Charbone Hydrogen Corporation (TSX-V:CH, OTCQB:CHHYF) confirmed it received an offer for the sale of two of its hydro projects, located in Vermont and Wisconsin.
Terms of the non-binding offer remain undisclosed to the public but Charbone said the deal would see 100% of its equity interests sold to an undisclosed renewable power producer.
Should a deal be made, Charbone expects to receive a combined valuation of US$725,000 for the two projects.
The pure-play green hydrogen company said it will now work with the bidder to smooth out a deal, with plans to execute a sale within the next 30 to 60 days.
Dave Gagnon, chief executive at Charbone, expressed welcomed the offer, stating it “recognises the inherent value of these assets.”
He said cash from the sale would provide Charbone with the ability to advance near-term plant development, while also allowing it to add further projects to its portfolio.
“As Charbone has established a decentralized, energy opportunistic approach to its green hydrogen production strategy, our ability to tap into any renewable energy sources connected to the grid allows us to move quickly, reduce costs and begin production,” Gagnon added.