Under the PSA, Charbone USA acquired Northwood Hydropower’s partner Wolf River Hydro Limited Partnership, the owner of a 700kW hydropower plant in Shawano, Wisconsin, at the price of $700,000.

Additionally, the company is planning to negotiate PSAs with Northwood for the Tower Kleber Limited Partnership, and the Black River Limited Partnership, which boast a capacity of 2,760kW of hydropower between them, located in Michigan.

H2 View understands, Charbone plans to develop and construct modular, scalable green hydrogen production facilities in Wisconsin and Michingan in the coming years.

The Northwood’s management and operation teams have agreed to continue to perform their duties under the ownership of Charbone, and will assist the company’s engineering team in optimising, modernising, and implementing optimisation projects at each of the plants.

Commenting on the acquisition, Dave Gagnon, Chairman and CEO of Charbone, said, “This acquisition is the first step in Charbone’s strategy to enter the Midwest. This hydropower plant is in the heart of the famous US rustbelt around the Great Lakes, where the green hydrogen we produce will be used both in steel production and, in the near future, for heavy mobility.”

“Charbone’s strategy to produce, in part, its own renewable energy and procure locally from local utilities or from Independent Power Producers (IPP’s) gives Charbone not only a competitive advantage in pricing, but also provides us with leverage to negotiate better rates for the available renewable energies in those regions,” added Gagnon.