ESGFIRE Commentary: Charbone Begins First Commercial Hydrogen Deliveries in Ontario — A Key Revenue Inflection Point

Company
Charbone Corporation
Ticker
TSXV: CH | OTCQB: CHHYF | FSE: K47
Listings
TSX Venture (Canada) | OTCQB (USA) | Frankfurt (Germany)
Market cap
~C$35 million
Share price
C$0.155 (at time of publication)
Market size
The global hydrogen market is poised for significant growth, with projections indicating a rise from USD 225.12 billion in 2025 to USD 312.90 billion by 2030, at a CAGR of 6.8%.
Industry
Clean UHP hydrogen production & industrial gases distribution
Website
https://www.charbone.com/

MALMÖ, Sweden, January 23rd, 2026

Charbone Corporation (TSXV: CH | OTCQB: CHHYF | FSE: K47) has officially marked a watershed moment in its commercialization journey with the first delivery of clean Ultra High Purity (UHP) hydrogen to an independent distributor in Ontario, signalling the transition from project development into active revenue generation from its flagship Sorel-Tracy production facility.

This initial shipment , the very first of its kind from Charbone’s clean hydrogen production ,not only validates the Company’s operational readiness outside its home province of Quebec, but also confirms the efficacy of its modular production approach to meet real industrial demand.

From an ESG-aligned investment perspective:

-Commercial validation of the business model :
The start of deliveries translates planning and construction milestones into real revenue activity, reinforcing Charbone’s strategic transition toward a scalable, decentralized clean hydrogen supply network across Eastern Canada and into key U.S. industrial corridors.

-Execution on previously secured contracts :
This milestone builds on the foundational five-year Ontario supply agreement Charbone announced in late 2025 — the strategic contract underpinning this first load and providing a multi-year revenue backbone as the Company continues scaling.

-Strengthening North American clean hydrogen supply resilience:
Reliable access to consistent, zero-carbon UHP hydrogen remains constrained in many markets. Charbone’s delivery demonstrates a tangible solution to that challenge, while supporting industrial decarbonization needs in one of Canada’s most active regions for specialty gases.

While early-stage commercial execution inevitably carries operational and scale-up risks — especially for a micro-cap entity navigating capital and deployment hurdles — this first delivery represents a critical inflection point on the Company’s path toward broader network build-out and recurring industrial gas supply. ESGFIRE views this development as meaningful evidence that Charbone is converting strategy into measurable commercial outcomes within the nascent North American clean hydrogen marketplace.

ESGFIRE is a Swedish investment company and research firm that focuses on companies with either an environmentally friendly service or product. By only investing in environmentally friendly companies, ESGFIRE have outperformed the major indexes for several years. We have a track record of over 1000 % returns since 2018 using our own proven method of identifying high potential ESG companies.

Contact details
Website:  www.esgfire.com
CEO: Filip Erhardt
Email:  Filip@esgfire.com
Telephone:+46701609605

Legal Disclaimer

This post is based upon reliable sources, namely regulated press releases from the company and investor presentations. Nevertheless, this post may contain interpretations, estimates, or opinions of the authors, or other non-factual information. If that is the case, this is continuously stated above. Furthermore, any projections, forecasts, or similar are explicitly stated as such. The author holds shares and/or other securities of this company and the relevant company may or may not have paid the author for this content. . Because of the above, ESGFIRE urges the visitors to always analyze all materials critically in an objective manner, e.g., concerning the reliability of the relevant source and of what constitutes the authors’ personal interpretations. The visitor is hereby reminded that the post does, as set forth in the Post, contain interpretations, estimates, or opinions of the authors. This post was written by Filip Erhardt, at ESGFIRE, published 23/1 2026  by Filip Erhardt.

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