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Charbone Hydrogen Confirms to be in Discussion for an Amendment to the Agreement for the Acquisition of the Three Hydropower Plants in Michigan
(TheNewswire) Brossard, Q C - TheNewswire - May 16, 2023 - CHARBONE HYD...
About this update from Charbone Hydrogen Corporation
[{"type":"text","content":"Charbone Hydrogen Confirms to be in Discussion for an Amendment to the Agreement for the Acquisition of the Three Hydropower Plants in Michigan\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, Q\n \n \n C\n \n \n -\n \n \n TheNewswire -\n \n \n May 16, 2023 -\n \n \n CHARBONE HYDROGEN CORPORATION\n \n \n (TSXV:CH\n \n \n )\n \n \n (\n \n \n OTC:CHHYF\n \n \n )\n \n \n (\n \n \n FWB:K47)\n \n \n \n \n (“\n \n \n Charbone\n \n \n ”)\n \n \n confirms to be in discussion with the seller,\nNORTHWOODS HYDROPOWER INC. (“\n \n \n Northwoods\n \n \n ”), for an extension, following\n \n \n the expiration of the May 15, 2023 closing\ndeadline, of the Purchase and Sale Agreement\n \n \n (the “\n \n \n PSA\n \n \n ”), signed January 17, 2023\n \n \n and amended on February 27, 2023, for the acquisition of\n \n \n Tower Kleber Limited Partnership\n(“\n \n \n TKLP\n \n \n ”), a Michigan Limited Partnership and Black River Limited\nPartnership (“\n \n \n BRLP\n \n \n ” and\n \n \n collectively\nwith TKLP, the “\n \n \n Limited\nPartnerships\n \n \n ”\n \n \n ). The\namendment will be announced in due course.\n \n \n \n \n The transaction is\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\n \n \n Northwoods\n \n \n , for the\nacquisition\n \n \n of all of the general partner and\nlimited partner interests of the Limited Partnerships\n \n \n , respectively the owner of the Tower 560 kW, Kleber 1,200\nkW and Alverno 1,000 kW operating hydropower plants in the Onaway,\nMichigan area (the “\n \n \n Michigan\nPlants\n \n \n ”).\n \n \n \n \n The Limited Partnerships have the capacity to produce\n2,760 kW of hydropower. The Michigan Plants are generating revenues\nunder long-term Power Purchase Agreement for the sale of energy, as\nwell as earning revenues from the sale of capacity and Renewable\nEnergy Credits\n \n \n .\n \n \n \n \n About Charbone\n \n \n \n \n Charbone is a Canadian green hydrogen company\nestablished in North America. The company’s strategy consists of\ndeveloping modular and expandable hydrogen facilities. Through the\nacquisition of hydropower plants i...