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Good morning! ⚓ 460 years after it sank, a Spanish galleon is being reconstructed in Spain thanks to Basque shipbuilding technology experts in Labrador. If all goes according to plan, the restored ship will be sailed to Atlantic Canada in 2026.

⏰ Today’s read: 5 minutes

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 9 PM ET July 15, 2024.

Economy: A massive business deal just went down in Ontario. Canadian steel producer Stelco Holdings is being acquired by American company Cleveland-Cliffs in a $3.4 billion sale. Stelco shareholders will receive $70 per share. Both companies emphasized maintaining Canadian jobs and leadership while leveraging Stelco's efficiency and Cleveland-Cliffs' market reach.

THE BIG STORY

Carbon capture is open for business

The past few weeks have been huge for carbon capture and could signal a turning point for the technology.

What’s happening: This month, Shell Canada and its partner ATCO signed an agreement with the province, allowing them to store CO2 deep underground. This comes two weeks after Shell greenlit plans to build the Polaris carbon capture project at the Scotford energy and chemicals plant near Edmonton, and advance the development of the Atlas Carbon Storage Hub with partner ATCO EnPower.

Why it’s different: Energy Minister Brian Jean stated that until now, projects had merely been evaluating the suitability of their locations to store carbon dioxide. He expects a flurry of new projects will follow now that the concept has been proven. Currently 25 proposed hubs are under evaluation.

Piece of the puzzle: Carbon capture could have a significant impact on Canada’s climate goals. The combined total of announced CCS projects in Alberta alone (including both Round 1 and Round 2 projects) could potentially capture and sequester over 110 million tonnes of CO2.

A business case: In addition to environmental benefits, carbon capture is poised to boost the economy. By 2035, carbon capture, utilization and storage (CCUS) could lead to $35 billion in capital investment and create more than 20,000 jobs in Alberta.This is spurred by a new federal investment tax credit, covering up to 50% of CCS project capital costs.

Future opportunities: It could just be the beginning of a huge new industry. Canada has vast geological storage resources, which present opportunities to store CO2 sourced domestically and internationally—with potential to generate revenue and investment from abroad. 

NEED TO KNOW

The week's headlines

🧂 Ottawa's Alexandra Bridge is approaching its final years. Federal officials attribute this to extensive rust damage caused by decades of road salt accumulation. While currently closed for maintenance until early 2025, the bridge will eventually need to be replaced. The procurement process for a new bridge kicks off this fall.

🔭 Ontario Premier Doug Ford is defending his decision to close the Ontario Science Centre due to safety concerns from a deteriorating building. He claims fixing it would be too expensive (over $500 million) and unsafe, while critics argue for repairs and accuse him of misleading the public. Preservation experts have won an injunction preventing further construction until a court hearing.  

🚗 After 50 years of planning, Newfoundland and Labrador is finally finishing the Team Gushue Highway. The last 3.3-km stretch will connect Topsail Road to Mount Pearl and is expected to take three construction seasons to complete. Land expropriation and final design tweaks, including opting for roundabouts for better traffic flow, caused delays in the tender release.

⛽ The Nisga'a Nation in B.C. has agreed to allow construction of the Prince Rupert Gas Transmission (PRGT) pipeline on their territory. PRGT aims to transport natural gas for export and is partnered with the Nisga'a Nation for construction on their land. While Ksi Lisims, the LNG terminal project partnered with the Nisga'a Nation, undergoes environmental review, construction on the pipeline is set to begin this summer to meet permit deadlines.

EVENTS

40 Under 40 alumni in Toronto

Don’t just read about Canada’s top construction leaders. Meet them in person. After five years of 40 Under 40 in Canadian Construction, we are gathering with past winners all under one roof at the Royal York in Toronto for a day of idea sharing, networking and more. There are also limited event sponsorship opportunities remaining. Reach out to [email protected] to learn more. 

Where: Toronto, Ont.

When: Sept. 25

What: Panels, fireside chats, networking and more

TOGETHER WITH ETRO

Round trip: ETRO Construction returns to its Bahamian roots

Nearly 15 years ago, Mike Maierle packed his bags for the Bahamas to lead the nation’s largest infrastructure project ever. Now President of ETRO Construction, he is returning with his own team to lend their cutting-edge construction expertise to the 486,000 square foot Four Seasons Ocean Club Resort Residences project. Learn about ETRO’s unique connection to the Bahamas and the exciting work ahead of them in our story below.

PROJECT SPOTLIGHT

Healthy housing

The North Island college Student Housing project in Courtenay, B.C, comprising two four-storey buildings, brings 217 beds and a host of community-centric amenity spaces to campus. Designed by HDR, it targets significant energy and greenhouse gas savings. Utilizing mass timber and wood framing, the buildings will reduce embodied carbon over other materials.

PROJECT UPDATES

Major Highway 97 blasting complete in B.C.

Community building redevelopment coming to Downtown Eastside

Second phase of Rainbow Road construction to last until August

Plan brewing to speed Gardiner Expressway work

Construction almost complete on Regina YWCA building

WHAT WE’RE TALKING ABOUT

PHOTOS: 🏀 Designers showcase ‘Awesome Alleys’ in Vancouver 

READ: 🐀 Infrastructure experts to tackle Ontario’s rat crisis

VIDEO: Video-game tech shows P.E.I. property future

LIST: 💰 12 VC firms funding construction’s future

READ: 📽️ Dresden construction documentary reaches funding goal

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Here’s to a great rest of the week!

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