CHARBONE Hydrogen Corporation Reports Strong Financial Results and Progress Toward Green Hydrogen Production
Key Ideas
- CHARBONE Hydrogen Corporation announced a 23% year-over-year revenue increase and progress towards commencing green hydrogen production at its Sorel-Tracy facility in early 2025.
- The Company obtained all necessary permits for the Sorel-Tracy facility and successfully completed performance testing of electrolyzer components, keeping the project on track for production.
- In Q3 2024, spending decreased by 11% while revenue increased by 23% compared to the same period in 2023. Additionally, the Company closed private financings, acquired storage hydrogen equipment, and upgraded its Sorel-Tracy electrolyzer capacity to 1.75MW.
- CHARBONE's disciplined financial management and strategic partnerships position the Company to become a leader in North American green hydrogen production, with the Sorel-Tracy Green Hydrogen Project set to commence production in early 2025.
CHARBONE Hydrogen Corporation, based in Brossard, Quebec, announced its financial and operating results for the third quarter of 2024. The company reported a 23% year-over-year revenue increase and significant progress towards starting green hydrogen production at its Sorel-Tracy facility in early 2025. All required permits for the facility have been secured, and performance testing of electrolyzer components was successfully completed, ensuring that the project remains on schedule. In Q3 2024, the company reduced spending by 11% while increasing revenue by 23% compared to the same period in 2023. Additionally, CHARBONE closed private financings, acquired storage hydrogen equipment, and enhanced its Sorel-Tracy electrolyzer capacity to 1.75MW. The company's focus on financial management and strategic partnerships aims to establish it as a key player in North American green hydrogen production, with the flagship Sorel-Tracy Green Hydrogen Project poised to start production in early 2025.