Charbone Hydrogen executes MoU with TELESYSTEM ENERGY to support green hydrogen production
CHARBONE HYDROGEN is pleased to announce the execution of a Memorandum of Understanding dated November 15, 2022 (the “MOU”) with Telesystem Energy Ltd. (“Telesystem”) for the mutual cooperation, development, design, construction, and operation of an initial riverbed hydrokinetic project showcasing Telesystem’s TE-1 power system (the “Project”) to support green hydrogen production.
Charbone and Telesystem will subsequently negotiate the terms and conditions of a definitive agreement (the “Agreement”) for a first project to be selected by the two partners using the TE-1 power system, either to be implemented at one of Charbone’s hydropower generation plants to increase its revenue under an existing power purchase agreement from the energy supplied by the TE-1 power system, or as a stand alone project to be implemented into a region where Charbone is planning to develop and build a green hydrogen facility.
Charbone will use its expertise in the development, construction, and operation of renewable power systems, while Telesystem will use its expertise to support Charbone in the selection of an appropriate location and will provide a differentiated renewable power generation technology in the TE-1 power system. The Project is intended to showcase TE-1’s low-cost renewable baseload power production which captures energy through water current reliably and at high-capacity factor, and without any in river civil works. The TE-1 power system has been designed using established and commercially proven components, integrated with proprietary Telesystem innovation, resulting in what the parties believe is a revolutionary river hydrokinetic power system.
“The collaboration with Telesystem Energy and the Sirois family to supply renewable baseload energy through the implementation of a state-of-the-art technology developed over the past 7 years, with what we believe has significant global potential, is a new strategic milestone for Charbone,” said Dave B.
Gagnon, Chairman and CEO of Charbone. “The need for green hydrogen powered with renewable baseload energy is increasing in many areas where no hydropower dams are installed, and the ability to leverage the TE-1 technology in rivers, canals, and some of the 80,000 North American non powered dams is a significant opportunity for Charbone”.
“We are pleased to team up with Charbone to provide renewable baseload energy in the production of green hydrogen. Our TE-1 renewable baseload power system coupled with Charbone’s hydrogen capabilities are mutually beneficial and will provide a unique and complete solution in producing green hydrogen” said Denis M. Sirois, CEO of Telesystem Energy. “Charbone’s deep energy expertise and ambitious strategic plan aligns Telesystem Energy as a preferential partner.”