Charbone Hydrogen Announces Q1 2024 Financial Results

(TheNewswire)

Brossard, Quebec, MAY 30, 2024 - TheNewswire -CHARBONE HYDROGEN CORPORATION (TSXV: CH; OTCQB: CHHYF; FSE: K47) (the “Company” or “CHARBONE”), North America’s only publicly traded pure-play green hydrogen company, is pleased to announce the financial and operating results for the three-month period ending March 31, 2024.

Forward progress continues to be reflected in both 2024 quarter-end financials and in project advancements, as CHARBONE’s priority plans to deliver green hydrogen production facilities in both the US and Canada during the second half of 2024 remain on track.

Q1 2024 HIGHLIGHTS:

• Spending decreased 35% to $506,765 in Q1 2024 compared to $781,614 in Q1 2023 (activities refocus and tightening of general and administrative expenses).

• Revenue increased 65% to $81,637 in Q1 2024 compared to $49,475 in Q1 2023 (generated from the Wolf River acquisition on December 1, 2022).

• The Company has closed a private financing for gross proceeds amounting to $849,622 and Units for debt settlement of $50,000;

• The Company also received an additional $100,000 in 2024 from Finexcorp secured convertible debentures at a deemed price of $0.10; and

• The Company made acquisitions of storage hydrogen equipment.

Located near Montreal, Quebec, CHARBONE’s Sorel-Tracy Green Hydrogen Project will serve as the Company’s flagship facility, giving CHARBONE a first-mover advantage with plans to commence production later this year. A second green hydrogen production project in the Detroit, Michigan area is also scheduled to be operational in 2024. In total, CHARBONE plans to build and deliver 16 green hydrogen production facilities across North America by 2030.

“As market interest and project momentum increases, Management’s efforts to shore up and strengthen our balance sheet have been focused and deliberate. We’ve made significant cost-reduction headway in recent months, while still driving forward with our near-term plans to deliver a network of North American green hydrogen production facilities,” said Benoit Veilleux, Chief Financial Officer and Corporate Secretary of CHARBONE. “The recent valuation helped to solidify CHARBONE’s growth potential with our financial partners and investors, and the team remains excited and energized to capitalize on our first-mover advantages.”

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About Charbone Hydrogen Corporation

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 US 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 (TSXV: CH); the OTC Markets (OTCQB: CHHYF); and the Frankfurt Stock Exchange (FSE: K47). For more information, please visit www.charbone.com

Forward-Looking Statements

This news release contains statements that are “forward-looking information” as defined under Canadian securities laws (“forward-looking statements”). These forward-looking statements are often identified by words such as “intends”, “anticipates”, “expects”, “believes”, “plans”, “likely”, or similar words. The forward-looking statements reflect management's expectations, estimates, or projections concerning future results or events, based on the opinions, assumptions and estimates considered reasonable by management at the date the statements are made. Although Charbone believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements involve risks and uncertainties, and undue reliance should not be placed on forward-looking statements, as unknown or unpredictable factors could cause actual results to be materially different from those reflected in the forward-looking statements. The forward-looking statements may be affected by risks and uncertainties in the business of Charbone. These risks, uncertainties and assumptions include, but are not limited to, those described under “Risk Factors” in the Corporation’s Filing Statement dated March 31, 2022, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements.

Except as required under applicable securities legislation, Charbone undertakes no obligation to publicly update or revise forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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