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World Energy GH2 has filed for creditor protection following Newfoundland's intention to reclaim Crown land from green hydrogen companies with outstanding fees. The consortium, led by CEO Richard Hugh, owes the provincial government $10.5 million in reserve fees, and failure to retain the land would render the project unviable.

Additionally, the group has debts of approximately $50 million to Export Development Canada and $15 million to shareholders. With over $120 million invested, WEGH2 is attempting to restructure its financial obligations. The company is partially owned by businessman John Risley, whose firm is also navigating significant debt.