Charbone Hydrogen Corporation (TSX-V:CH, OTCQB:CHHYF), the renewable energy company, entered its final stage of site selection for its first green hydrogen facility in the US.
A decision is expected to be made in the coming weeks, the company revealed.
Site readiness, highway proximity, program scalability and support from local utilities are just some of the factors Charbone is considering before making a decision.
The site selection process is taking place in Oakland County in Michigan, an area which is home to dozens of major automakers and contains multiple R&D facilities.
“Charbone’s North American green hydrogen production plans are aggressive, and we plan to be online and operating in both the US and Canada this year,” said Daniel Charette, COO of Charbone.
As part of the search process, Charbone is working alongside the area’s Economic Development Department, the Detroit Regional Partnership and the City of Detroit Sustainable Office.
Together the groups have been visiting, evaluating, and assessing multiple brownfield sites which have the potential to be redeveloped.
Other stakeholders such as the Michigan Economic Development Corporation and the Department of Environment, Great Lakes and Energy have helped with the search process.
Charette added: “Our top priorities are to bring out Canadian project online this summer, and to fast track the Oakland County project and become the first green hydrogen production facility in Michigan before the end of 2024.
“The amount of green hydrogen opportunities in the Detroit-area is simply staggering, and our plan is to capitalize on these as first-movers.”
Charbone also confirmed it was increasing its secured convertible debentures by $100,000 to help with the purchase of equipment.
Said funding has had its maturity date extended from March 30 2025 to September 30 2025.