BROSSARD, QC – CHARBONE HYDROGEN CORPORATION ( TSXV:CH) (“Charbone”) is pleased to announce the signature of a memorandum of understanding with CORPORATION DE GESTION DU PORT DE BAIE-COMEAU (the “Port of Baie-Comeau” or the “Port”) and the CITY OF BAIE-COMEAU (the “City of Baie-Comeau” or the “City”), effective September 26, 2022, in order to initiate discussions with a view to the eventual conclusion of a definitive agreement (the “Definitive Agreement”) for the development of a green hydrogen project (the “Planned Partnership”) comprising Charbone’s green hydrogen production and distribution systems, with an initial capacity of 0.5 megawatts (“MW”) or greater, to be located within or near the Baie-Comeau industrial-port zone. The City also owns its own electrical distribution network, which will facilitate the integration of a modular plant with the potential for capacity expansion that could lead to export outside the region.
The parties anticipate that the Definitive Agreement will focus first on the creation of a local ecosystem for the production, distribution, and use of green hydrogen, confirming the positioning of the Port of Baie-Comeau and the City of Baie-Comeau as pioneers and leaders in the use of this innovative energy source in a port, maritime and industrial environment. The Port of Baie-Comeau and the City of Baie-Comeau will organize meetings with local businesses to assess current and future decarbonization needs, in addition to participating in the creation of a regional discussion table bringing together Charbone, the Port of Baie-Comeau and the City of Baie-Comeau, as well as local, provincial, and federal stakeholders, and the academic community.
“Charbone is determined to create the first regional ecosystems and to participate in the energy and economic transition of the regions,” said Dave B. Gagnon, Chief Executive Officer and Chairman of the Board of Directors of Charbone. “This agreement with the Port and the City of Baie-Comeau is yet another milestone, proving Charbone’s model of development and progressive deployment, and it is not the last.”
The Port of Baie-Comeau and its industrial-port zone intends to be among the country’s strategic hubs for the production of green hydrogen. Through this agreement, the Port intends to help create an innovative industrial cluster around this green energy, making it possible to meet the energy needs of the North Shore.
The city of Baie-Comeau believes in the future of alternative energies and in the potential of this emerging sector in Quebec. We wish to be a facilitator for the realization of projects promoting the establishment of a green hydrogen hub in Baie-Comeau.
About Charbone Hydrogen Corporation
Charbone is a Canadian green hydrogen company established in North America. The company’s strategy is to develop modular and scalable hydrogen production facilities. Through the acquisition of hydroelectric plants in the United States and Canada, Charbone intends to produce green dihydrogen molecules from reliable and sustainable energy to distinguish itself as a supplier of an environmentally friendly solution for industrial and commercial enterprises.
About Corporation de gestion du Port de Baie-Comeau
The Port of Baie-Comeau is located in Quebec, on the North Shore of the St. Lawrence River, near the mouth of the Manicouagan River in English Bay. This deep-water, ice-free port currently counts on the presence of major global players in the raw and processed materials sector, namely Cargill and Alcoa. The Port also provides logistics services for the mining and manufacturing industry in Northeastern Quebec and is connected to the national rail network leading to the American Midwest and all major domestic markets. Its goal as a port is to increase its ability to be an export hub for manufactured goods, natural resources, mining products, grains and the green energy industry. In addition, it is developing its industrial-port area to attract new customers that are part of a carbon-free future. In addition, the Port supports the heavily congested St. Lawrence Seaway and Great Lakes port network. The federal government and the government of Quebec recently allocated $15 million to carry out a feasibility study for the construction of a new railway line that would connect the industrial port area of Baie-Comeau to Dolbeau-Mistassini.
About the City of Baie-Comeau
The City of Baie-Comeau, an industrial-port city where pride and prosperity flourish, is located in the heart of the Manicouagan-Uapishka World Biosphere Reserve recognized by UNESCO. The City seeks to become a model of attractiveness and belonging to northern regions by putting forward a modern vision of sustainable economic development. It is looking for successful, responsible industrialists with strong environmental performance, particularly in the sectors of green metallurgy, alternative energies, forest fibre valorization, and critical and strategic minerals.
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