Charbone Hydrogen Announces 2023 Financial Results

Charbone Hydrogen Announces 2023 Financial Results

(TheNewswire)

Charbone Hydrogen Corporation

Brossard, Quebec TheNewswire - APRIL 30, 2024 Charbone Hydrogen Corporation (TSXV:CH ) ; ( OTC:CHHYF ) ; ( FSE:K47) (the "Company" or "CHARBONE"), North America's only publicly traded pure-play green hydrogen company, is pleased to announce the financial and operating results for the year ending December 31, 2023.

Significant progress continues to be reflected in 2023 year-end financials, as steps to strengthen the Company's balance sheet and its 100% near-term focus on advancing North American green hydrogen production projects advance.

HIGHLIGHTS:

  • Spending decreased 30% to $2,961,451 in 2023 compared to $4,207,280 in 2022 (activities refocus and tightening of general and administrative expenses).

  • Revenue increased 1,158% to $282,724 in 2023 compared to $22,481 in 2022 (generated from the Wolf River acquisition on December 1, 2022).

  • Positive net cash position on December 31, 2023 of $55,123 compared to ($28,467) debt at December 31, 2022:

    • Company disbursements from operating activities reigned in and down to $1,513,910 in 2023 compared to $3,922,918 in 2022;

    • The Company has closed private financings for gross proceeds amounting to $1,258,297 and Units for debt settlement of $747,228;

    • The Company received $310,184 in advances from key management personnel; and

    • The Company also netted an additional $300,000 in 2023 from Finexcorp financing agreement converted on September 30, 2023, to secured convertible debentures at a deemed price of $0.10.

" Management's resilience and drive to refocus business activities on green hydrogen production delivery, commercial growth scalability and strengthening our balance sheet have Charbone well-positioned to deploy its updated financing plan and complete its first project at Sorel-Tracy (Quebec, Canada) in the second half of 2024," said Benoit Veilleux, Chief Financial Officer and Corporate Secretary of Charbone . "Additionally, a second green hydrogen production project in the Detroit, Michigan area is scheduled to be operational later this year. In total, CHARBONE plans to build and deliver 16 green hydrogen production facilities across North America by 2030."


Click Image To View Full Size


Click Image To View Full Size

About Charbone Hydrogen Corporation

CHARBONE is an integrated green hydrogen group focused on delivering a network of modular green hydrogen production facilities across North America. Using renewable energy sources to produce green (H2) dihydrogen molecules and eco-friendly energy solutions for industrial, institutional, commercial and future mobility users, CHARBONE plans to scale and deliver green hydrogen production facilities in both the US and Canada by 2024, with an additional 14 facilities planned by 2030. CHARBONE is the only publicly traded pure-play green hydrogen company with common shares trading on the TSX Venture Exchange (TSXV: CH); the OTC Markets (OTCQB: CHHYF); and the Frankfurt Stock Exchange (FSE: K47). For more information, please visit www.charbone.com

Forward-Looking Statements

This news release contains statements that are "forward-looking information" as defined under Canadian securities laws ("forward-looking statements"). These forward-looking statements are often identified by words such as "intends", "anticipates", "expects", "believes", "plans", "likely", or similar words. The forward-looking statements reflect management's expectations, estimates, or projections concerning future results or events, based on the opinions, assumptions and estimates considered reasonable by management at the date the statements are made. Although Charbone believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements involve risks and uncertainties, and undue reliance should not be placed on forward-looking statements, as unknown or unpredictable factors could cause actual results to be materially different from those reflected in the forward-looking statements. The forward-looking statements may be affected by risks and uncertainties in the business of Charbone. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors" in the Corporation's Filing Statement dated March 31, 2022, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements.

Except as required under applicable securities legislation, Charbone undertakes no obligation to publicly update or revise forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .

Contacts Charbone Hydrogen Corporation

Dave B. Gagnon

Chief Executive Officer and

Chairperson of the Board

Charbone Hydrogen Corporation

Telephone:

+1 438 844-7170

Email:

dg@charbone.com

Daniel Charette

Chief Operating Officer

Charbone Hydrogen Corporation

Telephone:

+1 438 800-4946

Email:

dc@charbone.com

Benoit Veilleux

Chief Financial Officer and Corporate Secretary

Charbone Hydrogen Corporation

Telephone:

+1 438 800-4991

Email:

bv@charbone.com

Copyright (c) 2024 TheNewswire - All rights reserved.

