Field Upgrading is looking to start construction this year on a $100 million plant in the industrial heartland.
In 2016, Field Upgrading opened a pilot plant in the Fort to produce a more affordable, clean, heavy oil used primarily for fueling ships.
Financing is now the main hurdle, with the company asking for $50 million in government funds for their Clean Seas Project.
"It is a good environmental benefit story so they've got climate change funding out there and other potential opportunities," said Lisa Doig, commercialization advisor with Field Upgrading.
Field Upgrading is looking for $10 million from the Alberta Government and up to $40-million from the federal government. The other $50 million is coming from investors.
If all goes according to plan, the low sulfur fuel plant will be up and running by 2019, with Field Upgrading shipping their fuel primarily to the coast.
"We have a target of 100,000 barrels a day by 2025," added Doig.
It could also bring over 200 jobs to the area.
The product will have some risks in production as they must meet strict sulfur restrictions coming in 2020.
A final location for the new project has not been chosen yet.