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Brossard, Quebec, November 29, 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, today announced its financial and operating results for the third quarter of 2024, highlighted by a 23% year-over-year revenue increase and critical progress toward commencing green hydrogen production at its Sorel-Tracy facility in early 2025.
All necessary permits for the Sorel-Tracy facility have been obtained, and performance testing of electrolyzer components has been successfully completed, keeping the project on track for early 2025 production.
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Dave Gagnon, CEO of CHARBONE, touching the 1.75MW electrolyzer
Q3 2024 HIGHLIGHTS:
Spending decreased 11% to $1,741,149 in the nine-month period ending September 30, 2024 compared to $1,948,336 in the nine-month period ending September 30, 2023 (activities refocus and tightening of general and administrative expenses).
Revenue increased 23% to $261,228 in the nine-month period ending September 30, 2024 compared to $212,680 in the nine-month period ending September 30, 2023 (generated from the Wolf River acquisition on December 1, 2022).
The Company has closed a private financing for gross proceeds amounting to $1,504,627 ($849,622 in February 2024 and $655,005 in November 2024), Units for debt settlement of $352,214 and exercises of warrants/options of $452,345;
The Company also received an additional $100,000 in 2024 from Finexcorp secured convertible debentures at a deemed price of $0.10 and agreed on an extension of the $1.2 million CAD 14% (now 12%) secured convertible debentures maturity date that were issued by the Company in reducing significantly the current liabilities and with better terms; and
The Company made acquisitions of storage hydrogen equipment and upgraded its Sorel-Tracy electrolyzer capacity to 1.75MW.
Charbone's disciplined financial management, and strategic partnerships position the Company to deliver on its vision of creating a North American green hydrogen network. These advancements underscore its commitment to becoming a leader in the energy transition.
Located near Montreal, Quebec, CHARBONE's Sorel-Tracy Green Hydrogen Project will serve as the Company's flagship facility, giving CHARBONE a first-mover advantage with plans to commence production beginning of 2025.
"Management's efforts to shore up and strengthen our balance sheet have been focused and deliberate," said Benoit Veilleux, Chief Financial Officer and Corporate Secretary of CHARBONE . "Ongoing talks with strategic partners are advancing well to support and execute CHARBONE's growth potential with our financial partners and investors."
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About Charbone Hydrogen Corporation
CHARBONE is an integrated green hydrogen company focused on creating a network of modular green hydrogen production facilities across North America. Using renewable energy, CHARBONE produces eco-friendly dihydrogen (H2) for industrial, institutional, commercial, and future mobility users. CHARBONE is currently the only publicly traded pure-play green hydrogen company, with shares listed on the TSX Venture Exchange (TSXV: CH); the OTC Markets (OTCQB: CHHYF); and the Frankfurt Stock Exchange (FSE: K47). For more information on Charbone Hydrogen and its projects, 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 | ||||
Telephone: | +1 438 844-7170 | |||
Email: | ||||
Daniel Charette | ||||
Chief Operating Officer | ||||
Telephone: | +1 438 800-4946 | |||
Email: | ||||
Benoit Veilleux | ||||
Chief Financial Officer and Corporate Secretary | ||||
Telephone: | +1 438 800-4991 | |||
Email: | ||||
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