Charbone Hydrogen Announces the Execution of a Memorandum of Understanding with Port Hawkesbury Paper, LP to Develop and Construct the First Green Hydrogen Production Facility at the Port Hawkesbury Mill Site, Nova Scotia
June 21 2022 - 7:44AM
CHARBONE HYDROGEN Corporation (TSXV:CH)
(“
Charbone”) is pleased to announce the execution,
as of June 20, 2022, of a non-binding memorandum of understanding
(the “
MOU”) between Charbone and Port Hawkesbury
Paper, LP (“
PHP”), pursuant to which the parties
are entering into discussions and intend to develop a partnership
for the establishment of Charbone’s first small-scale green
hydrogen production facility in the Maritimes. The facility is
expected to be located on the campus of PHP’s eco-industrial park
in Richmond County, on the outskirts of the Town of Port
Hawkesbury.
Charbone brings to the table its expertise in
the development and construction of modular and scalable facilities
for the production of green hydrogen. Charbone is expected to be
responsible for sourcing renewable energy through separate
discussions with local power producers. It is currently expected
that Charbone will be responsible for the sale and distribution of
its green hydrogen in the Maritime provinces.
Charbone and PHP’s obligations under the MOU are
conditional to the execution of a definitive agreement (the
“Definitive Agreement”) on or before November 18,
2022. Charbone and PHP further intend to explore and identify the
best uses of hydrogen for the assets and benefits of PHP’s
eco-industrial park and other potential local projects. Particular
attention will be paid to the potential reuse of process water in
order to enhance the circularity of the processes.
“Charbone is extremely pleased to develop its
first project in the Maritimes with a strong local partner like
PHP, which has a strong history of reducing waste and energy
requirements and is proactive and supportive of a transformation to
renewable energy, which could include green hydrogen for local
uses,” said Dave B. Gagnon, Chairman and CEO of Charbone.
“Charbone’s model of small-scale, modular and scalable regional
hubs is receiving a lot of attention from the markets where we want
to operate, as it is socially acceptable by the local community and
the different stakeholders as it provides a solution to the
transport and delivery limitations of hydrogen.”
“PHP is committed to facilitating a transition
in Nova Scotia to a diversity of green energy futures. Charbone’s
vision and capacity for timely building out small-scale green
hydrogen production will bring value to the region and represent
another tangible step on that journey; we are excited by the
opportunity to further develop this concept,” said Bevan Lock, Mill
Co-Manager at PHP.
“We are excited to welcome Charbone Hydrogen to
Richmond County! This innovative project is an exciting opportunity
for the Strait Area and aligns with our vision of a green energy
future for the region,” said Amanda Mombourquette, Warden at the
Municipality of the Richmond County.
Mayor Brenda Chisholm-Beaton, from the Town of
Port Hawkesbury, said, “We see significant opportunities for the
Town as the transition to green energy progresses and are pleased
that Charbone intends to locate in proximity to Port Hawkesbury
with their first maritime provinces location.”
About Charbone Hydrogen
Corporation
Charbone is a Canadian green hydrogen company
established in North America. The company’s strategy consists in
developing modular and expandable hydrogen facilities. Through the
acquisition of hydropower plants in the United States of America
and Canada, Charbone intends to produce green dihydrogen molecules
using reliable and sustainable energy to distinguish itself as a
supplier of an environmentally friendly solution for industrial and
commercial companies.
About Port Hawkesbury Paper,
LP
PHP is a forward-looking natural resources
company committed to operating at the highest safety standard while
caring for the environment and empowering its people to deliver
top-quality products and customer service. The company sees
integrity at the core of every relationship and a key principle as
it strives for excellence in all it does in an ever-changing world.
PHP is a leader in Thermal Mechanical Pulp and Supercalendered
paper production in North America. PHP’s approach to business and
environmental sustainability creates an economic cornerstone for
eastern Nova Scotia.
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. Specifically, this news release includes
forward-looking statements regarding Charbone’s expected
commercialization and supply and logistics business opportunities
related to green hydrogen, the expected completion of the Port
Hawkesbury production and distribution facility, the negotiation
and completion of the Definitive Agreement between Charbone and PHP
and the expected timing of such events. The forward-looking
statements reflect Charbone's respective 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.
Among the key factors that could cause actual results to differ
materially: whether Charbone and PHP are successful in negotiating
and entering into the Definitive Agreement and whether the Port
Hawkesbury production and distribution facility will be constructed
and operational in the anticipated time frame. The forward-looking
statements may be affected by risks and uncertainties in the
business of Charbone.
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.
Contacts
Dave B. Gagnon |
Daniel Charette |
Chief Executive Officer and
Chairperson of the Board |
Chief Operating Officer |
|
|
CHARBONE Hydrogen
Corporation |
CHARBONE Hydrogen
Corporation |
|
|
Telephone:
+1 450 678-7171 |
Telephone: 1 514 980
5841 |
Email: dg@charbone.com |
Email: dc@charbone.com |
|
|
Stéphane Dallaire |
|
Chief Financial Officer and Head
of |
|
Corporate Finance |
|
CHARBONE Hydrogen
Corporation |
|
Telephone:
+1 514-234-2544 |
|
Email: sd@charbone.com |
|
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