NR Reddit Mentions | ChartExchange

Written by a member of the QIMC investor community.
Heads up. It’s a long read but well worth it!
There has been discussion about partnerships recently, here is my take on the matter. All speculative, not investment advice, all that stuff.
The Elephant in the Room:
Jean-Benoît Trahan joined QIMC’s Board of Directors back in June and has not recieved any shares or options yet. Trahan is the President of Enbridge Gaz Quebec, which (contrary to popular belief) is a wholly-owned corporate subsidiary managed under the broader umbrella of Enbridge. The two exist as separate legal entities for regulatory, financial, and liability reasons.
Now, as far as I’m aware, there are 4 possibilities as to why Trahan has not recieved any compensation yet:

\\- Option #1: Regulatory/compliance restriction (Enbridge employees can't buy shares with companies they are actively talking with)
\\- Option #2: Compensation structure is options-only, not yet exercised
\\- Option #3: Primarily for strategic/relationship reasons, not financial ones
\\- Option #4: He's very cautious
IMO, Options 3 and 4 don't make sense (who joins a Junior company just to be on the Board of Directors). The problem with Option 2 is that there are no options left. If he was going to purchase options or shares, he probably would've bought/received them already, due to the price probably being lower in the past few months then it will be in the next few months. Additionally, there have been no SEDI share/option filings, further strengthening the point.
So by this logic (and this logic only), Option 1 is the only remaining option, which may suggest that QIMC and Enbridge are in talks.
What can this partnership look like?:
First things first, any MOU/deal signed before the pilot program will be contingent on the results. Of course, I’m sure Enbridge will have done their due diligence and will only make this MOU/deal because they believe that QIMC has stellar results, so obviously anything at this stage would be a great piece of validation.
At this stage, there are only two ideas that come to mind that QIMC can contribute to (given the geography):
Idea #1: The M&NP + AGT (with Enbridge)
The M&NP is a natural gas transmission system running from Goldboro, Nova Scotia all the way down to the New England Area, which Enbridge owns 77.53% ownership interest in. It exports local gas at 0.56 Bcf/day (560 Mcf/day), and is used as a cleaner burning, efficient and cost competitive energy source – to areas in Nova Scotia, New Brunswick, Maine and the Northeast U.S. that previously did not have access to natural gas. The Algonquin Gas Transmission (AGT) is natural gas network across the U.S. Northeast, delivering essential fuel supplies to New York, New Jersey, Connecticut, Rhode Island, and Massachusetts. It starts where the M&NP ends, and is owned 100% by Enbridge.
How could QIMC help:
Blending QIMC's hydrogen into existing natural gas streams helps regional utilities lower their immediate carbon footprint without requiring completely new infrastructure (up to 20% blending I think). QIMC also provides the M&NP with an alternative, sovereign energy source to distribute to major regional power generators like Nova Scotia Power and New Brunswick Power. Same idea with AGT
Proof:
\\- June 15 NR mentions “This corridor has the potential to deliver domestically produced, carbon-free natural hydrogen to one of the most energy-intensive and import-dependent regions in North America: the Northeast United States, encompassing markets in New England, New York, and beyond — markets that face mounting pressure to decarbonize their energy mix and reduce reliance on imported fossil fuels”
which conveniently hits the exact locations the pipeline runs, including the “New York, and beyond” which the AGT covers
\\- IR has mentioned “Enbridge playing a big role in Quebec and the Maritimes for hydrogen”, explicitly mentioning the Martime region rather than just NS
\\- The pipeline runs right beside the Bennett Hill region
Details:
\\- The M&NP can flow bi-directionally and natural gas will flow from the U.S. into Canada when offshore production is insufficient to meet domestic demand. Since the spring of 2015, the Maritimes has primarily been a net-importer of natural gas from the U.S. meaning QIMC's hydrogen-blended gas could flow either northward to Nova Scotia customers or southward toward New Brunswick and New England, depending on market conditions and contractual arrangements.
