Again.
Charbone cheers 2023/2024 federal budget
2023-04-03 10:43 ET - News Release
Mr. Dave Gagnon reports
CHARBONE HYDROGEN WELCOMES THE CANADIAN FEDERAL BUDGET 2023-2024 WHICH SUPPORTS THE CANADIAN ENERGY TRANSITION AND PROVIDES LEVERAGE TO THE AMERICAN ENERGY POLICY OF THE INFLATION RATE ACT.
Charbone Hydrogen Corp. is saluting the importance given to the development and the place of green hydrogen and renewable energies in the 2023/2024 budget unveiled yesterday by the Minister of Finance, Chrystia Freeland and the Trudeau government.
Charbone is delighted with the measures announced and to see the Canadian government put in place a series of measures that will make it possible to support Charbone's investments and projects in Canada, including a credit of 15 per cent to 40 per cent, depending on the low-carbon content, favouring the production of green hydrogen, one of 15 per cent for investments in clean technologies and clean electricity, as well as the production of renewable energies with a tax credit of 30 per cent. All of these measures will help stimulate investment and boost the green hydrogen production and distribution sector for years to come.
All of Charbone's hydrogen production plants in Canada will benefit from the tax credits announced in the budget. Charbone's production plants will be connected to the various provincial electricity grids and supplied with renewable energy then supplying its electrolysers, ensuring a production with a very-low-carbon content, or even zero or negative, allowing the company to receive the maximum credit of tax.
Charbone announced earlier the construction of its first production plant in Sorel-Tracy which is underway and should produce its first kilograms in the spring of 2023. Charbone also announced projects in Selkirk (MB), Port Hawkesbury (NS) and in Baie-Comeau (QC) which are at different stages of development. In addition, Charbone is currently working to develop a network of projects in several provinces and has signed distribution agreements with Superior Propane a division of Superior Plus, and an agreement to deploy filling stations with the Filgo-Sonic Group.
About Charbone
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.