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 (TSXV:CH)

Charbone Hydrogen


Keep reading...Show less

The only publicly listed green hydrogen player in Canada.

US Capital Global Facilitates $50MM Financing to Accelerate Charbone Hydrogen's North American Expansion

US Capital Global Facilitates $50MM Financing to Accelerate Charbone Hydrogen's North American Expansion

US Capital Global Securities LLC, the SEC-registered broker-dealer division of the global private financial group US Capital Global is pleased to announce that it has acted as lead advisor and facilitator on a project finance facility of up to $50 million for Charbone Hydrogen Corporation (TSXV: CH; OTCQB: CHHYF; FSE: K47) ("Charbone"). The financing is being provided by a private fund managed by True Green Capital Management LLC ("TGC").

Headquartered in Montreal, Charbone is a rare publicly traded pure-play hydrogen company focused exclusively on the production and distribution of green hydrogen in North America. The company is developing modular production facilities targeting 99.999% purity (Grade 5.0) hydrogen, with all output pre-sold through tier-one offtake agreements.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Charbone Hydrogene a execute un financement de 50 millions USD pour accelerer son expansion en hydrogene en Amerique du Nord, facilite par US Capital Global

Charbone Hydrogene a execute un financement de 50 millions USD pour accelerer son expansion en hydrogene en Amerique du Nord, facilite par US Capital Global

(TheNewswire)

Charbone Hydrogen Corporation

Un groupe financier privé mondial dont le siège social est à San Francisco conseille sur la facilité de construction pour soutenir l'expansion des usines modulaires d'hydrogène vert de Charbone en Amérique du Nord.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
CHARBONE Hydrogen Executed a USD 50MM Financing to Accelerate its Hydrogen's North American Expansion Facilitated by US Capital Global

CHARBONE Hydrogen Executed a USD 50MM Financing to Accelerate its Hydrogen's North American Expansion Facilitated by US Capital Global

(TheNewswire)

Charbone Hydrogen Corporation

Global private financial group headquartered in San Francisco advises on construction facility to support CHARBONE's expansion of modular green hydrogen facilities in North America.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Charbone Hydrogen Announces Closing of Units for Debt Financing for a Total Amount of $1.3M

Charbone Hydrogen Announces Closing of Units for Debt Financing for a Total Amount of $1.3M

(TheNewswire)

Charbone Hydrogen Corporation

Brossard, Quebec TheNewswire - June 3, 2025 Charbone Hydrogen Corporation (TSXV: CH; OTCQB: CHHYF; FSE: K47) (the "Company" or "CHARBONE "), North America's only publicly traded pure-play company focused on green hydrogen production and distribution, is pleased to announce the closing of Units for debt settlements amounting to $1,342,687.

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

×