Charbone Hydrogen Corporation (TSX-V:CH, OTCQB:CHHYF) has updated investors on the significant process it has made in strengthening its balance sheet while reducing operating expenses and cash burn over the last year.
"We have been taking important and deliberate steps toward creating long-term shareholder value through a series of successful recapitalization efforts and focusing business activities on green hydrogen production delivery, commercial growth scalability and strengthening our balance sheet,” Charbone Hydrogen CEO Dave Gagnon said in a statement.
"We have completed two recent financings for $500,000 and $850,000 and expect that our cost reduction efforts will continue to result in a significant decrease in our monthly cash burn rate, down to approximately $150,000 versus the $450,000 as seen in previous periods.”
Charbone Hydrogen noted that its flagship green hydrogen facility, located in Sorel-Tracy, Quebec, will come online in mid-2024. Production will be phased, ramping up to a full capacity of 200 kg per day.
In the US, the company said plant development would begin on its recently announced project in the Detroit area of Michigan.
"The decisions made to improve operational efficiencies have provided us with a clear path toward achieving several important milestones throughout the course of 2024," Gagnon added.
"I want to thank our shareholders and business partners for their support as we push forward with an exciting green hydrogen production agenda in the months ahead.”
Charbone Hydrogen is an integrated green hydrogen group focused on delivering a North American network of production facilities and technological solutions for the creation and distribution of green hydrogen produced from clean and renewable energy.