News Provided by TheNewsWire via QuoteMedia

CH:CC
Charbone Hydrogen

Charbone Hydrogen Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Charbone Hydrogen

Charbone Hydrogen


Keep reading...Show less
Charbone Hydrogene securise une infrastructure de transport cle pour la livraison d'hydrogene vert a partir d'une usine de production phare au Quebec

Charbone Hydrogene securise une infrastructure de transport cle pour la livraison d'hydrogene vert a partir d'une usine de production phare au Quebec

(TheNewswire)

Charbone Hydrogen Corporation

Brossard (Québec), le 24 juillet 2024 TheNewswire CORPORATION CHARBONE HYDROGÈNE (TSXV: CH OTCQB: CHHYF, FSE: K47 ) (« Charbone » ou la « Société »), la seule société d'Amérique du Nord cotée en bourse spécialisée dans l'hydrogène vert, a annoncé aujourd'hui l'arrivée de sa première remorque tubulaire qui sera utilisée pour le transport et la livraison en vrac de l'hydrogène vert comprimé, produit à partir du projet phare de la société de la ville de Sorel-Tracy, au Québec, aux client locaux et nationaux.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
CHARBONE Hydrogen Selected to Present at World Electrolysis North America Pre-Event Webinar: Scaling Up Electrolytic Hydrogen in North America

CHARBONE Hydrogen Selected to Present at World Electrolysis North America Pre-Event Webinar: Scaling Up Electrolytic Hydrogen in North America

(TheNewswire)

Charbone Hydrogen Corporation

Brossard, Quebec, July 16, 2024 TheNewswire Charbone Hydrogen Corporation (TSXV: CH; OTCQB: CHHYF; FSE: K47) (the "Company" or "CHARBONE"), North America's only publicly traded pure-play green hydrogen company, is pleased to announce its participation in the upcoming World Electrolysis North America free webinar: Scaling Up Electrolytic Hydrogen in North America on July 17, 2024 at 1:00 PM EDT.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Charbone Hydrogene renforce ses capacites d'exploitation et de developpement de marche alors que l'entreprise identifie de nouveaux objectifs pour ses plans d'expansion de l'hydrogene vert en Amerique du Nord d'ici 2025

Charbone Hydrogene renforce ses capacites d'exploitation et de developpement de marche alors que l'entreprise identifie de nouveaux objectifs pour ses plans d'expansion de l'hydrogene vert en Amerique du Nord d'ici 2025

(TheNewswire)

Charbone Hydrogen Corporation

Brossard (Québec), le 11 juillet 2024 TheNewswire CORPORATION CHARBONE HYDROGÈNE (TSXV: CH OTCQB: CHHYF, FSE: K47 ) (« Charbone » ou la « Société »), la seule société d'Amérique du Nord cotée en bourse spécialisée dans l'hydrogène vert, est heureuse de fournir une mise à jour sur ses efforts d'expansion du marché nord-américain d'ici 2025 alors que la société accueille un nouveau membre de l'équipe des opérations.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Carbon Done Right Announces Receipt of Fifth Disbursement of Financing for Sierra Leone Rewilding Project

Carbon Done Right Announces Receipt of Fifth Disbursement of Financing for Sierra Leone Rewilding Project

Carbon Done Right Developments Inc. (TSXV: KLX) (FSE: Q1C) ("Carbon Done Right" or the "Company") a leading provider of high-quality carbon credits sourced exclusively from afforestation and reforestation projects developed and owned by the Company and its stakeholders, is pleased to announce the completion of all milestones required for the fifth disbursement under the pre-purchase agreement announced on the 14th June, 2023.

Carbon Done Right CEO James Tansey stated, "This fifth milestone demonstrates our continued progress with the project's implementation. Our team is actively planting through the summer and has already cleared over 500 ha of land. The restoration sites focus on abandoned land in Sierra Leone and provide direct income to the smallholders within these communities and long-term revenue sharing benefits. Restoring nature's capacity to sequester carbon is a key strategy for reversing and preventing climate change. The in-country team is busy preparing for the 2024 planting season where we expect to plant native tree species on up to 2,000 ha of additional degraded land."

