Charbone Hydrogen Corporation (TSX-V:CH, OTCQB:CHHYF) told investors it has received a signed, non-binding cash offer for the previously announced sale of its interests in two hydro projects in Vermont and Wisconsin.
The green hydrogen company said details of the offer remain confidential but that it would sell 100% of its equity interests in the two projects to an undisclosed renewable power producer for US$725,000.
"The sale of these assets will provide the company with additional, non-dilutive resources to help advance this year's green hydrogen plant development portfolio, while also evaluating other opportunities to add further projects to an already active development roadmap," CEO Dave Gagnon commented.
The company added that it continues to advance plans for the launch of its flagship facility, the Sorel-Tracy green hydrogen project, located near Montreal, Quebec.
Production is expected to start in the second half of 2024.
A second green hydrogen facility in Detroit, Michigan is also expected to be operational later this year.
The company plans to build and deliver 16 green hydrogen production facilities across North America by 2030 to meet the needs of the growing green hydrogen market, expected to reach $89.2 billion by that year.
"Charbone's green hydrogen production strategy is in sync with policymakers' desires to replace gray hydrogen with a clean, reliable, renewable alternative to hydrogen produced from fossil fuels," Gagnon said.