Company
Charbone Corporation
Ticker
TSXV: CH | OTCQB: CHHYF | FSE: K47
Listings
TSX Venture (Canada) | OTCQB (USA) | Frankfurt (Germany)
Market cap
~C$26. million (as of Nov 3, 2025)
Share price
C$0.13 (TSXV intraday at time of publication)
Market size
The global hydrogen market is poised for significant growth, with projections indicating a rise from USD 225.12 billion in 2025 to USD 312.90 billion by 2030, at a CAGR of 6.8%.
Industry
Clean UHP hydrogen production & industrial gases distribution
Website
https://www.charbone.com/
MALMÖ, Sweden, November 12, 2025 / ESGFIRE/ —
ESGFIRE welcomes Charbone Corporation (TSXV: CH; OTCQB: CHHYF; FSE: K47) confirming that construction at its Sorel-Tracy clean hydrogen facility remains on schedule, with major civil works now substantially complete and the equipment-installation phase commencing imminently. The project continues to track toward Phase 1a commissioning in November 2025, consistent with the timeline we highlighted in our initiation coverage.
In our prior analysis, ESGFIRE noted Charbone’s five-year Ontario ultra-high-purity (UHP) hydrogen supply contract, with initial deliveries targeted for November 2025. This agreement, supported by a Transport Canada-certified hydrogen tube trailer, marks the company’s transition toward commercial operations. Today’s construction progress strengthens our view that Charbone is executing according to plan and approaching its first revenue phase.
Charbone’s modular rollout strategy remains intact. According to ESGFIRE’s own modelling (based on Charbone’s public disclosures and industry benchmarks), Phase 1a is expected to begin operations at roughly 0.5 MW (≈ 200 kg H₂ per day) before ramping to a Phase 1 capacity of 2.25 MW (≈ 328 tonnes per year). Our projections indicate potential annual revenue of around C$ 5.1 million once fully ramped, while a future Phase 2 expansion (≈ 4.75 MW or ~ 694 tonnes per year) could lift modeled site revenue to roughly C$ 11 million with estimated C$ 5.5 million EBITDA, subject to execution and market conditions. ESGFIRE’s initiation note also referenced an independent valuation of approximately US$ 60.8 million, underscoring significant upside if milestones continue to be achieved.
Bottom line: Charbone’s latest progress report reaffirms our core thesis—the company is steadily turning strategy into measurable results. The Sorel-Tracy update signals disciplined execution and continued momentum toward near-term commissioning and first deliveries in Ontario. ESGFIRE will continue to monitor upcoming milestones closely as Charbone advances its clean hydrogen production and distribution strategy across North America.
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This analysis 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 12/11 20256 by Filip Erhardt. Investing in stocks is combined with certain risks and it is possible to lose your entire investment. Our posts are made for educational purposes only and are not to be interpreted as tips, financial advice or recommendations of any kind to either buy or sell any stocks.
Furthermore, this analysis is produced and distributed as general investment research intended for broad public dissemination. It does not take into account the specific investment objectives, financial situation or particular needs of any individual investor.
Any price targets, valuations, or similar forward-looking assessments are based on publicly available information and the author’s own methodology, and should be understood strictly as opinions, not as personal recommendations.
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