Mr. Dave Gagnon reports

CHARBONE HYDROGEN SIGNS CONSTRUCTION AGREEMENT WITH EBC INC. TO LAUNCH THE CONSTRUCTION OF PHASE I OF ITS GREEN HYDROGEN PRODUCTION FACILITY IN QUEBEC

Charbone Hydrogen Corp. has executed a design and build construction agreement with one of the largest construction company in Quebec, EBC Inc., dated as of Oct. 13, 2023, that will facilitate financing of the project. The agreement has been executed between its wholly owned subsidiary, Charbone Hydrogen Quebec Inc. (Charbone QC), and EBC Inc. Securing this new agreement is paramount to the final item included in Charbone's Quebec construction plans for its first green hydrogen phase I facility in Sorel-Tracy (Quebec, Canada). Local subcontractors will be involved with EBC to complete these projects in the near future, as all major components and equipment for the facility are ready for delivery to the site.

The executed agreement between the parties will provide Charbone with a strong and experienced contracting partner for its coast to coast design and build facilities in Canada and potentially in the United States. Charbone has granted EBC the right of first refusal to construct additional Sorel-Tracy phases as well as one or all Charbone's facilities within the North American market.

"This agreement with EBC is solidifying Charbone's status as a frontrunner in the hydrogen production facility development and construction. It establishes a robust and steadfast partnership, not only for this project but also for all 14 other projects in our pipeline," said Dave B. Gagnon, chairman and chief executive officer of Charbone. "Charbone is thrilled to have finalized this agreement with EBC, who will serve as the design and build contractor. This partnership allows us to expedite the production and delivery of our first kilogram."

Eric Bertrand, vice-president, operations -- major projects and management support, at EBC, expressed enthusiasm for being part of Charbone's venture to establish Quebec's first exclusively dedicated green hydrogen production facility. He added, "For the past 55 years, EBC has been a leader in renewable energy construction projects and we are delighted to contribute our seasoned construction teams to assist Charbone in their decarbonization journey."

About Charbone Hydrogen Corp.

Charbone is a green hydrogen group established in North America. The company's strategy is to develop modular and expandable hydrogen facilities and regional hubs. 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, commercial and mobility users.

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