Brossard, Québec – CHARBONE HYDROGEN CORPORATION (TSXV:CH) (“Charbone”) is pleased to announce that it has concluded the final negotiations and executed the Purchase and Sale Agreement (the “PSA”), dated as of January 17, 2023, 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 Tower Kleber Limited Partnership (“TKLP”) a Michigan Limited Partnership and Black River Limited Partnership, (“BRLP” and collectively with TKLP, 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 purchase price for the acquisition is $3,600,000 USD, subject to adjustments.