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Charbone Hydrogen Announces Q2 2024 Financial Results
(TheNewswire) Brossard, Quebec, August 29, 2024 – TheNewswire – ...
About this update from Charbone Hydrogen Corporation
[{"type":"text","content":"Charbone Hydrogen Announces Q2 2024 Financial Results\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Brossard, Quebec, August 29, 2024 –\n \n\n TheNewswire –\n \n\n\n\n\n\n CHARBONE HYDROGEN\nCORPORATION\n \n\n\n\n (TSXV: CH;\n \n\n\n\n OTCQB: CHHYF; FSE: K47) (the “Company” or\n“CHARBONE”), North America’s only publicly traded pure-play\ngreen hydrogen company,\n \n\n is pleased to\nannounce\n \n\n the financial and operating results for\nthe three and six-month periods ending June 30, 2024.\n \n\n\n\n Forward progress continues to be reflected in both 2024\nquarter-end financials and in project advancements, as CHARBONE’s\npriority plan to start producing\n \n\n green hydrogen\nduring the second half of 2024 remain on track.\n \n\n\n\n Q2 2024 HIGHLIGHTS:\n \n\n\n\n\n\n Spending decreased 19% to $1,243,876 in the six-month\nperiod ending June 30, 2024 compared to $1,536,019 in the six-month\nperiod ending June 30, 2023 (activities refocus and tightening of\ngeneral and administrative expenses).\n \n\n\n\n\n\n Revenue increased 48% to $182,143 in the six-month\nperiod ending June 30, 2024 compared to $123,391 in the six-month\nperiod ending June 30, 2023 (generated from the Wolf River acquisition\non December 1, 2022).\n \n\n\n\n\n\n The Company has closed a private financing for gross\nproceeds amounting to $849,622, Units for debt settlement of $352,214\nand exercises of warrants/options of $245,878;\n \n\n\n\n\n\n The Company also received an additional $100,000 in\n2024 from Finexcorp secured convertible debentures at a deemed price\nof $0.10 and agreed on an extension of the $1.2 million CAD 14% (now\n12%) secured convertible debentures maturity date that were issued by\nthe Company in reducing significantly the current liabilities and with\nbetter terms; and\n \n\n\n\n\n\n The Company made acquisitions of storage hydrogen\nequipment and upgraded its Sorel-Tracy electrolyzer capacity to\n1.75MW.\n \n\n\n\n\n\n Located near Montreal, Quebec, CHARBONE’s Sorel-Tracy\nGreen Hydrogen Project will serve as the Company’s flagship\nfacility, giving CHARBONE a first-mover advantage with plans to\ncommence production later this year.\n \n\n\n\n “Management’s efforts to shore\nup and strengthen our balance sheet h...