Again
Charbone to develop hydrokinetic projects with ESG
2022-12-12 13:36 ET - News Release
Mr. Dave Gagnon reports
CHARBONE HYDROGEN ANNOUNCES THE EXECUTION OF A MEMORANDUM OF UNDERSTANDING WITH ESG ENERGY FOR THE DEVELOPMENT AND DEPLOYMENT OF A HYDROKINETIC PROJECTS TO SUPPORT GREEN HYDROGEN PRODUCTION
Charbone Hydrogen Corp. has executed a memorandum of understanding (MOU) dated Dec. 9, 2022, with ESG Energy Holdings LLC, for the mutual co-operation, to co-develop and permit riverbed hydrokinetic projects showcasing a newly developed power system to support green hydrogen production.
Charbone and ESG Energy will subsequently negotiate the terms and conditions of a definitive agreement for a first project to be selected by the two partners using the TE-1 power system, either to be implemented at one of Charbone's hydropower generation plants to increase its revenue under an existing power purchase agreement from the energy supplied by the TE-1 power system, or as a stand-alone project to be implemented into a region where Charbone is planning to develop and build a green hydrogen facility.
Charbone will use its expertise in the development, construction and operation of renewable power systems, while ESG Energy will use its expertise to support Charbone in the selection of an appropriate location and the permitting of such projects. The project is intended to showcase TE-1's low-cost renewable baseload power production which captures energy through water current reliably and at high-capacity factor, and without any in river civil works. The TE-1 power system has been designed using established and commercially proven components.
"Charbone has been developing a relationship with ESG Energy and Dennis Ryan since almost two years for different partnerships that we are still in discussions; I'm glad that we have succeeded to execute this first MOU for a real hydrokinetic project in USA," said Dave B. Gagnon, chairman and chief executive officer of Charbone. "The need for green hydrogen powered with renewable baseload energy is increasing in many areas where no hydropower dams are installed and the ability to leverage the technology of our partner, TE, in rivers, canals and some of the 80,000 North American non-powered dams is a significant opportunity for Charbone".
"We have been studying the deployment of river based generating systems since 2010 and are excited by the partnership opportunity with Charbone to co-develop marine based hydrokinetic projects across North America. We believe Charbone's experience and partnerships combined with our infield research will open up the potential for developing local power generating opportunities using the river currents in North America," Said Dennis J. Ryan, sole member/manager of ESG Energy Holdings.
About Charbone Hydrogen Corp.
Charbone is a Canadian green hydrogen company established in North America. The company's strategy consists of developing modular and expandable hydrogen facilities. Through the acquisition of hydropower plants in the United States and in Canada, Charbone intends to produce green dihydrogen molecules using reliable and sustainable energy to distinguish itself as a supplier of an environmentally friendly solution for industrial and commercial companies.