those markets develop, potential carbon capture and storage solutions.” COLLABORATION AND DEVELOPMENT Developing a first-of-its-kind project requires extensive coordination across technical, regulatory and commercial disciplines. As of June, 2026, the project has secured key regulatory approvals, Indigenous engagement approval, environmental assessment waivers and a subsurface reservoir lease for compressed air, natural gas and hydrogen storage. Significant engineering work has also been completed, including cavern design, thermodynamic evaluations, geomechanical analysis and geotechnical assessments. According to the company, one of the most important lessons learned has been the need to advance technical, regulatory and stakeholder engagement activities simultaneously. “No single organization can deliver a project like this on its own, and the progress we have made to date reflects the strength of those partnerships and the shared commitment to advancing the project,” says Costley. That collaborative approach extends to relationships with Cold Lake First Nations, EllisDon, Siemens Energy, Hitachi Energy, Babcock & Wilcox and a broad network of engineering, advisory and regulatory partners. LOOKING AHEAD The next milestones for the Marguerite Lake CAES Project include completing detailed engineering work, advancing subsurface development and solution mining activities, securing a Final Investment Decision 9
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