Charbone Hydrogen boosts revenue as it nears hydrogen production at Sorel-Tracy project.
Charbone Hydrogen Corporation (TSX-V:CH, OTCQB:CHHYF) reported higher revenues and lower spending for the six-month period ending June 30 as it remains on track to start producing green hydrogen at its flagship Sorel-Tracy project near Montreal, Quebec, in the second half of the year.
Revenue was up 48% for the six months at $182,143, compared to $123,391 for the same period in 2023.
Spending decreased 19% to about $1.2 million from about $1.5 million as the company refocused its efforts and curbed general and administrative expenses.
Operational highlights included making acquisitions of hydrogen storage equipment and upgrading its Sorel-Tracy electrolyzer capacity to 1.75MW.
Benoit Veilleux, Charbone’s chief financial officer, commented:
Management’s efforts to shore up and strengthen our balance sheet have been focused and deliberate.
“We’ve made significant cost-reduction headway in recent months, while still driving forward with our near-term plans to deliver a network of North American green hydrogen production facilities,”
“The recent discussion with strategic partners is advancing well to help to execute Charbone’s growth potential with our financial partners and investors, and the team feels supported and is advancing on all fronts.”
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Charbone Hydrogen boosts revenue as it nears hydrogen production at Sorel-Tracy project. source
