Charbone Hydrogen Corporation (TSX-V:CH, OTCQB:CHHYF) announced the receipt of a US$60.8 million valuation from an independent valuation and financial due diligence firm.
The valuation underscores Charbone's strategic positioning as North America's sole publicly traded pure-play green hydrogen company. Focused on deploying a network of modular green hydrogen production facilities across the continent, Charbone employs grid-connected renewable energy sources to produce eco-friendly green hydrogen molecules for industrial, institutional, commercial, and future mobility applications.
With priority launch plans to scale and deliver green hydrogen production facilities in both the United States and Canada during the second half of 2024, Charbone said it sought an independent valuation to assess its fair market value.
Utilizing four methodologies, including market capitalization, book value, market comparisons, and discounted cash flow, the valuation firm arrived at a weighted valuation of US$60.8 million.
Charbone’s flagship project, the Sorel-Tracy green hydrogen project near Montreal, Quebec, is set to commence production later this year, providing Charbone with a significant first-mover advantage. A second project in the Detroit, Michigan area is scheduled for operationalization in 2024. Overall, Charbone aims to construct and deliver 16 green hydrogen production facilities across North America by 2030.
“This valuation showcases the remarkable growth potential of Charbone’s current business and project interests in the Montreal and Detroit areas, as well as our ability to forge strong business and financial partnerships,” said Dave Gagnon, CEO of Charbone.
“We’ve worked hard to create lasting relationships with government and industry partners to secure our current plant optimization plans in 2024. We feel incredibly confident in our long-term vision and prospects for investor success.”
Charbone's US-listed shares rose 6.3% over the counter on Tuesday morning.