Mr. Daniel Charette reports

CHARBONE HYDROGEN ANNOUNCES SITE SELECTION FOR FIRST US BASED GREEN HYDROGEN PRODUCTION FACILITY ENTERING FINAL STAGES

Charbone Hydrogen Corp. is entering into the final stages of the site selection process in Oakland county, Michigan, for Charbone's first green hydrogen facility in the United States. Further to the company's Dec. 4, 2023, project announcement, Oakland county is the home of dozens of major automotive companies, including numerous world headquarters, North American headquarters, and research and development (R&D) facilities.

With the full support of the Oakland County Economic Development Department (OCED), the Detroit Regional Partnership (DRP) and the City of Detroit Sustainable Office, Charbone has been visiting, evaluating and assessing multiple brownfield sites for redevelopment potential. Now in the final stages of its selection process, the company anticipates making a selection in the coming weeks. Additional key stakeholders such as the Michigan Economic Development Corp. (MEDC), and the Department of Environment, Great Lakes and Energy (EGLE) have also been actively involved.

Charbone's site selection approach to modular green hydrogen plant development is based on commercial real estate best practices and the group's collective expertise in developing alternative energy solutions that align with municipal, state and federal agency goals to leverage renewable energies for a sustainable future. Site readiness, highway proximity, program scalability, accessibility to reliable and non-intermittent renewable energy resources, and project support from local utilities are all contributing factors in final site selection.

Daniel Charette, Charbone's chief operating officer, has also taken several face-to-face meetings with local and regional stakeholders, including public transit companies that are looking at fuel cell buses and other potential green hydrogen offtakers. Additionally, Mr. Charette recently presented Charbone's Greater Detroit area project vision at a recent Oakland County Mobility Advisory Council held at the Continental AG Auburn Hills campus.

"Charbone's North American green hydrogen production plans are aggressive, and we plan to be on-line and operating in both the U.S. and Canada this year," said Daniel Charette, chief operating office of Charbone. "Our top priorities are to bring out Canadian project on-line this summer, and to fast-track the Oakland county project and become the first green hydrogen production facility in Michigan before the end of 2024. We are engaged with all suppliers for electrolyzer deliveries within these time frames, and our scalable approach to project plant construction gives our teams the flexibility and agility to mobilize quickly. The amount of green hydrogen opportunities in the Detroit-area is simply staggering, and our plan is to capitalize on these as first-movers."

Additionally, Charbone is also announcing an increase by $100,000 of the secured convertible debentures with an arm's-length investor, Finexcorp, announced on Aug. 3, 2023, and Jan. 31, 2024, for the purchase of related equipment. Charbone has also agreed with the holder to a change of the maturity date from March 30, 2025, to Sept. 30, 2025. All the other terms would stay the same, and will be issued upon the approval of the TSX Venture Exchange and other customary closing conditions.

About Charbone Hydrogen Corp.

Charbone is an integrated green hydrogen group focused on delivering a network of modular green hydrogen production facilities across North America. Using renewable energy sources to produce green (H2) dihydrogen molecules and eco-friendly energy solutions for industrial, institutional, commercial and future mobility users, Charbone plans to scale and deliver 16 green hydrogen production facilities in the United States and Canada by 2030. Charbone is the only publicly traded pure-play green hydrogen company with common shares trading on the TSX Venture Exchange (CH); the OTC Markets (OTCQB: CHHYF); and the Frankfurt Stock Exchange (FWB: K47).

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