A major industrial property in North Vancouver has sold for $145 million. Hydrogen Technology & Energy Corp. (HTEC) entered a contract in December 2022 to purchase the 21.37-acre waterfront site at 100 Forester Street from ERCO Worldwide. After months of due diligence, the deal was finally completed, making it the largest industrial land transaction in North Vancouver’s history. The sale was facilitated by Avison Young and CBRE Ltd.
HTEC, Canada’s leading clean hydrogen solutions company, plans to develop a 15-tonne-per-day clean hydrogen plant on the site to meet the rising demand for low-carbon transportation fuels. The deal was initially intended to be completed in March 2023, with the plant slated to be operational by early 2026. However, a longer due diligence period has postponed the launch date. A public information meeting is scheduled for June 24, with feedback on the proposal accepted until July 8.
The project, funded by a $337 million loan from Canada Infrastructure Bank, includes building the plant, three additional hydrogen production facilities in BC, and up to 20 refuelling stations in BC and Alberta. ERCO Worldwide will continue to lease part of the property for its manufacturing operations, which include producing by-product hydrogen gas through electrolysis.
