Charbone Hydrogen Announces Site Selection for First US Based Green Hydrogen Production Facility Entering Final Stages.
CHARBONE HYDROGEN CORPORATION (TSXV: CH;OTCQB: CHHYF; FWB: K47) (the “Company” or “CHARBONE”), North America’s only publicly traded pure-play green hydrogen company, today announced it is entering into the final stages of the site selection process in Oakland County, Michigan for CHARBONE’s first green hydrogen facility in the United States. Further to the Company’s December 4, 2023 project announcement, Oakland County is the home of dozens of major automotive companies including numerous world headquarters, North American headquarters, and R&D facilities.
With the full support of the Oakland County Economic Development Department (the “OCED”), the Detroit Regional Partnership (the “DRP”), and the City of Detroit Sustainable Office, CHARBONE has been visiting, evaluating and assessing multiple brownfield sites for redevelopment potential. Now in the final stages of its selection process, the Company anticipates making a selection in the coming weeks. Additional key stakeholders such as the Michigan Economic Development Corporation (the “MEDC”) and the Department of Environment, Great Lakes, and Energy (the “EGLE”) have also been actively involved.
CHARBONES’s site selection approach to modular green hydrogen plant development is based on commercial real estate best practices and the group’s collective expertise in developing alternative energy solutions that align with municipal, state and federal agency goals to leverage renewable energies for a sustainable future. Site readiness, highway proximity, program scalability, accessibility to reliable and non-intermittent renewable energy resources, and project support from local utilities are all contributing factors in final site selection.
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CHARBONE’s Chief Operating Officer, Daniel Charette, has also taken several face-to-face meetings with local and regional stakeholders, including public transit companies that are looking at Fuel Cell Buses and other potential green hydrogen off-takers. Additionally, Charette recently presented CHARBONE’s Greater Detroit Area project vision at a recent Oakland County Mobility Advisory Council held at the Continental AG Auburn Hills campus.
Daniel Charette, COO of Charbone, said:
CHARBONE’s North American green hydrogen production plans are aggressive, and we plan to be online and operating in both the US and Canada this year.
“Our top priorities are to bring out Canadian project online this summer, and to fast track the Oakland County project and become the first green hydrogen production facility in Michigan before the end of 2024. We are engaged with all suppliers for electrolyser deliveries within these timeframes, and our scalable approach to project plant construction gives our teams the flexibility and agility to mobilize quickly. The amount of green hydrogen opportunities in the Detroit-area is simply staggering, and our plan is to capitalize on these as first-movers.”
Additionally, CHARBONE is also announcing an increase by $100,000 of the secured convertible debentures with an arm’s length investor FINEXCORP, announced on August 3, 2023, and January 31, 2024, for the purchase of related equipment. CHARBONE has also agreed with the holder to a change of the maturity date from March 30, 2025, to September 30, 2025. All the other terms would stay the same and will be issued upon the approval of the TSX Venture Exchange and other customary closing conditions.
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Charbone Hydrogen Announces Site Selection for First US Based Green Hydrogen Production Facility Entering Final Stages. source
