Charbone Hydrogen Corporation (TSX-V:CH, OTCQB:CHHYF) saw its annual revenue rise 15% in 2024 as it progresses towards launching green hydrogen production at its Sorel-Tracy facility in 2025.
Revenue climbed to C$325,753 for the year ended December 31, 2024, up from C$282,724 in 2023, driven by continued contributions from its Wolf River hydroelectric operations.
Those figures come despite a temporary reduction in service caused by equipment failure, Charbone noted in a statement.
The Quebec-based company also trimmed spending by 16% to C$2.47 million, citing a refocus of its activities and tighter control of general and administrative costs.
Charbone has now secured all necessary permits for the Sorel-Tracy plant, and provincial utility Hydro-Québec is completing interconnection work. The facility’s upgraded electrolyzer capacity has been increased to 1.75 megawatts, and the company made a deposit for two additional 2.5MW units, it said.
The plant will be a key component in building out its envisioned North American green hydrogen network.
CFO Benoit Veilleux told shareholders that Charbone’s efforts to strengthen its balance sheet have been “focused and deliberate.”
Charbone raised a total of C$1.77 million in private financings during the year, up from C$1.26 million in 2023, and received an additional C$889,494 through warrant and option exercises. It also settled C$352,214 in debt through the issuance of units.
To support future growth, Charbone completed a C$2.1 million unsecured convertible note financing with a three-year term and 12% annual interest, convertible at a price no lower than C$0.10 per share. It also restructured and extended the terms of C$1.2 million in secured convertible debt.
“Ongoing talks with strategic partners are advancing well to support and execute Charbone’s growth potential,” Veilleux added.
Investors welcomed Charbone's report, sending its shares 9.1% higher late morning on Wednesday.