CH Charbone Hydrogen Corporation

BROSSARD, QC, Aug. 30, 2022 /CNW Telbec/ - CHARBONE HYDROGEN Corporation (TSXV: CH) ("Charbone") is pleased to announce, as of August 29, 2022, it has received notice from Superior Propane ("Superior Propane"), a division of Superior Plus LP (TSX: SPB) (Superior Propane, collectively with Charbone the "Parties") confirming the exercise by Superior Propane of its option to enter into a supply arrangement with Charbone for the supply, marketing, sale and distribution of green hydrogen to commercial and industrial customers from Charbone's newly proposed and announced green hydrogen facility located in the Winnipeg area, more precisely in the City of Selkirk, Manitoba, Canada. This option was exercised by Superior Propane pursuant to the existing supply agreement (the "Definitive Agreement") executed by the Parties on May 5, 2022, for the supply, marketing, sale and distribution of green hydrogen from the Charbone's Sorel-Tracy, Québec, Canada facility.

According to the existing Definitive Agreement, Superior Propane (or one of its affiliates) and Charbone will negotiate a new definitive agreement (the "MB Definitive Agreement"), specifically between Charbone Hydrogen Manitoba Inc. ("Charbone MB"), a fully owned subsidiary of Charbone. Manitoba represents a great market for the green hydrogen production as Manitoba's electricity network is majorly based on available and reliable hydroelectric production and as well as one of the lowest renewable energies in Canada, that positively position the province has a producer of green hydrogen using electrolysis process. Furthermore, many recent projects announcements in the province on green mobility have been made.

Both, Charbone and Superior Propane are founding members of the Manitoba Green Hydrogen Roundtable, created April 13, 2022, with municipal, provincial, and local stakeholders to promotes the deployment and the uses of green hydrogen in Manitoba. For more information on the partnership between Charbone and the City of Selkirk, see the press release dated June 15, 2022.

"Charbone is delighted that its main sales & distribution partner has decided to execute its option of continuing to support Charbone in its development of modular and scalable green hydrogen production in our first western Canada project" said Dave B. Gagnon, Chairman and CEO of Charbone. "Superior Propane has a large network of distribution centres in Canada and we do wish to continue our growths in other Canadian markets with the Superior Propane professional and committed sales and operations teams across Canada and maybe south of the border as well."

"We are excited to continue our partnership with Charbone in Manitoba. The green hydrogen produced at the Selkirk facility will allow us to sell cost-effective green energy to customers in Manitoba, furthering our strategy to offer alternative energy products to our customers using our existing distribution network" said Rick Carron, President of Superior Propane.

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.

Superior Propane has been Canada's leader and trusted propane supplier for 70 years. Superior Propane has the largest distribution network to serve homes and businesses virtually anywhere in the country. Superior Propane is changing the propane industry by offering digital solutions that make managing propane easier and more convenient for our customers.

Headquartered in Mississauga, Ontario, Superior Propane employs more than 1,500 people and delivers over 1.5 billion liters of propane annually. The corporation operates a distribution network of approximately 200 locations, strategically located to serve customers from coast-to-coast. As part of the Energy Distribution division of Superior Plus LP, Superior Propane is able to provide dependable energy solutions through the procurement and delivery of a secure propane supply.

This news release contains statements that are "forward-looking information" as defined under Canadian securities laws ("forward-looking statements"). These forward-looking statements are often identified by words such as "intends", "anticipates", "expects", "believes", "plans", "likely", or similar words. Specifically, this news release includes forward-looking statements regarding Charbone's expected commercialization and supply and distribution of green hydrogen, the negotiation and completion of the MB Definitive Agreement between Charbone Hydrogen Manitoba Inc. and Superior Propane, Charbone's capacity of producing hydrogen, expected completion of Charbone's City of Selkirk production facility, other statements regarding future product developments, and markets, including with respect to specific indications, and any other statements which are other than statements of historical fact and the expected timing of such events. The forward-looking statements reflect Charbone's respective management's expectations, estimates, or projections concerning future results or events, based on the opinions, assumptions and estimates considered reasonable by management at the date the statements are made. Although Charbone believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements involve risks and uncertainties, and undue reliance should not be placed on forward-looking statements, as unknown or unpredictable factors could cause actual results to be materially different from those reflected in the forward-looking statements. Among the key factors that could cause actual results to differ materially: whether Charbone Hydrogen Manitoba Inc. and Superior Propane are successful in negotiating and entering the MB Definitive Agreement and the availability of, substantial capital in the future to fund its operations. The forward-looking statements may be affected by risks and uncertainties in the business of Charbone.

Except as required under applicable securities legislation, Charbone undertakes no obligation to publicly update or revise forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Charbone Hydrogen Corporation