CHARBONE Hydrogen Corporation ,North America’s only publicly traded pure-play green hydrogen company, has announced that it has closed a $2.1 million CAD (US$1.5M) unsecured convertible debt tranche to accelerate the funding of the construction of its first two green hydrogen production facilities located in Sorel-Tracy Quebec and Detroit, Michigan, including orders of two electrolyzers for a total capacity of 5,0MW

The Sorel-Tracy facility will serve as CHARBONE’s flagship green hydrogen production site, with operations scheduled to begin, following delivery of a pre-ordered electrolyzer in Q1 2025. The implementation of a second green hydrogen project site is slated to be confirmed in the Detroit vicinity

CHARBONE plans to build and deliver a network of sixteen 16 green hydrogen production facilities across North America by 2030

The first tranche of the financing includes US$1.5 million (CA$2.1M) in gross proceeds through unsecured convertible notes with a 36-month term at a 12% annual interest rate, maturing in December 2027 or convertible earlier

The funds will be allocated to capital expenditures for engineering, equipment, infrastructure, and project management costs for the Sorel-Tracy and Detroit facilities. CHARBONE has placed US$1 million in deposits for two 2.5 MW electrolysers from a global manufacturer with 17 years of experience. The industry leader, specializes  in Alkaline and PEM technologies, has delivered over 300 units across five continents and holds more than 60 patents, with an annual production capacity exceeding 5 GW

About CHARBONE –

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