Vema Hydrogen has entered into a non-binding letter of intent (LOI) with First Atlantic Nickel & Cobalt Corp. to jointly develop Engineered Mineral Hydrogen, or EMH, at the Pipestone XL project, a 30-kilometer ultramafic belt in central Newfoundland. Under the LOI, the parties intend to establish a 50/50 joint venture to produce low-carbon hydrogen alongside First Atlantic's primary awaruite nickel-cobalt program. The partnership is intended to serve as a first-of-its-kind template for combining hydrogen production with critical mineral development at ultramafic sites, with the potential to attract co-located investment in clean fuels, ammonia, and downstream industry.

“Vema’s Engineered Mineral Hydrogen is on the verge of delivering clean energy at a scale cost-competitive with hydrocarbons,” said Dr. Douglas Wicks, Strategic Advisor to First Atlantic & Cobalt and former Program Director for ARPA-E’s MINER program and Geologic Hydrogen portfolio. “Awaruite forms through serpentinization when hydrogen reduces nickel and iron, so its presence at Pipestone XL is a clear signature of a hydrogen-rich system. Vema’s technology could engineer that same reaction for hydrogen production, and Pipestone XL is an ideal location due to its size, proximity to infrastructure, and the potential for cost efficiencies in co-locating hydrogen production with nickel & cobalt mining. Having worked closely with Vema’s founders since before the company’s founding and having seen firsthand how they developed the engineered approach to geologic hydrogen, I believe Pipestone XL represents a compelling opportunity to bring this technology to commercial scale.”

Over the past twelve months, Vema has worked with First Atlantic to evaluate the Pipestone Ophiolite Complex, analyzing geological and geophysical data as well as infrastructure across the 30-kilometer belt. Laboratory testing of Pipestone rock samples at Vema's Orléans facility in France confirmed hydrogen production through stimulated serpentinization, indicating that the formation is well suited to EMH. Vema will leverage the experience gained in its established site in the Thetford ophiolite in Quebec, where Vema operates the world's first Engineered Mineral Hydrogen project.

Newfoundland is a significant region for critical minerals and clean energy development, but exploration and mining remain energy-intensive. Engineered mineral hydrogen (EMH) produces hydrogen from iron-rich rock through naturally occurring geochemical reactions, with no grid electricity required. Locally produced hydrogen at Pipestone XL could, over time, support on-site energy needs for a large-scale nickel and cobalt mining district and related downstream industries.

“Vema operates the world's first Engineered Mineral Hydrogen project at the Thetford ophiolite in Quebec. Rock samples collected during Vema's site visit to Pipestone XL were tested at their lab in Orléans, France, confirming the hydrogen generation potential of the ultramafic host rocks. Given the link between awaruite formation and hydrogen, we're excited about the potential for Vema's technology to maximize the value of our unique nickel-cobalt alloy project,” said Adrian Smith, P.Geo., CEO of First Atlantic.

The collaboration also positions both companies to explore how locally produced hydrogen could reshape energy planning for remote industrial sites. By pairing EMH supply with critical mineral development, the partners aim to demonstrate a model that strengthens regional energy resilience while reducing reliance on long-distance fuel transport.

“Engineered Mineral Hydrogen is a promising new primary energy source for regions with iron-rich rock, like at Pipestone,” said Pierre Levin, CEO and Co-Founder of Vema Hydrogen. “Now with validated rock samples and permitting in place, we have a clear path to advance EMH at Pipestone XL and to expand the model across North America.”

Awaruite (Ni₃Fe) is a naturally occurring, magnetic nickel-iron-cobalt alloy (Ni-Fe-Co). The U.S. Geological Survey has identified awaruite as a potential solution to nickel concentrate shortages, noting that it is much easier to concentrate than pentlandite, the principal nickel sulfide. Its magnetic, metallic nature allows recovery by both magnetic separation and flotation, without the smelting, roasting, or acid leaching that conventional nickel ores require.