CHARBONE HYDROGEN Announces Amendment to the Agreement for Acquisition of the Three Hydropower Plants in Michigan and Other Corporate Updates

Brossard, Québec– CHARBONE HYDROGEN CORPORATION (“Charbone”) announces that ithas executed a second amendment, on May 30, 2023, pursuant to certain terms and conditions to the Purchase and Sale Agreement (the “PSA”), signed January 17, 2023. The amendment postpones the closing date. The acquisition of Tower Kleber Limited Partnership (“TKLP”), a Michigan Limited Partnership and Black River Limited Partnership (“BRLP” and collectively with TKLP, the “Limited Partnerships”), will close on or before August 10, 2023, subject to an additional USD200,000 non-refundable deposit to be provided on or before July 28, 2023, and other customary closing conditions including the receipt by Charbone of satisfactory financing.

The Limited Partnerships have the capacity to produce 2,760 kW of hydropower. The Michigan Plants are generating revenues under long-term Power Purchase Agreement for the sale of energy, as well as earning revenues from the sale of capacity and Renewable Energy Credits.

Charbone is also pleased to announce that it’s Chief Operating Officer, Daniel Charette has been elected on the Hydrogen Quebec Association board as Vice-president during the last general assembly election. Daniel has a large experience and track record sitting on sectorial association such as Hydrogen Quebec as he spends over 9 years on the Canadian Wind Energy Association (now CanREA) and others over the course of its career.

During April and May 2023, Charbone received the repayment of the full amount remaining as of March 31, 2023 ($158,712) of the CEO’s shareholder advance to help financing on-going corporate activities.

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.

 

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