Charbone Hydrogen Corporation (TSX-V:CH, OTCQB:CHHYF) strengthened its balance sheet as it advanced its projects in the first three months of 2024, remaining on track to deliver its first green hydrogen production facilities in Canada and the US in the second half of the year.
For Q1, the company's revenue increased 65% to about $81,600 compared to about $50,000 in the first quarter of 2023, with the increase attributed to Charbone's acquisition of Wolf River.
Spending decreased 35% to about $507,000 from about $782,000 as the company refocused its activities and tightened general and administrative expenses.
Additionally, the company made acquisitions of storage hydrogen equipment.
“As market interest and project momentum increases, management’s efforts to shore up and strengthen our balance sheet have been focused and deliberate. We’ve made significant cost-reduction headway in recent months, while still driving forward with our near-term plans to deliver a network of North American green hydrogen production facilities,” Charbone chief financial officer Benoit Veilleux said.
“The recent valuation helped to solidify Charbone’s growth potential with our financial partners and investors, and the team remains excited and energized to capitalize on our first-mover advantages.”
The company plans to commence production at its flagship Sorel-Tracy Green Hydrogen Project located near Montreal, Quebec later this year.
A second green hydrogen production project in the Detroit, Michigan area is also scheduled to be operational in 2024.