Kanata Clean Power and Hanwha Ocean Energy Plant Unit Agree on Indicative Terms for Strategic Partnership on Kanata LNG. Parties to Advance Toward Definitive Agreement and Launch Pre-FEED Study for Proposed 12 MTPA Floating LNG Project in British Columbia
Kanata Clean Power & Climate Technologies Corp. (“Kanata”) and Hanwha Ocean’s Energy Plant Unit (“HOEPU”) today provided an update on their proposed strategic partnership for Kanata LNG in advance of Gastech 2026 and the Canada Investment Summit 2026.
Kanata Clean Power & Climate Technologies Corp. (“Kanata”) and Hanwha Ocean’s Energy Plant Unit (“HOEPU”) today provided an update on their proposed strategic partnership for Kanata LNG in advance of Gastech 2026 and the Canada Investment Summit 2026. The update follows their June 16, 2026 announcement that HOEPU was considering a strategic arrangement with Kanata in connection with the development of Kanata LNG, a proposed 12 million tonnes per annum (“MTPA”) floating LNG facility in the Prince Rupert, British Columbia region.
Kanata and HOEPU are pleased to announce that they have now agreed to indicative terms and intend to move toward finalizing a definitive agreement in the coming weeks. Subject to that process, the parties expect shortly thereafter to launch a pre-front-end engineering and design (“Pre-FEED”) study for Kanata LNG. A favourable Pre-FEED outcome would support the commencement of a full front-end engineering and design (“FEED”) study in 2027, keeping the project on target for a final investment decision (“FID”) in early 2028. The indicative terms contemplate HOEPU entering Kanata LNG as a strategic partner and investor, with HOEPU building, owning and operating the facility and entering into LNG offtake arrangements.
In addition to progress on the Hanwha transaction, Kanata LNG was pleased to reach an agreement with a First Nation in the Prince Rupert region, granting an exclusive right to acquire a 50/50 joint venture interest in the project. The nation has begun engaging neighbouring nations about participating in that ownership interest, reflecting the Indigenous equity partnerships now established on other major Canadian energy projects. Outreach to senior levels of government continues positively, and Kanata LNG expects to make major announcements in Q4 regarding final site selection and government support for the project.
Hanwha Ocean is a leading global shipbuilder and offshore/onshore EPCIO company with more than four decades of experience in complex naval and commercial shipbuilding programs and energy infrastructure projects. Supported by its large-scale, integrated shipyard in Geoje, South Korea that spans 5-square kilometers and has more than 31,000 employees, the company combines proven industrial capacity with operational experience to deliver modern, in-service naval platforms backed by a resilient through-life support model. Since its establishment in 1973, Hanwha Ocean has delivered more than 1,400 vessels worldwide and has built deep expertise in the design, construction and sustainment of submarines and surface combatants for the Republic of Korea Navy. The company builds approximately 45 commercial and naval ships each year.
Hanwha Ocean also develops and delivers advanced offshore energy facilities and floating production solutions, leveraging its world-class engineering, manufacturing, and project execution capabilities. The company has a proven track record of successfully executing more than 280 offshore and onshore energy projects worldwide.
Kanata Clean Power & Climate Technologies Corp. is a Canadian energy development company focused on developing low-carbon energy projects. Kanata’s core mission is to partner with First Nations to unlock greater value for Canada’s abundant natural gas reserves, while providing energy security to Canada’s Indo-Pacific allies.
