Charbone Hydrogen Announces 2023 Financial Results

(TheNewswire)

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.”

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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.

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