First of all, we produce hydrogen and then convert it to ammonia. We would produce about 200,000 tonnes of hydrogen and convert that to ammonia. Out of that would come about 1.5 million tonnes of CO2.
Our plan was to capture more than 96% and sequester it, so we would be capturing and sequestering, plus or minus, 1.5 million tonnes. That would generate offsets in Alberta, and the revenue generated from those offsets was material to our model. It was north of $100 million a year, so it was critical to the overall success.
We're one of the very few countries—I think the only country in the world—that has a carbon levy system where you can recognize those revenues. Anyone looking for blue hydrogen or blue ammonia would require you to sequester those, so it was material to our business.
The only country I can think of is the U.S., where they have 45Q, which provides $85 per tonne of CO2 sequestered, and that was who we were competing with originally.
On the tax credits, we were relying on the hydrogen investment tax credits for the first two-thirds of our plant. We actually worked very hard to get the lowest carbon intensity, but the current tax credits don't recognize low-carbon methane. Enercan, or whoever wrote the legislation, decided that they wouldn't accept the differentiated natural gas, which is something that Canada is marketing its gas on right now. LNG is the lowest carbon intensity in the world, yet if we take that low-carbon gas and make ammonia, the government doesn't recognize the low carbon intensity. That's where the tax credits kind of give and take, so we'd like to see modifications to that.