\\- This means QIMC's hydrogen entering the M&NP system in Cumberland County would simply reverse what has become the dominant flow direction, moving NS-produced gas southward to New England instead of northward from New England. The infrastructure is built for exactly this reversal.
Idea #2: Zone d'innovation énergétique de l'Outaouais (with Enbridge Gaz Quebec)
The Zone d'innovation énergétique de l'Outaouais (The Outaouais Hydrogen Ecosystem/Hydrogenoduct) is described as "le projet de conduit d'hydrogène vert mené par l'entreprise Enbridge Gaz Québec" by Trahan himself (green hydrogen pipeline project for the Outaouais region, publicly endorsed by Quebec's Minister of the Outaouais as his flagship decarbonization example)
There are two confirmed phases already underway, with QIMC as the logical Phase 3:
Phase 1 — Evolugen/Brookfield electrolyzer (already operational/near-operational): A 20MW electrolyzer in Gatineau's Masson sector, built in partnership with Brookfield Renewable's Canadian arm (Evolugen), powered by adjacent hydroelectric facilities, producing \\\~425,000 GJ/year of green hydrogen injected into Enbridge Gaz Québec's 1,000km, 43,500-customer Outaouais distribution network. Engineering studies finalized July 2025. Trahan personally led this project as Director before becoming President.
Phase 2 — ERCO Worldwide residual hydrogen: Enbridge Gaz Québec capturing industrial byproduct hydrogen from ERCO's chlor-alkali plant in Buckingham, Quebec, purifying and injecting it through a dedicated \\\~20km pipeline to injection points in Masson-Angers, Gatineau, and Airport sectors. Total investment \\\~$200M ($110M from Enbridge Gaz Québec for regulated infrastructure, $60M from ERCO). Blending level: 5-15% hydrogen by volume, serving \\\~44,000 customers, equivalent to 55 MW of energy — enough to power 10,000 homes, representing up to 13% replacement of fossil natural gas in the network. Construction 2027-2028, operational launch 2028-2029. Regulatory filing R-4331-2026-B-0002 already submitted. Trahan personally led this too.
Details:
\\- The PGIRE makes this legally mandated, not just commercially optional. Quebec's 2026-2050 master energy plan legally requires Enbridge Gaz Québec to submit a 10-year supply plan including "a strategy for adapting the distribution network for the injection of gas from renewable sources (GSR), which should promote local production and regional economic development." QIMC's geological hydrogen from Témiscamingue is literally the local Quebec production source closest to the Outaouais network. Enbridge Gaz Québec has a regulatory obligation (not just a commercial preference) to evaluate it.
\\- Injection tariff: The injection tariff (the commercial mechanism that establishes how third-party hydrogen producers would be compensated for injecting into the Enbridge Gaz Québec network) was filed on June 12, 2026, one day after Trahan joined QIMC's board. This is almost certainly not a coincidence. The regulatory and commercial tracks were being advanced simultaneously. Critical detail on supply constraints: The ERCO project is built around a finite, fixed supply — ERCO's industrial hydrogen byproduct is whatever it is, and cannot grow. Enbridge Gaz Québec explicitly frames this as "Phase 1 of a broader long-term regional decarbonization initiative." What comes next requires a new supply source. QIMC's geological hydrogen is the logical Phase 3.
\\- Enbridge Gaz Québec has already proven the injection process works with two prior hydrogen sources, and the 5-15% blending range is consistent with practices elsewhere in the world per their own FAQ.
How could QIMC help:
St-Bruno and Témiscamingue properties sit within pipeline distance of the same Outaouais distribution network already receiving hydrogen from two other sources. The idea: a dedicated hydrogen supply pipeline from QIMC's wells southward to the Enbridge Gaz Québec injection point at Gatineau, adding geological hydrogen as a third, dramatically cheaper source to the same network Trahan built. The injection tariff mechanism filed June 12 is already the commercial vehicle through which QIMC would eventually be compensated.
