Brossard, Quebec – TheNewswire - December 4, 2023 – CHARBONE HYDROGEN CORPORATION (TSXV:CH) (OTC:CHHYF) (FWB:K47) (“Charbone”) is pleased to announce that it has executed a Memorandum of Understanding (the “MOU”) as of December 1, 2023 with Michigan’s Oakland County Economic Development Department (the “OCED”) that will set the stage for Charbone’s first green hydrogen facility in the United States. Oakland County is the home of dozens of major automotive companies including numerous world headquarters, North American headquarters, and R&D facilities.

The executed MOU between the parties will provide Charbone with a strong local partner for negotiations with local authorities, support in the final site selection process, project development and permitting support for activities related to its first facility in the United States, and assistance developing a regional ecosystem and hub. OCED will support Charbone alongside other stakeholders such as the Detroit Regional Partnership (DRP) and the Michigan Economic Development Corporation (MEDC). The aforementioned partners have already provided extraordinary support to Charbone in recent months by arranging multiple meetings with automotive OEM’s, local stakeholders, and future potential hydrogen users. Charbone aims to develop a network of green hydrogen production facilities in the North American market and has already announced four facilities in Canada, including one already under construction in Quebec.

“This MOU with Oakland County located in the North American hearth of the auto manufacturing industry is tremendous and exciting milestone for Charbone as it positions us as a new player and leader in the development and construction of modular and scalable production facilities in Detroit in what has been consider to be the cradle of the automaking in North America,” said Dave B. Gagnon, Chairman and CEO of Charbone. “Charbone’s team will work hard to propose a project consistent with the decarbonization and sustainability objectives and goals of the Oakland County, Michigan and the country, and I must add that we are really happy with the support and the welcome that our project has been receiving and the relationship that we have built”.

“The potential that Charbone Hydrogen Corp. brings to Oakland County and Michigan is exciting on so many fronts. The green hydrogen facility will bolster our efforts to expand environmentally friendly mobility options for the automotive industry,” said Oakland County Executive Dave Coulter. “This is a perfect example of how collaboration on a local, state and federal level can help produce an international agreement that holds so much promise.”

About Charbone Hydrogen Corporation

Charbone is a green hydrogen group established in North America. The company's strategy is to develop modular and expandable hydrogen facilities and regional hubs. Charbone will be able to produce green dihydrogen molecules using reliable and sustainable energy in order to distinguish itself as a supplier of an ecological solution for industrial, commercial and mobility users.

About Oakland County

Oakland County Economic Development is Oakland County’s foremost advocate for business and community development, leading the charge for an economy that accounts for over 20% of the state’s GDP and is host to over 750 foreign-owned firms. The department focuses on improving the well-being of nearly 1.3 million Oakland County residents in partnership with 62 cities, villages and townships through efforts that entail job creation, job retention, tax base enhancements and quality of life improvements. For more information on Oakland County economic development and our initiatives, visit www.advantageoakland.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.