Charbone Hydrogen Corporation (TSX-V:CH, OTCQB:CHHYF) has released its financial and operational results for the third quarter, a period marked by a 23% year-over-year increase in revenue and significant progress toward green hydrogen production at its flagship Sorel-Tracy facility in Quebec.
Revenue for the nine months ending September 30 was about $261,000, up from about $213,000 for the year-ago period.
Spending decreased 11% for the first three quarters of 2024 when compared to the same period in 2023 to approximately $1.7 million from $1.9 million.
Charbone completed multiple financing activities in 2024, raising a total of approximately $1.5 million through private placements and securing an additional $100,000 through convertible debentures.
The company also renegotiated terms on $1.2 million in secured convertible debentures, reducing liabilities and securing more favorable conditions.
Operationally, Charbone enhanced its Sorel-Tracy facility by upgrading its electrolyzer capacity to 1.75 MW and acquiring hydrogen storage equipment.
The Sorel-Tracy project remains on schedule for production to begin in early 2025. All required permits have been secured, and testing of key electrolyzer components has been successfully completed.
“Management’s efforts to shore up and strengthen our balance sheet have been focused and deliberate,” Charbone CFO Benoit Veilleux commented.
“Ongoing talks with strategic partners are advancing well to support and execute Charbone's growth potential with our financial partners and investors.”