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Forward Water Technologies Corp. and Fraser Mackenzie Accelerator Corp Announce Revisions to Terms of Proposed Transaction and Concurrent Financing, Signing of Definitive Agreement for Proposed Business Combination

Forward Water Technologies Corp. and Fraser Mackenzie Accelerator Corp Announce Revisions to Terms of Proposed Transaction and Concurrent Financing, Signing of Definitive Agreement for Proposed Business Combination

Forward Water Technologies Corp. (TSXV: FWTC) (" FWTC ") and Fraser Mackenzie Accelerator Corp. (TSXV: FMAC.P) (the " FMAC ") are pleased to announce that, further to their joint news releases of May 14, 2024 announcing the proposed transaction between FWTC and FMAC (the "Transaction"), and June 18, 2024 announcing the proposed private placement financing concurrent with the Transaction (the "Concurrent Financing"), they have revised the terms of the Transaction and the Concurrent Financing and have entered into a definitive agreement dated July 22, 2024 with respect to the Transaction (the "Definitive Agreement"). The Transaction is intended to be FMAC's qualifying transaction for purposes of TSX Venture Exchange ("TSXV") policies. FWTC, after completion of the Transaction, is referred to as the " Resulting Issuer ".

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Bitcoin Well Announces Bill Payments Via the Lightning Network and Unique User Signup Milestone

Bitcoin Well Announces Bill Payments Via the Lightning Network and Unique User Signup Milestone

(TheNewswire)

Bitcoin Well Inc.

Edmonton, Alberta July 16, 2024 TheNewswire Bitcoin Well Inc. (" Bitcoin Well " or the " Company ") ( TSXV: BTCW; OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enable independence announces the ability for customers in Canada to pay their household bills and credit cards with bitcoin on the Lightning Network, as well as the achievement of 21,000 unique users signed up to the Bitcoin Portal.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
RecycLiCo Battery Materials Inc. Granted European Unitary Patent for Innovative Lithium-Ion Battery Recycling Process

RecycLiCo Battery Materials Inc. Granted European Unitary Patent for Innovative Lithium-Ion Battery Recycling Process

-

RecycLiCo Battery Materials Inc. ("RecycLiCo" or the "Company"), TSX.V: AMY, OTCQB: AMYZF, FSE: ID4, a leader in sustainable lithium-ion battery recycling technology, is pleased to announce the registration of the European Unitary Patent (Patent Application No. 17870326.0) for its pioneering hydrometallurgical recycling solution. This patent grant solidifies the Company's intellectual property portfolio in Europe, a key market focused on electrification and sustainable battery technologies.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Forward Water Technologies Corp. Business Update: New Projects Initiated with Major Corporations in the Food and Beverage Sector

Forward Water Technologies Corp. Business Update: New Projects Initiated with Major Corporations in the Food and Beverage Sector

Forward Water Technologies Corp. ("FWTC") (TSXV:FWTC) has initiated new projects via direct customer contact in the food and beverage space to enable more efficient wastewater handling in the production of food and beverage products with globally positioned multinational manufacturers. FWTC has entered early planning stages for pilot or early commercial trials after being selected for evaluation by two unique clients. Projects, if successful, would represent a significant reduction in water usage for the manufacturing of products and simultaneously reduce the energy footprint currently required. This energy reduction would not only lead to cost savings but also have a major impact in reducing CO2 emissions

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Bitcoin Well Announces 87% Quarterly Growth in Q2 on the Bitcoin Portal

Bitcoin Well Announces 87% Quarterly Growth in Q2 on the Bitcoin Portal

(TheNewswire)

Bitcoin Well Inc.

Edmonton, Alberta TheNewswire - July 10, 2024 Bitcoin Well Inc. (" Bitcoin Well " or the " Company ") ( TSXV: BTCW ) ; ( OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enable independence, today announces that Bitcoin Portal volumes have grown by over 87% in Q2 2024 (CAD ~$16.85 million) compared to Q1 2024 (CAD ~$9 million) . With Bitcoin Portal volumes in the USA growing by over 260% in Q2 (CAD ~$0.4 million) compared to Q1 2024 (CAD ~$0.11 million) .

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Charbone Hydrogen

Charbone Hydrogen Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×