Charbone changes closing date for Wolf River to Dec. 1
2022-11-18 10:30 ET - News Release
Mr. Dave Gagnon reports
CHARBONE HYDROGEN ANNOUNCES AN AMENDMENT TO THE AGREEMENT WITH NORTHWOODS HYDROPOWER INC. FOR THE ACQUISITION OF A HYDROPOWER PLANT IN SHAWANO, WISCONSIN
Charbone Hydrogen Corp. has amended certain terms and conditions to the purchase and sale agreement (PSA), signed last Oct. 7, 2022, between its wholly owned subsidiary, Charbone Corp. USA, and Northwoods Hydropower Inc., for the acquisition of all of the general partner and limited partner interests of Wolf River Hydro LP, the owner of the 700-kilowatt operating hydropower plant in Shawano, Wis. The amendment is to better coordinate the change of ownership with the planned shut down for maintenance work that will be ending this month. Wolf River is party to a long-term power purchase agreement that is expected to generate recurrent revenues for Charbone USA in Q4-2022.
The main change to the terms and conditions of the PSA is that the acquisition of Wolf River is now expected to be closed on or before December 1 st , 2022, subject to customary closing conditions. Concurrently, Charbone and Northwoods will continue negotiating PSAs for the Tower Kleber Limited Partnership and the Black River Limited Partnership (collectively, the " Limited Partnerships "), with the acquisition of the Limited Partnerships expected to be concluded on or before February 28, 2023. The Limited Partnerships have the capacity to produce 2,760 kW of hydropower. The operating hydropower plants owned by the Limited Partnerships are each located in the Onaway region of Michigan and will be financed independently of the Shawano hydropower plant owned by Wolf River.
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.
About Northwoods
Northwoods, Wolf River Hydro Limited Partnership, Tower Kleber Limited Partnership and Black River Limited Partnership are U.S. based businesses, wholly owned by a Canadian family, that have been operating the Michigan and the Wisconsin hydropower plants for over 20 years.