Charbone Hydrogen Corporation has received a non-binding offer for the sale of its interests in two hydro projects located in Vermont and Wisconsin.
The undisclosed buyer, a renewable power producer, offers a combined valuation of US$725,000 for Charbone to sell 100% of its equity interests in the two projects. The parties aim to finalize a binding purchase agreement for this sale within the upcoming two months.
This potential asset sale comes after Charbone recently declared that essential storage infrastructure is being transported to its green hydrogen production plant site near Montreal, which is expected to be operational by 2024. Moreover, the company plans to launch another green hydrogen production project in the Detroit, Michigan area this year.
Charbone’s sell-off of these assets would provide additional, non-dilutive resources to progress its near-term plant development portfolio and evaluate other opportunities to augment its active modular green hydrogen plant development roadmap.
The Sorel-Tracy Green Hydrogen Project will be Charbone’s flagship facility, starting production in 2024. The facility aims to produce approximately 200 kg per day once reaching its full capacity, replacing gray hydrogen with a clean, reliable, renewable alternative in industrial uses.
