Brossard, QC - TheNewswire - April 3, 2023 - Charbone Hydrogen Corporation (TSXV:CH) (OTC:CHHYF) (FWB:K47) (“Charbone”) would like to salute the importance given to the development and the place of green hydrogen and renewable energies in the 2023-2024 budget unveiled yesterday by the Minister of Finance, Ms. Chrystia Freeland and the Trudeau government.

Charbone is delighted with the measures announced and to see the Canadian government put in place a series of measures that will make it possible to support Charbone's investments and projects in Canada including a credit of 15% to 40% depending on the low carbon content, favoring the production of green hydrogen, one of 15% for investments in clean technologies and clean electricity , as well as the production of renewable energies with a tax credit of 30%,. All of these measures will help stimulate investment and boost the green hydrogen production and distribution sector for years to come.

All of Charbone's hydrogen production plants in Canada will benefit from the tax credits announced in the budget. Charbone’s production plants will be connected to the various provincial electricity grids and supplied with renewable energy then supplying its electrolysers, ensuring a production with a very low carbon content or even zero or negative, allowing the company to receive the maximum credit of tax.

Charbone announced earlier the construction of its first production plant in Sorel-Tracy which is underway and should produce its first kilograms in the spring of 2023. Charbone also announced projects in Selkirk (MB), Port Hawkesbury (NS) and in Baie-Comeau (QC) which are at different stages of development. In addition, Charbone is currently working to develop a network of projects in several provinces and has signed distribution agreements with Superior Propane a division of Superior Plus, and an agreement to deploy filling stations with the Filgo-Sonic Group.

About Charbone

Charbone is a Canadian green hydrogen company established in North America. The company’s strategy consists of developing modular and expandable hydrogen facilities. Through the acquisition of hydropower plants in the United States and in 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.

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.

Contacts

Benoit Veilleux

Chief Financial Officer and Corporate Secretary

CHARBONE Hydrogen Corporation

Telephone: +1 450 678-7171

Email: bv@charbone.com