V.CH
Charbone receives cash offer for two hydro projects
2024-04-23 10:41 ET - News Release
Mr. Dave Gagnon reports
CHARBONE HYDROGEN RECEIVES A NON-BINDING CASH OFFER TO SELL INTERESTS IN TWO AMERICAN HYDRO PROJECTS
Charbone Hydrogen Corp. has received a signed, non-binding offer for the sale of two hydro projects in Vermont and Wisconsin.
The terms of the offer remain confidential but specify that Charbone would sell 100 per cent of its equity interests in the two hydro projects to an undisclosed renewable power producer for a combined valuation of $725,000 (U.S.). The parties have agreed to collaborate using their best efforts to enter into a binding purchase offer with respect to the sale within the next 30 to 60 days.
News of this potential asset sale follows Charbone's recent announcement that essential storage infrastructure is being transported to its flagship green hydrogen production plant site near Montreal, with plans to be operational in the second half of 2024. Additionally, the company has also announced its intent to launch a second North American green hydrogen production project in the Detroit, Mich., area this year.
"We are pleased to receive an offer that recognizes the inherent value of these assets," said Dave Gagnon, chief executive officer of Charbone. "As Charbone has established a decentralized, energy opportunistic approach to its green hydrogen production strategy, our ability to tap into any renewable energy sources connected to the grid allows us to move quickly, reduce costs and begin production. The sale of these assets will also provide the company with additional, non-dilutive resources to advance our near-term plant development portfolio, while also evaluating other opportunities to add further projects to an already active modular green hydrogen plant development road map."
The Sorel-Tracy green hydrogen project will serve as the company's flagship facility, giving Charbone a first-mover advantage with production starting in the second half of 2024. Following a phased approach and gradually accelerating to produce approximately 200 kilograms per day once reaching initial full capacity, the facility targets industrial uses. It replaces grey hydrogen with a clean, reliable, renewable alternative to hydrogen produced from fossil fuels. Charbone is now preparing to set up a delivery schedule for the other production and storage equipment.
About Charbone Hydrogen Corp.
Charbone is an integrated green hydrogen group focused on delivering a network of modular green hydrogen production facilities across North America. Using renewable energy sources to produce green (H2) dihydrogen molecules and eco-friendly energy solutions for industrial, institutional, commercial and future mobility users, Charbone plans to scale and deliver green hydrogen production facilities in both the United States and Canada by 2024, with an additional 14 facilities planned by 2030.
Charbone is the only publicly traded pure-play green hydrogen company with common shares trading on the TSX Venture Exchange (TSX-V: CH); the OTC Markets (OTCQB: CHHYF); and the Frankfurt Stock Exchange (FSE: K47).