CHARBONE releases update for Sorel-Tracy project

Electrical Interconnection Completed

Earlier in August, a Hydro-Quebec team completed the electrical interconnection of the site. This involved connecting the distribution network to the first pole installed on-site, following the installation of the Hydro-Québec metering station three weeks earlier. Energy can now flow from the Hydro-Quebec grid along the site’s overhead power lines to the production area, paving the way for equipment installation.

Water Supply Infrastructure Installed

Meanwhile, the Sorel-Tracy Water Department finished excavating and installing piping to link the CHARBONE site to a 14-inch main water line. This connection will ensure enough water capacity to support all five planned project phases. With both key inputs for electrolysis – electricity and water – now secured, the site is prepared to start hydrogen production once the equipment installation is finished.

Civil Construction Underway

Heavy civil construction equipment has arrived on-site, and CHARBONE’s general contractor and subcontractor teams have begun work. Surveyors have finished all necessary site markings for the construction of buildings and production areas in preparation for the arrival of production equipment in the upcoming weeks.

Environmental Stewardship

During site preparation, the Quebec Ministry of the Environment (MELCCFP) identified a rare and endangered plant species – the ‘Three-awn grass’ – on a small part of the property. In collaboration with experts from Tetra Tech, CHARBONE successfully relocated and protected the plant, ensuring it has a dedicated habitat on the site. “This update marks the completion of three critical milestones for our team,” said Dave Gagnon, President and CEO of CHARBONE. “We are proud of the progress to date and remain on track to commence production this fall.”

Closing of Shares for Debt Financing

CHARBONE has announced the closing of shares for debt settlements amounting to US$118 095. The company has settled with an arm’s length supplier US$118 095 of payables through the issuance of shares. A total of 1 968 254 shares will be issued pursuant to the closing, at a conversion price per unit of US$0.06. The company believes that the settlement of the payables through the issuance of securities is appropriate to advance towards production for its Sorel-Tracy project and the overall need to manage its cash prudently. A formal agreement will reflect any debt settlement and will be subject to the approval of the TSX Venture Exchange. Any securities issued pursuant to a debt settlement will be subject to a statutory four-month hold period in Canada.

Read the article online at: https://www.globalhydrogenreview.com/hydrogen/18082025/charbone-releases-update-for-sorel-tracy-project/