Brossard Québec based Charbone Hydrogen has concluded the final negotiations and executed the Purchase and Sale Agreement between its wholly owned subsidiary, Charbone Corporation & Northwoods Hydropower, for the acquisition of all of the general partner and limited partner interests of Tower Kleber Limited Partnership a Michigan Limited Partnership and Black River Limited Partnership, respectively the owner of the Tower 560 kW, Kleber 1,200 kW and Alvemo 1,000 kW operating hydropower plants in the Onaway in Michigan area. The purchase price for the acquisition is USD 3.6 billion, subject to adjustments.The terms and conditions of PSA stipulate that the acquisition of TKLP and BRLP is to be closed on or before February 28, 2023, subject to customary closing conditions.Charbone’s strategy is to acquire its own hydropower plants, modernize and optimize them to increase their production capacity and, consequently, the value of the assets for Charbone and our shareholders, and to further assist Charbone with its deployment of a green hydrogen regional hub in Michigan and other locations.Charbone plans to develop and construct modular and scalable green hydrogen production facilities in both Wisconsin and Michigan within the next few years. All plants provide land space to accommodate green hydrogen facilities or increase capacities by the automation and modernization of the facilities with newer hydro turbines and other technologies that would allow Charbone USA to produce power at one end and then to transmit its own power via utilities’ power lines, subject to a transmission fee, to a hydrogen production facility in a large industrial or urban center close to end users of such hydrogen.The Northwoods management and operation teams have agreed to continue to perform their duties under Charbone’s ownership and will work and assist Charbone’s engineering team to implement optimisation, modernization, and automation projects at each of the plants. Charbone aims to be one of the first green hydrogen producers in the Midwestern United States.Charbone is a Canadian green hydrogen company established in North America. The company’s strategy consists of developing modular and expandable hydrogen facilities.