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    OLT Orletto target to supply green hydrogen in Manitoba


    January 19, 2022 - Canada StockWatch

     

      Orletto Capital II Inc (TSX-V:OLT)

      Shares Issued 6,800,000

      Wednesday January 19 2022 - News Release

      Mr. Dave Gagnon reports

      CHARBONE CORPORATION AND THE CITY OF SELKIRK PARTNER ON SUPPLY OF GREEN HYDROGEN

      Orletto Capital II Inc. target Charbone Corp. and the City of Selkirk have entered into a non-binding memorandum of understanding pursuant to which they are entering into exclusive discussion into the establishment of a first green hydrogen production facility in Manitoba for the supply of green hydrogen on a land owned by the City of Selkirk. Charbone will leverage is expertise in the construction and development of green hydrogen production facilities powered from renewable energies and the selling and distribution of its green hydrogen.

      Under the terms of the MOU, Charbone and the City of Selkirk will co-operate to define the best location for a proposed green hydrogen facility of (i) a decommissioned waste water treatment plant site located within the City of Selkirk (long-term lease), and (ii) a facilitate placement on appropriately suited industrial land, proximate to a potential and complementary manufacturing interest (by sale of other arrangements). Charbone and the City of Selkirk will evaluate the feasibility of the facility with expected initial deliveries as early as the fourth quarter of 2022. Charbone and the City of Selkirk will negotiate to determine a fair and reasonable monthly rental rate, as they work together with the provincial authorities or others to ensure Charbone has access to required utilities and to identify and contact potential green hydrogen users. Charbone may also provide to the City of Selkirk oxygen in the absence of market feasibility.

      "The City of Selkirk and its proximity to Winnipeg, to the U.S. border and the potential Manitoba customer base for Charbone around the area is a tremendous advantage for us," said Dave B. Gagnon, chairman and chief executive officer of Charbone. "The pro-active collaboration of the City of Selkirk and the different Manitoban government agencies involved in the discussion have conducted a rapid decision to explore the potential of Charbone to install its first Western Canadian green hydrogen facility and offer Manitoba and Canadian industries a new alternative clean energy solution."

      "We are pleased that Charbone Corp. has decided on the City of Selkirk as the potential location for its first Western Canadian venture," said Tim Feduniw, director of sustainable economic development for the City of Selkirk. "This is great news as it literally fuels our vision for growth by creating prosperity in harmony with the environment."

      "This is an exciting project for Manitoba and Manitoba's trucking industry. Our members are eager to participate pro-actively in the decarbonization of our sector. Charbone is bringing options and solutions to Manitoba in an effort to start changing our economy," said Aaron Dolyniuk, acting executive director of the Manitoba Trucking Association.

      For more information on Orletto's proposed qualifying transaction with Charbone, see press release dated Oct. 22, 2021.

      About Orletto Capital II Inc.

      Orletto is a capital pool company pursuant to the exchange's Policy 2.4. Except as specifically contemplated in such policy, until the completion of its qualifying transaction, Orletto will not carry on business, other than identification and evaluation of companies, businesses or assets with a view to completing a qualifying transaction. Investors are cautioned that trading in the securities of a capital pool company is considered highly speculative.

      We seek Safe Harbor.

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