Mr. Dave Gagnon reports

CHARBONE HYDROGEN CONFIRMS TO BE IN DISCUSSION FOR AN AMENDMENT TO THE AGREEMENT FOR THE ACQUISITION OF THE THREE HYDROPOWER PLANTS IN MICHIGAN

Charbone Hydrogen Corp. confirms to be in discussion with the seller, Northwoods Hydropower Inc., for an extension, following the expiration of the May 15, 2023, closing deadline, of the purchase and sale agreement (PSA), signed Jan. 17, 2023, and amended on Feb. 27, 2023, for the acquisition of Tower Kleber LP (TKLP), a Michigan limited partnership, and Black River LP. The amendment will be announced in due course.

The transaction is between its wholly owned subsidiary, Charbone Corporation USA, and Northwoods for the acquisition of all of the general partner and limited partner interests of the limited partnerships, respectively, the owner of the Tower 560 kW (kilowatt), Kleber 1,200 kW and Alverno 1,000 kW operating hydropower plants in the Onaway, Mich., area.

The limited partnerships have the capacity to produce 2,760 kW of hydropower. The Michigan plants are generating revenues under long-term power purchase agreement for the sale of energy, as well as earning revenues from the sale of capacity and renewable energy credits.

About Charbone Hydrogen Corp.

Charbone is a Canadian green hydrogen company established in North America. The company's strategy consists of developing modular and expandable hydrogen facilities. Through the acquisition of hydropower plants in the United States and in Canada, Charbone intends to produce green dihydrogen molecules using reliable and sustainable energy to distinguish itself as a supplier of an environmentally friendly solution for industrial and commercial companies.

We seek Safe Harbor.