CHARBONE HYDROGEN Announces the Closing of the Acquisition of the Shawano Wisconsin Hydropower Plant

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[{"type":"text","content":"CHARBONE HYDROGEN Announces the Closing of the Acquisition of the Shawano Wisconsin Hydropower Plant \n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Brossard, Québec –\n \n \n TheNewswire -\n \n \n December 15, 2022 –\n \n \n CHARBONE HYDROGEN CORPORATION (TSXV:CH)\n \n \n \n \n (“\n \n \n Charbone\n \n \n ”)\n \n \n is very pleased to announce\n \n \n that\nit has closed the previously announced transaction and executed the\nPurchase and Sale Agreement\n \n \n (the “\n \n \n PSA\n \n \n ”), effective as\nof December 1\n \n \n st\n \n \n , 2022,\n \n \n between its\nwholly-owned subsidiary, Charbone Corporation USA\n \n \n (“\n \n \n Charbone\nUSA\n \n \n ”),\n \n \n and NORTHWOODS\nHYDROPOWER INC. (“\n \n \n Northwoods\n \n \n ”), for the acquisition of\n \n \n all of the general partner and limited partner\ninterests of Wolf River Hydro Limited Partnership\n \n \n (“\n \n \n Wolf\nRiver\n \n \n ”), the owner of the 700 kW operating\nhydropower plant in Shawano, Wisconsin. The base purchase price for\nthe acquisition is $700,000 USD. As a result of the Closing, Charbone\nhas now the benefits of the revenues, since December 1, 2022,\ngenerated by Wolf River.\n \n \n \n \n Charbone and Northwoods will continue to negotiate\npurchase and sale agreements for the Tower Kleber Limited Partnership\nand the Black River Limited Partnership (collectively, the\n“\n \n \n Limited\nPartnerships\n \n \n ”), with the intention to conclude\nthe acquisition of the Limited Partnerships on or before February 28,\n2022, as previously announced. The Limited Partnerships have the\ncapacity to produce 2,760 kW of hydropower. The operating hydropower\nplants owned by the Limited Partnerships are each located in the\nOnaway region of Michigan.\n \n \n \n \n The Northwoods management and operation teams have\nagreed to continue to perform their duties under Charbone’s\nownership and will assist Charbone’s engineering team in\nimplementing optimization, modernization, and automation projects at\neach of the plants. Charbone aims to be one of the first green\nhydrogen producers in the Midwestern United States.\n \n \n \n \n “\n \n \n The closing\nof this transaction is a big step for Charbone as it create...

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