BROSSARD, Québec, June 22, 2022 (GLOBE NEWSWIRE) -- CHARBONE HYDROGEN Corporation (TSXV:CH) (“CHARBONE or the Company”) is pleased to announce that it has reached another important milestone in the deployment of its concept of small and expandable green hydrogen regional hub by announcing that it has received from the “Ministère de l'Environnement et de la Lutte contre les changements climatiques” of Quebec the certificate of environmental authorization to produce up to 5.5 MW green hydrogen at the Sorel-Tracy CHARBONE Hydrogen facility for the phase 1, 2 and 3 . The project has also already received preliminary on-site civil works construction permits from the municipality of Sorel-Tracy.
CHARBONE is also announcing that the CHARBONE Management team have held yesterday, June 20 “a first shovel” event, kicking off the construction of the phase 1 of the Sorel-Tracy facility with the on-site civil work. The Sorel-Tracy facility is located on an approximately 40,000 square meters land parcel leased by CHARBONE under a 25-year long-term lease entered into with the town of Sorel-Tracy along the Québec Highway 30, the “Autoroute de l’acier”, fifty minutes east of Montreal on St-Lawrence River south shore. The highway was named “Steel Highway” because of the numerous steel mills and process plants operating along the highway from Varennes to Bécancour (QC).
The dihydrogen produced at the Sorel-Tracy facility will be sold and distributed by CHARBONE exclusive partner, Superior Propane, a subsidiary of Superior Plus, under a definitive agreement that was announced on May 5, 2022. CHARBONE will deliver a high-purity grade 5.0 green hydrogen to Superior Propane in different formats, including, individual cylinders, bundle-packs and bulk to industrial users and for few future heavy mobility users.
CHARBONE is also continuing its efforts to obtain the “ECO-responsible certification” with the Ecoresponsible Program which it expects to receive during Q3 or Q4-2022 while at the same time continuing its efforts to obtain the B-Corp certification that should be obtained by Q1-2023. CHARBONE would be one of the first green hydrogen producer to obtain such certification in Canada under this high-profile sustainable program.
“What an exciting moment for the CHARBONE team and our shareholders to see the start of the construction of this first, 100% green hydrogen facility in Quebec and most probably in Canada, fully dedicated to replacing the grey industrial hydrogen actually used in the process gas market” said Dave Gagnon, CEO and Chairman of CHARBONE. “I’m really proud of our team, that has worked hard since the last 30 months to get this project on track and start construction.”
“We have been dedicating all our times, our hearts and souls on CHARBONE projects for the last 30 months. What an extraordinaire moment yesterday it was by receiving the environmental authorization and raising the first shovel in the ground” said Daniel Charette, founding member and COO of CHARBONE. “Many thanks to our CHARBONE team, our engineering partners that were committed to this project, the town of Sorel-Tracy and all stakeholders that participate into this tremendous adventure.”
About CHARBONE
CHARBONE is a Canadian green hydrogen group established in North America. The company's strategy is to develop modular and expandable hydrogen facilities and regional hubs. With the acquisition of hydroelectric power plants in the United States and Canada, CHARBONE will be able to produce green dihydrogen molecules using reliable and sustainable energy in order to distinguish itself as a supplier of an ecological solution for industrial and commercial companies.
Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Information
All statements, other than statements of historical fact, contained in this press release including, but not limited to (i) the positive impact of the foregoing on project economics, (ii) the intended results of the initiatives described above, (iii) the intended project output capacity and (iv) generally, or the “About CHARBONE” paragraph which essentially describe the Company’s outlook and objectives, constitute “forward-looking information” or “forward-looking statements” within the meaning of certain securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Moreover, these forward-looking statements were based upon various underlying factors and assumptions, including the timely delivery and installation of the equipment supporting the production of green hydrogen, the Company’s business prospects and opportunities and estimates of the operational performance of the equipment, and are not guarantees of future performance.
Forward-looking information and statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking information and statements. Risk factors that could cause actual results or events to differ materially from current expectations include, among others, delays in the scheduled delivery times of the equipment, the ability of the Company to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the operating performance of the Company’s assets and businesses, competitive factors in the hydrogen and production industry, changes in laws and regulations affecting the Company’s businesses, technological developments, the impacts of the global COVID-19 pandemic and the governments’ responses thereto, and general economic conditions. Unpredictable or unknown factors not discussed in this Cautionary Disclaimer could also have material adverse effects on forward-looking statements.
Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts
| For further information, please contact: | |
| Dave B. Gagnon | Daniel Charette |
| Chief Executive Officer and Chairperson of the Board | Chief Operating Officer |
| CHARBONE Hydrogen Corporation | CHARBONE Hydrogen Corporation |
| Telephone: +1 450 678-7171 | Telephone: +1 514 980 5841 |
| Email: dg@charbone.com | Email: dc@charbone.com |
| Stéphane Dallaire | |
| Chief Financial Officer and Head of Corporate Finance | |
| CHARBONE Hydrogen Corporation | |
| Telephone: +1 514-234-2544 | |
| Email: sd@charbone.com | |
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/42931981-02c4-4237-b0b2-af91759411ad
