50-year history underground has helped to pioneer in-house specialty software and rock lab testing that focuses on designing solution-mined and conventionally mined storage caverns. RESPEC also plays a similar role with the ACES Delta in Utah, the world’s largest green hydrogen project under construction. Website.

About Triple Point Resources Ltd.

Triple Point Resources Ltd. is a Canadian based company focused on developing clean energy storage solutions for the growing hydrogen economy. The Company aims to provide safe, efficient, and cost-effective storage solutions for renewable energy sources. Triple Point is committed to working with local communities and stakeholders to promote sustainable development practices that benefit everyone. Triple Point is part of the transition to a sustainable energy future. Website.

For inquiries or investor relations, please contact:

Julie Lemieux

Chief Executive Officer

Email: [email protected]

Phone: 709-214-5721

Forward-Looking Statements

Certain information contained herein constitutes forward-looking information or statements (“forward-looking statements”) under applicable securities legislation and rules. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “will be”, or variations of such words and phrases or statements that certain actions, events or results “will” occur. All statements within, other than statements of historical fact, are to be considered forward-looking. Such statements include that the Company’s sale dome assets are suitable for and can be commercially utilized for hydrogen storage, that demand for such storage will in the future exist at commercially viable levels, that expected capacity can be achieved, and that the Company will be successful in developing such project with the support of all stakeholders. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in forward-looking statements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.

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Stockify goes fully Digital, offers Mutual Funds and Dematerialization of shares




In a strategic move to expand its offerings and provide a comprehensive suite of financial services, Stockify, a leading platform for Unlisted and pre-IPO shares in India, has announced plans to venture into the Mutual Fund space.

This development comes as part of Stockify’s mission to assist High-Net Individuals (HNIs) and Non-Resident Indians (NRIs) in accessing various investment opportunities in India via the pre-IPO route and maximizing their wealth. The company is also set to facilitate the Dematerialization of Shares. (Conversion of Physical Share to DEMAT account.)

Founded by Piyush Jhunjhunwala (CA, CPA) and Co-Founded by Rahul Khatuwala (CA) both seasoned finance professionals with decades of experience in global conglomerates.

Stockify has already carved a niche for itself in the Indian Financial landscape. The platform primarily focuses on providing access to Blue-Chip Stocks before their listing on the Indian Stock Market (via the Pre IPO Route) enabling early investors to potentially achieve significant returns. While expressing the company’s intent behind expanding its services, Jhunjhunwala said, “Mutual Funds are the backbone of the Indian Equity market, and we believe it is important that NRI and retail investors in India can greatly benefit from our new offering and this will help them in creating long-term wealth.”

The recent announcement of Stockify entering the Mutual Funds market follows the company’s successful acquisition of a Mutual Fund license in the first quarter of 2023. Alongside Mutual Funds, Stockify intends to offer an array of other financial products, like Start-up Funding, fixed investment products like Bonds and Non-Convertible Debentures (NCDs) and Insurance-Linked Investments, in the coming months. Notably, Stockify plans to make all its products and services 100% accessible online, aligning with the Digital India vision of our beloved Prime Minster Mr. Narendra Modi.

Currently, Stockify boasts 70 Unlisted/pre-IPO companies on its platform, with in-depth research conducted on all of them as stated by Jhunjhunwala. It offers a simple online process where transactions can be completed online, and shares get transferred to the clients DEMAT account on the same day.

Stockify’s global presence was recently showcased at the Dubai Fintech Summit (DFS). The two-day event brought together over 5,000 C-suite leaders, 1,000-plus investors, and 150 speakers from around the world. Stockify was selected as one of the proud exhibitors at the summit, solidifying its position as one of the world’s largest providers of pre-IPO and Unlisted Stocks in India.

With its ambitious expansion plans and commitment to innovation, Stockify is set to continue revolutionizing the way investors access and engage with financial opportunities in India and beyond.

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VerifyVASP Wins Hong Kong’s IFTA Fintech and Innovation Awards 2022/23: Regulatory Technology Award




VerifyVASP was awarded the Institute of Financial Technologists of Asia (IFTA) Fintech and Innovation Awards 2022/23 for Regulatory Technology. The awards exhibit the extraordinary achievements made by companies and individuals in the finance and technology industries.

