Company
Charbone Corporation
Ticker
TSXV: CH | OTCQB: CHHYF | FSE: K47
Listings
TSX Venture (Canada) | OTCQB (USA) | Frankfurt (Germany)
Market cap
~C$30. million (as of Nov 3, 2025)
Share price
C$0.16 (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 28, 2025
ESGFIRE welcomes Charbone Corporation’s latest update confirming that civil construction works at its Sorel-Tracy clean hydrogen facility are now complete and the project remains on schedule. The company reports that civil works, which began on October 27, 2025, have finished, including foundation preparation and the technical infrastructure required to re-assemble the main production systems. With all major components delivered in October set to be installed on-site before month-end, the project continues to track toward Phase 1a commissioning in November 2025.
Management highlights that the project is now entering the equipment-installation phase, described by CEO Dave B. Gagnon as “the most tangible phase of the project,” marking the transition toward testing and commissioning of Charbone’s first clean UHP hydrogen production module in Québec. The Sorel-Tracy facility is positioned as Charbone’s first local and modular clean-hydrogen production plant in Québec, aligned with the company’s broader vision to build a decentralized North American network for the production and distribution of clean and strategic industrial gases.
Project-economics context
This construction milestone reinforces the thesis ESGFIRE outlined in its earlier coverage. In that note, ESGFIRE highlighted Charbone’s five-year UHP hydrogen supply contract in Ontario, with initial deliveries targeted for November 2025, supported by a Transport Canada-certified hydrogen tube trailer—a key step toward first commercial revenues.
According to ESGFIRE’s own modelling (based on Charbone’s public disclosures and industry benchmarks), Phase 1a of Sorel-Tracy is expected to start at ~0.5 MW (~200 kg H₂ per day) and then ramp to a Phase 1 capacity of 2.25 MW (~328 tonnes per year). Fully ramped Phase 1 revenue is modelled at around CAD$5.1 million per year, while a potential Phase 2 expansion to ~4.75 MW (~694 tonnes per year) could lift modelled site revenue to roughly CAD$11 million with estimated C$AD5.5 million in EBITDA, subject to execution and market conditions. An earlier ESGFIRE initiation note also cited an independent valuation of ~US$60.8 million for Charbone, suggesting meaningful upside if the company continues to deliver on milestones.
Bottom line
ESGFIRE views the completion of civil works and the imminent start of equipment installation at Sorel-Tracy as further evidence that Charbone is executing to plan and moving closer to first hydrogen production and revenues in its flagship project. The update strengthens our view that the company is steadily converting strategy into measurable progress, in a hydrogen market that itself is forecast to expand strongly over the coming decade.
ESGFIRE will continue to monitor upcoming milestones—particularly the completion of equipment installation, testing, and Phase 1a commissioning—as Charbone advances its clean hydrogen production and industrial-gas distribution strategy across North America.
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 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 28/11 2025 by Filip Erhardt.
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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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