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Pulsar Helium has secured a conditional agreement to acquire land valued at $143,200 for just $1 to develop its proposed helium liquefaction and carbon dioxide (CO2) processing hub in Minnesota.
The Two Harbors City Council has approved a purchase and development agreement with the exploration firm’s local subsidiary, which also provides for up to $1m in rail infrastructure funding, site preparation, utility extensions, and property tax relief.
The land is earmarked for Pulsar’s proposed Rare Gas Hub at its Topaz project.
The hub could house a helium purification and liquefaction facility capable of producing 7.5 million litres of liquid helium annually, and a 300 tonne per day CO2 capture plant.
Pulsar is also exploring offering third-party helium and industrial gas processing services before integrating its own feedstock, although no processing customers or commercial agreements have been secured.
Under the new agreement, Two Harbors would contribute up to $1m towards constructing a rail spur or siding, while funding site clearing and extensions to municipal water, sewer, electrical, and natural gas services.
The city would also reimburse 90% of qualifying increases in the city’s share of property taxes attributable to the completed initial phase for 15 years. The total value of public support has yet to be established.
However, Pulsar has not made a binding commitment to construct the project, with the agreement subject to financing, environmental review, utility arrangements, and regulatory approvals. It aims to reach final investment decision .
Before Pulsar formally commits to the project, the city would bear the risk of any expenditure it incurs unless otherwise agreed.
The firm has 365 days from 14 October to complete due diligence and formally commit to the development. Once committed, it must bring the first phase online within 36 months.
It follows a spate of announcements on the project, including the signing of staged equipment supply agreement with Baker Hughes subsidiary Chart Industries.
Pulsar also revealed earlier this week that it project-level debt and public sector financing to fund the hub.
