CPS executes a memorandum of understanding with Heliene

Canadian Premium Sand Inc. (CPS) has announced that it has entered into a memorandum of understanding (“MOU”) with Heliene Inc. concerning discussions with respect to a definitive commercial off-take agreement for patterned solar glass from the Company’s glass manufacturing facility being developed in Selkirk, Manitoba, Canada.

Heliene, a provider of North American made solar modules, is focused on establishing a domestic, low-carbon solar supply chain to support its growth strategy in North America. Heliene has experienced significant growth since starting its U.S. operations in Minnesota in 2017. The local supply of CPS glass will enable Heliene to meet accelerating solar demand while ensuring certainty and quality thanks to the supply of regional components of its bill of materials.

“Following several months of progressive discussions and a visit to Heliene’s Mountain Iron facilities earlier this year, we are delighted to now enter into an MOU with Heliene regarding long-term supply of our low-carbon, patterned solar glass,” stated Company President & CEO, Glenn Leroux. “Heliene’s anticipated glass demand in 2024 reflects over 40 percent of our production capability for Phase 1 of our facility. We look forward to working with Heliene as a strategic partner and supporting their future growth plans.”

Martin Pochtaruk, President of Heliene, said, “Amid exploding solar demand and trade volatility, our customers seek peace of mind that they are receiving the highest quality, competitively priced solar modules exactly when and where they need them. Having CPS supply us with a low-carbon glass, free of any geopolitical pressures is an enormous leap forward in the right direction.”

The MOU with Heliene compliments the July 21st, 2022, announcement that CPS executed a MOU with respect to a definitive commercial off-take agreement with Hanwha Solutions Corporation. Anticipated glass demand from both parties would represent in excess of 120 percent of production capability for Phase 1 of the facility.

CPS continues to advance other development initiatives that will bring the solar glass project to a shovel-ready status, including detailed engineering, permitting, silica sand resource upgrading and testing and ongoing negotiations to convert other existing expressions of interest to commercial off-take agreements.