Hydrogen Coal Corporation announced a memorandum of understanding (MoU) with ESG Energy Holdings for mutual cooperation, to co-develop and authorize hydro kinetic river bed projects showcasing a newly developed power system to support green H₂ production.

Charbone and ESG Energy will subsequently negotiate the terms and conditions of a definitive agreement for a first project to be selected by the two partners using the system electricity TE-1, or to be implemented on one of Charbone's hydroelectric production sites to increase its revenue under an existing power purchase agreement from energy provided by the TE-1 electrical system, or as a stand-alone project to be implemented in a region where Charbone plans to develop and build a green H₂ facility.

Charbone will use its expertise in the development, construction and operation of systems renewable energy, while ESG Energy will use its expertise to support Charbone in the selection of a suitable location and authorization of such projects. The project aims to present the low-cost renewable baseload power generation from TE-1 that captures energy through the flow of water reliably and at a high capacity factor, and without river civil works. The TE-1 power system was designed using established components and commercially experienced.

"Charbone has been developing a relationship with ESG Energy and Dennis Ryan for nearly two years to
different partnerships that we are still discussing, I am happy that we have succeeded to execute this first memorandum of understanding for a true hydro kinetic project in the United States," said Dave B. Gagnon, President and CEO of Charbone. "The need for hydrogen green powered by renewable baseload energy is increasing in many areas where no hydroelectric dam is installed, and the ability to leverage our partner's technology TE in rivers, canals and some of the 80,000 unpowered dams in North America is an important opportunity for Charbone.”