Mr. Dave Gagnon reports

CHARBONE HYDROGEN ANNOUNCES THE AMENDMENT TO THE AGREEMENT FOR THE ACQUISITION OF THE THREE HYDROPOWER PLANTS IN MICHIGAN AND OTHER CORPORATE UPDATES

Charbone Hydrogen Corp. executed a second amendment on May 30, 2023, pursuant to certain terms and conditions, to the purchase and sale agreement (PSA), signed Jan. 17, 2023. The amendment postpones the closing date. The acquisition of Tower Kleber LP (TKLP), a Michigan limited partnership, and Black River LP (BRLP), will close on or before Aug. 10, 2023, subject to an additional $200,000 (U.S.) non-refundable deposit to be provided on or before July 28, 2023, and other customary closing conditions, including the receipt by Charbone of satisfactory financing.

The limited partnerships have the capacity to produce 2,760 kilowatts 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.

Charbone is also pleased to announce that its chief operating officer, Daniel Charette, has been elected on the Hydrogen Quebec Association board as vice-president during the last general assembly election. Mr. Charette has experience and a large record sitting on sectorial associations such as Hydrogen Quebec as he spent over nine years on the Canadian Wind Energy Association (now CanREA) and others over the course of his career.

During April and May, 2023, Charbone received the repayment of the full amount remaining as of March 31, 2023 ($158,712), of the chief executive officer's shareholder advance to help finance continuing corporate activities.

About Charbone Hydrogen Corp.

Charbone is a Canadian green hydrogen group established in North America. The company's strategy is to develop modular and expandable hydrogen facilities and regional hubs. With the acquisition of hydroelectric power plants in the United States and Canada, Charbone will be able to produce green dihydrogen molecules using reliable and sustainable energy in order to distinguish itself as a supplier of an ecological solution for industrial and commercial companies.

We seek Safe Harbor.