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CHARBONE HYDROGEN Announces a LOI With French Electrolyzer Manufacturer ELOGEN for Securing Up to 100 Megawatts

By June 29, 2022 4   min read  (682 words)

June 29, 2022 |

Fuel Cells Works, CHARBONE HYDROGEN Announces a LOI With French Electrolyzer Manufacturer ELOGEN for Securing Up to 100 Megawatts

BROSSARD, Québec — CHARBONE HYDROGEN Corporation (TSXV:CH) (“CHARBONE”) is pleased to announce an important milestone with the signature , of a non-binding Letter of Intent (the “LOI”) with ELOGEN SAS (“ELOGEN”) a GTT Company, pursuant to which CHARBONE will be securing its supply chain of PEM electrolysers (Proton Exchange Membrane) for up to 100 Megawatts over a period of four (4) years from 2023 to 2026 under a definitive multi-year master supply agreement (the “Agreement”) to be negotiated by the parties on/or before November 30, 2022.

The PEM electrolysers to be supplied by ELOGEN to CHARBONE will be comprised of a mix of the full range of products offered by ELOGEN, including 0,5 MW, 1,0 MW and the 5,0 MW for all CHARBONE North American green hydrogen projects.

Under the Agreement, the parties will negotiate final delivery dates, models, quantities, and prices of the PEM electrolysers to be delivered. Furthermore, the LOI contains a provision for CHARBONE to consider and exercise an option for locally assembling and/or manufacturing in Canada and USA, the PEM electrolysers and other components under ELOGEN supervision as per terms and conditions to be negotiated and agreed upon by the parties during the validity period. Completion of the transaction is subject to further negotiation and execution of the Agreement and customary conditions for this kind of agreement.

“CHARBONE is truly pleased to announce this non-binding LOI for the negotiation of a multi-year’s master supply agreement with ELOGEN, a strong partner and true leader in the field of engineering and manufacturing of electrolysers,” said Dave Gagnon, CEO and Chairman of Charbone. “The combined strengths of ELOGEN in membrane technologies with multiple patents, and the engineering, manufacturing and servicing expertise make the offered products a reliable choice and a bankable solution for CHARBONE expanding rapidly into the decarbonization of the Canadian and North American economy.”

“This strategic LOI conducting to a formal multi-year’s master supply agreement of Elogen technology with Charbone shows the road path for Elogen entry into the North American market, comments Jean-Baptiste Choimet, Managing Director at Elogen. It is consistent with our strategy of teaming up with strong local partners before entering a new geographic area. We look forward to our collaboration with Charbone, an innovation-driven company, with a strong vision on green hydrogen production and a focus on developing green hydrogen ecosystems, from renewable energy to production, from regional hubs to end-users.”

About CHARBONE

CHARBONE is a Canadian green hydrogen group established in North America. The company’s strategy is to develop modular and expandable hydrogen facilities and regional hubs. With the acquisition of hydroelectric power plants in the United States and Canada, Charbone will be able to produce green dihydrogen molecules using reliable and sustainable energy in order to distinguish itself as a supplier of an ecological solution for industrial and commercial companies.

About Elogen

Elogen, a technological expert at the service of green hydrogen, is developing advanced technologies to design and produce PEM (Proton Exchange Membrane) electrolysers to meet new uses of hydrogen in mobility, industry and energy storage. Elogen, a GTT technology group company, relies on a powerful R&D and a robust manufacturing process to provide its customers with competitive, reliable systems tailored to their needs. The technological solutions developed by Elogen, particularly suited to renewable energies, demonstrate superior efficiency and competitiveness.

More information on elogenh2.com

About GTT

GTT is a technological expert in containment systems with cryogenic membranes used to transport and store liquefied gases. For over 50 years, GTT has been designing and providing cutting-edge technologies for a better energy performance, which combine operational efficiency and safety, to equip LNG carriers, floating terminals, land storage, and multi-gas carriers. GTT also develops systems dedicated to the use of liquified natural gas as fuel, as well as a full range of services, including digital services in the field of smart shipping. GTT is also active in hydrogen through its subsidiary Elogen, which designs and assembles electrolysers notably for the production of green hydrogen. GTT is listed on Euronext Paris, Compartment A (ISIN FR0011726835 Euronext Paris: GTT) and is notably included in SBF 120 and MSCI Small Cap indices.

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