Brossard, QC – Charbone Hydrogen Corporation (TSXV:CH) (OTC:CHHYF) (FWB:K47) (“Charbone”) announces that it has amended, on February 27, 2023, certain terms and conditions to the Purchase and Sale Agreement (the “PSA”), signed January 17, 2023.
The amendment postpones the closing date to allow the lender to complete its due diligence and to submit their final proposed financing terms and conditions to Charbone. 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”), is now expected to close on or before May 15, 2023, subject to customary closing conditions including the receipt by Charbone of satisfactory financing.
The transaction is between its wholly-owned subsidiary, Charbone Corporation USA (“Charbone USA”), and NORTHWOODS HYDROPOWER INC. (“Northwoods”), for the acquisition of all of the general partner and limited partner interests of the Limited Partnerships, respectively the owner of the Tower 560 kW, Kleber 1,200 kW and Alverno 1,000 kW operating hydropower plants in the Onaway, Michigan area (the “Michigan Plants”).
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.
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About Charbone
Charbone is a Canadian green hydrogen company established in North America. The company’s strategy consists of developing modular and expandable hydrogen facilities. Through the acquisition of hydropower plants in the United States and in Canada, Charbone intends to produce green dihydrogen molecules using reliable and sustainable energy to distinguish itself as a supplier of an environmentally friendly solution for industrial and commercial companies.
About Northwoods
Northwoods, Wolf River Hydro Limited Partnership, Tower Kleber Limited Partnership and Black River Limited Partnership are U.S. based businesses, wholly owned by a Canadian family, that have been operating the Michigan and the Wisconsin hydropower plants for over 20 years.
