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Company Advances Plans for First Canadian Plant Launch; American Green Hydrogen Production Facility Development to Follow Later this Year
May 1, 2024 – TheNewswire – Common Cents Media – On April 23, 2024 CHARBONE HYDROGEN CORPORATION (TSXV: CH; OTCQB: CHHYF; FSE: K47) announced that it has received a signed, non-binding cash offer for the sale of two hydro projects in Vermont and Wisconsin.
The offer remains confidential but specifies that CHARBONE, North America’s only publicly traded pure-play green hydrogen company, would sell 100% of its equity interests in the two hydro projects to an undisclosed renewable power producer for a combined valuation of US$725,000.
“The sale of these assets will provide the Company with additional, non-dilutive resources to help advance this year’s green hydrogen plant development portfolio, while also evaluating other opportunities to add further projects to an already active development roadmap,” said Dave Gagnon, CEO of CHARBONE Hydrogen.
CHARBONE Hydrogen is focused on delivering a near-term network of modular green hydrogen production facilities across North America. The Company has established a decentralized, energy opportunistic approach to green hydrogen production using grid-connected renewable energy sources to produce green (H2) dihydrogen molecules and eco-friendly energy solutions for industrial, institutional, commercial and future mobility users.
Located near Montreal, Quebec, its 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. Additionally, a second green hydrogen production project in the Detroit, Michigan area is scheduled to be operational later in the year. In total, CHARBONE plans to build and deliver 16 green hydrogen production facilities across North America by 2030.
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CHARBONE Hydrogen’s growth strategy is further outlined here.
CHARBONES’s unique approach to modular green hydrogen plant development is based on the group’s collective expertise in developing alternative energy solutions that align with municipal, state and federal agency goals to leverage renewable energy sources for a sustainable future. Site readiness, highway proximity, program scalability, accessibility to reliable and non-intermittent renewable energy resources, and project support from local utilities are all considered in the site selection process.
Investor interest is also growing, as the global push for sustainable energy solutions has propelled the green hydrogen market into the investor spotlight. With projections from industry analysts such as Precedence Research indicating that the green hydrogen market will reach $89.2 billion by 2030, green hydrogen market is seeing a surge in interest and investment. Public and policymaker support for the green hydrogen industry is growing, yet the technologies and production facilities that produce green hydrogen are still in relatively early stages of growth.
“CHARBONE’s green hydrogen production strategy is in sync with policymakers’ desires to replace gray hydrogen with a clean, reliable, renewable alternative to hydrogen produced from fossil fuels,” Gagnon added.
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Canadian and US policymakers continue to introduce and prioritize environmental initiatives that promote and incentivize renewable energy consumption, carbon pricing, and the development of renewable technologies. The Canadian Government announced its CHITC (Clean Hydrogen Investment Tax Credit) that should see CHARBONE benefit from a refundable tax credit of up to 40%, depending on the carbon intensity of the hydrogen produced. Additionally, the US Government recently announced seven regional clean hydrogen hubs were selected to receive $7 billion in ‘Bipartisan Infrastructure Law’ funding to accelerate the domestic market for low-cost, clean hydrogen.
Amidst this North American energy transition, green hydrogen has emerged as both a potentially lucrative investment prospect as well as a versatile clean energy solution - especially with industrial and transport sectors aiming to replace conventional grey hydrogen. With a first-mover advantage, CHARBONE Hydrogen (TSXV: CH; OTCQB: CHHYF; FSE: K47) remains North America’s only publicly traded pure-play green hydrogen company and presents an opportunity for investors to buy into an innovative company that is now just months away from launching production.
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