CHARBONE Hydrogen Addresses Temporary Service Disruption at Legacy Wolf River Hydropower Plant, Reinforces Focus on Green Hydrogen Production

(TheNewswire)

Brossard, Quebec, January 10, 2025 TheNewswire – Charbone Hydrogen Corporation (TSXV: CH; OTCQB: CHHYF; FSE: K47) (the ‘Company’ or ‘CHARBONE’), North America’s only publicly traded pure-play green hydrogen company, announces a temporary service reduction at its Wolf River Hydro LP (‘Wolf River’) hydropower plant following an equipment failure. An independent third-party hydropower specialist is investigating to determine the scope of repairs required.

Wolf River employees and consultants are ensuring the safety and security of the facility, while collaborating with regulatory bodies and local authorities to monitor and control the water levels of the upstream pond and river, minimizing environmental impacts. Daily updates on water levels and operations will be provided to local stakeholders. Due to current weather conditions, the public is advised to exercise caution when approaching the ice cover.

The Wolf River hydropower plant is one of CHARBONE’s legacy assets. In alignment with its strategy to focus exclusively on green hydrogen production, CHARBONE announced on April 23, 2024, would be selling two hydroelectric projects, including Wolf River. CHARBONE remains committed to pursuing the sale of these assets to generate non-dilutive resources that will advance its green hydrogen plant development portfolio.

‘ T hese legacy hydropower assets have played an important role in CHARBONE’s journey, but as we focus on the construction of our flagship Sorel-Tracy facility and the deployment of 15 additional green hydrogen production plants across North America, their sale aligns with our long-term strategy, ‘ said Dave Gagnon, CEO of CHARBONE, in the April 2024 announcement.

Following the completion of the equipment specialist’s investigation, CHARBONE will evaluate all options for the Wolf River hydropower plant that would align with shareholder interests.

About Charbone Hydrogen Corporation

CHARBONE is an integrated green hydrogen company focused on creating a network of modular green hydrogen production facilities across North America. Using renewable energy, CHARBONE produces eco-friendly dihydrogen (H2) for industrial, institutional, commercial, and future mobility users. CHARBONE is currently the only publicly traded pure-play green hydrogen company, with shares listed on the TSX Venture Exchange (TSXV: CH); the OTC Markets (OTCQB: CHHYF); and the Frankfurt Stock Exchange (FSE: K47). For more information on Charbone Hydrogen and its projects, please visit www.charbone.com

Forward-Looking Statements

This news release contains statements that are ‘forward-looking information’ as defined under Canadian securities laws (‘forward-looking statements’). These forward-looking statements are often identified by words such as ‘intends’, ‘anticipates’, ‘expects’, ‘believes’, ‘plans’, ‘likely’, or similar words. The forward-looking statements reflect management’s expectations, estimates, or projections concerning future results or events, based on the opinions, assumptions and estimates considered reasonable by management at the date the statements are made. Although Charbone believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements involve risks and uncertainties, and undue reliance should not be placed on forward-looking statements, as unknown or unpredictable factors could cause actual results to be materially different from those reflected in the forward-looking statements. The forward-looking statements may be affected by risks and uncertainties in the business of Charbone. These risks, uncertainties and assumptions include, but are not limited to, those described under ‘Risk Factors’ in the Corporation’s Filing Statement dated March 31, 2022, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements.

Except as required under applicable securities legislation, Charbone undertakes no obligation to publicly update or revise forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .

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