The IFTA Awards, themed “Game Changers: The Rise of Next Gen Fintech”, celebrates ground-breaking ideas and technologies that are shaping the future of finance. The distinguished Guest of Honour presenting the IFTA awards was the Under Secretary for Financial Services and the Treasury for Financial Services in the Hong Kong SAR, Mr. Joseph Ho-Lim Chan.

VerifyVASP has established itself as a comprehensive Travel Rule solution provider catering to Virtual Assets Service Providers (VASPs) worldwide. Its commitment to facilitating full compliance with Travel Rule regulations across multiple jurisdictions has earned it this prestigious recognition.

This accolade comes at an opportune time, as VerifyVASP supports the Hong Kong Virtual Asset Trading Platforms (VATPs) in adhering to the regulatory framework set forth by the Hong Kong Securities & Futures Commission, which came into effect on 1 June 2023. VATPs are granted a grace period till 1 January 2024 to ensure compliance with Travel Rule requirements.

The IFTA Fintech and Innovation Award underscores VerifyVASP’s capabilities, including:

  • Facilitation of counterparty due diligence: VerifyVASP assists VASPs in counterparty due diligence before the first transaction, to stringent standards akin to that observed in correspondent banking. This is achieved through VerifyVASP’s own rigorous due diligence process, encompassing over 100 VASPs.
  • Immediate and secure transmission: Leveraging a scalable architecture, VerifyVASP ensures immediate and secure transmission of required information, alongside verification of such information. To date, the platform has processed over 5 million transfers.
  • Adherence to international data protection laws: VerifyVASP complies with international data protection law thanks to its decentralised, end to end encrypted architecture. This dedication to data security and privacy sets it apart in the industry.
  • Asset agnostic: VerifyVASP’s capabilities extend to accommodating any type of virtual asset, having processed over 400 cryptocurrency variants on its platform.
  • Integration of third-party screening solutions: VerifyVASP seamlessly integrates third-party solutions, allowing for efficient screening of originators or beneficiaries before blockchain transactions.


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Nagad’s Digital Bank on cards, Sadaf to lead the side




Nagad, Bangladesh’s leading Mobile Financial Service (MFS) provider, is gearing up to establish the much-anticipated digital bank, as it is going to secure a licence from the Bangladesh Bank within a couple of months.

Sadaf Roksana, a co-founder and executive director of Nagad Ltd., has been entrusted with the responsibility of leading her company’s transformative venture that will bring greater convenience to the lives of millions of Bangladeshis, reducing their reliance on traditional brick-and-mortar banks.

The MFS provider earlier applied to secure a digital bank licence following the central bank’s call for applications through its website. The Bangladesh Bank also formulated necessary guidelines to widen and accelerate financial inclusion, which will also create jobs for young IT workers.

The world’s fastest mobile money carrier is going to venture into the digital banking era at a time when the financial landscape across the globe is fast evolving towards digitalisation, driven by technological advancements and changing consumer preferences.

Taking on the new assignment, Sadaf, a seasoned financial executive with a remarkable track record in the fintech industry, is poised to steer Nagad’s digital bank towards success. Once Nagad gets the digital bank licence, it will provide its consumers with innovative and convenient banking solutions.

“We are very excited that we are going to introduce digital banking services to the people of Bangladesh within a couple of months,” Sadaf said, adding, “This endeavour aligns perfectly with our vision of enhancing financial inclusion and ensuring easy access to all financial services also at affordable prices.”

Nagad is already well-equipped to launch a digital bank. It will start serving customers soon after getting the licence, Sadaf assured.

Under its digital banking platform, Nagad will introduce many new services, such as single-digit and collateral-free loans for small informal businesses and farmers who now are to take loans from moneylenders even at 40% interest rate per day, she pointed out.

“Thus, we will encourage them to come under financial inclusion, thus putting their money into the formal channel,” she expressed her optimism.

To assess one’s creditworthiness, Nagad has created an AI-based credit rating system that will analyse all transactions-related data available on public domains using one’s NID and mobile number, Sadaf Roksana added.

As Nagad goes ahead with its plans, all eyes will be on Sadaf Roksana and her team as they will embark on this exciting journey towards a more digitised and inclusive financial future for the country.

SOURCE Nagad Limited

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