Charbone Hydrogen Receives A Non-Binding Cash Offer To Sell Interests In Two American Hydro Projects.
CHARBONE HYDROGEN CORPORATION (TSXV: CH;
OTCQB: CHHYF; FSE: K47) (the “Company” or “CHARBONE”), North America’s only publicly traded pure-play green hydrogen company, announced that it has received a signed, non-binding offer for the sale of two hydro projects in Vermont and Wisconsin.
The terms of the offer remain confidential but specify that CHARBONE would sell 100% of its equity interests in the two hydro projects to an undisclosed renewable power producer for a combined valuation of US$725,000. The parties have agreed to collaborate using their best efforts to enter into a binding purchase offer with respect to the sale within the next 30-60 days.
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News of this potential asset sale follows CHARBONE’s recent announcement that essential storage infrastructure is being transported to its flagship green hydrogen production plant site near Montreal, with plans to be operational in the second half of 2024. Additionally, the company has also announced its intent to launch a second North American green hydrogen production project in the Detroit, Michigan area this year.
Dave Gagnon, CEO of CHARBONE, said:
We are pleased to receive an offer that recognizes the inherent value of these assets.
“As CHARBONE has established a decentralized, energy opportunistic approach to its green hydrogen production strategy, our ability to tap into any renewable energy sources connected to the grid allows us to move quickly, reduce costs and begin production. The sale of these assets will also provide the Company with additional, non-dilutive resources to advance our near-term plant development portfolio, while also evaluating other opportunities to add further projects to an already active modular green hydrogen plant development roadmap.”
The Sorel-Tracy Green Hydrogen Project will serve as the Company’s flagship facility, giving Charbone a first-mover advantage with production starting in the second half of 2024. Following a phased approach and gradually accelerating to produce approximately 200 kg per day once reaching initial full capacity, the facility targets industrial uses. It replaces gray hydrogen with a clean, reliable, renewable alternative to hydrogen produced from fossil fuels. Charbone is now preparing to set up a delivery schedule for the other production and storage equipment.
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Charbone Hydrogen Receives A Non-Binding Cash Offer To Sell Interests In Two American Hydro Projects. source
