Madam Chair, vice-chairs and members of the committee, thank you for your time today.
My name is Brandon Moffatt. I'm the chief development officer and one of the founders of a company called StormFisher. We're based here in Ontario, but we have staff in Montreal, Calgary, Edmonton and Vancouver. We are focused on the production of low-carbon molecules, so not traditional wind and solar, but making gaseous fuels and liquid fuels for hard-to-abate sectors. This could be natural gas utilities, the maritime space or the aviation industry, both domestically and abroad. We've done this at home for the past 20 years and have been able to attract capital here in Canada and foreign direct investments across the nation.
Our flagship project is in Varennes. We acquired a project and are now focused on the production of about 75,000 tonnes of what's called e-methanol to supply the maritime sector and the large container ships you see coming into the ports, helping them to decarbonize and comply with European laws and their own voluntary interests in the space. To make that methanol, we source industrial CO2—so think about ethanol plants and landfill gas. We will purchase CO2 from them to make these products that the market is asking for.
We're here today because there are a couple of tweaks or changes we'd like to see in the clean hydrogen ITC to not only unlock more investment across the country, but also allow for competitiveness. We completed an independent economic study. Philippe Gougeon worked with us, as did others in the space, to look at what the impacts of the growth of this industry in Canada could provide.
In our case, we could add $1.1 billion of GDP over the next 10 years. You can look at that on a per capita basis. We are significantly above the average in Canada from the project in Varennes. We would create hundreds of jobs both at the facility and in construction and operation, direct and indirect, which we think is great. We'd add about $145 million in federal tax revenues. The changes I'm going to talk to you about actually pay themselves back quite quickly, and they make us more competitive.
This isn't just a one-project situation. We think there are opportunities across Canada for the production of e-fuels. In Quebec, Manitoba and British Columbia, where you have clean grids, it makes the most sense to do that. We have the natural resources to do this, not just in Alberta with the oil sands, but also in the other areas. We can use our resources to help decarbonize both at home and abroad.
People always ask, “Who are you going to sell your molecules to?” The EU has policies in place, and they are trying to find these products globally. We are competing with China and India for the production and delivery of these products. The U.K. is looking for these products. We also see great opportunities to decarbonize the north, not just from a lower-carbon perspective, but from a heads-up basis against diesel. We see great opportunities.
Our first recommendation is with regard to the clean hydrogen ITC. When it was originally conceived, we had the actual production of hydrogen. In that area, it was well understood that if you had a very clean grid, you could get the ITC. For the downstream conversion of hydrogen to other products, ammonia was the only one that was allowed a 15% ITC. We'd like to level the playing field and allow all derivatives—so the conversion of hydrogen to other products—to receive that 15% ITC. The economic study we did with Mr. Gougeon showed that this fits within the existing budget for the clean hydrogen ITC, so we think it would be a net positive to the country if we were able to make that change.
The other change we want to talk to you about is on the carbon intensity of the grids. Right now, the only province that can get the 40% ITC is P.E.I., so even though Quebec, Manitoba and British Columbia have some of the cleanest grids around the globe, they can't unlock the 40% ITC.
ECCC views our grid based on the embedded carbon in those assets, so they view the carbon intensity as 10 times that of the European Union. What we want to do is adopt a European-style policy where any grid that's greater than 90% renewable unlocks the 40% ITC. We think that would be beneficial not only to ourselves but also to other projects across Canada, because as we've looked to pull back the electricity that we were exporting to the U.S., this gives us an opportunity for economic development in Manitoba, British Columbia and anywhere where these grids are relatively clean and where we're looking for a large load. We can create good, very sticky jobs in these communities.
I'd like to thank you for the time today. I look forward to any questions you have.