Proof:
\\- Trahan is on QIMC's Board of Directors and, as President of Enbridge Gaz Québec, has direct authority over what Enbridge Gaz Québec pursues
\\- The injection tariff was filed June 12, 2026 (one day after Trahan joined QIMC's board) establishing the exact pricing mechanism a geological hydrogen producer would need to inject into the network
\\- Enbridge Gaz Québec explicitly describes the ERCO project as "Phase 1 of a broader long-term regional decarbonization initiative" — requiring a Phase 2 and 3 supply source
\\- The ERCO supply is finite and fixed; the network needs additional supply to grow beyond 13% replacement
\\- Brookfield's triangle: Brookfield Renewable (Evolugen) built Phase 1 of Trahan's Outaouais hydrogen ecosystem; Brookfield Asset Management invested in QIMC's April 2026 PP (Brookfield could be positioning QIMC's geological hydrogen to eventually supply the same network their renewable subsidiary already services)
Other potential partnerships:
\\- Brookfield: Possible as they were in the PP, but I’m unsure what the idea would be at this point tbh unless it’s through Enbridge Gaz Quebec
\\- Ammonia: There is a plan here, I'm just not sure what it is. The companies in NS are all located near Halifax (I know of EverWind but they have their own supply of green hydrogen, unless they want to use cleaner white hydrogen). Shipping to Europe is possible, with German companies being the main offtakers
\\- Data Centres/Hyperscalers: The biggest issue is that this might require another sort of partnership with a fuel cell company to convert the hydrogen to power. Additionally, there are no plans for big companies to build data centres/hyperscalers in NS as far as I know.
Overall:
I think if we do see a partnership (which some of the recent NRs suggest, alongside some of the NRs having NI 51-101 disclaimers), I think the most likely option would be Enbridge with the M&NP idea.
The bigger picture:
There M&NP actually connects to the PNGTS (Portland Natural Gas Transmission System) pipeline, which connects to the TQM (The Trans Québec & Maritimes Pipeline) which is owned by Énergir and TC Energy.
This could be the missing link that connects everything. Look at the map carefully:
The complete pipeline route connecting QIMC's three Canadian jurisdictions:
\\- TC Energy Canadian Mainline runs through Ontario and Quebec (directly adjacent to QIMC's Timiskaming corridor)
\\- Canadian Mainline → TQM interconnect at Les Cèdres, Quebec → TQM runs eastward through Quebec
\\- TQM → PNGTS interconnect at East Hereford, Quebec/New Hampshire border
\\- PNGTS runs south through New Hampshire → connects to M&NP at the Maine border near Woodland
\\- M&NP runs northeast through Maine → New Brunswick → Nova Scotia → Goldboro
\\- M&NP also delivers to Saint John, Moncton, and the Canadian Maritimes market
This is a continuous, connected pipeline network running from Ontario's Timiskaming region all the way through Quebec, New Hampshire, Maine, New Brunswick, and Nova Scotia.
This will obviously come with its own regulatory hurdles. There are some connections between QIMC and TC Energy/ Énergir:
TC Energy (Canadian Mainline + TQM co-owner):
Trevor Ebl, TC Energy's Canadian Natural Gas Pipelines President, sits on the CGA board alongside Trahan. TC Energy's CEO François Poirier raised the Canadian gas demand forecast to 51 bcf/d specifically citing AI data centre growth.
Énergir (TQM co-owner):
Quebec's largest gas distributor. TQM provides approximately 50% of Énergir's natural gas supply. TQM's interconnect with the Canadian Mainline at Les Cèdres is likely within range of QIMC's Quebec properties and is near the Outaouais region
There is also the Brunswick Pipeline which is connected to the M&NP and is owned by Emera. Emera is Nova Scotia Power's parent company, the same utility that operates Nova Scotia's electricity grid. So Emera has a direct ownership stake in M&NP (12.92%) and owns the Brunswick Pipeline that connects to M&NP.
The infrastructure already exists. The commercial relationship is what needs to be formalized. And Trahan, sitting on QIMC's board with zero equity exposure consistent with a compliance restriction from active negotiations, is one of the only people at Enbridge who understands both the Quebec distribution network and the Maritimes pipeline system.

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