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Superior Plus Announces Definitive Agreement with Charbone on Supply and Distribution of Green Hydrogen

TORONTO, ON (BUSINESS WIRE - May 5, 2022) - Superior Plus Corp. (“Superior”) is pleased to announce that Superior Propane and Charbone Hydrogen Corporation (“Charbone”) (TSXV:CH) have entered into a supply and logistics agreement to provide green hydrogen to commercial and industrial customers located initially in Quebec, Canada (the “Agreement”). Pursuant to the Agreement, Superior and Charbone will leverage their collective expertise in mobile energy distribution and green hydrogen production to bring green hydrogen to the Quebec market, providing a convenient green energy option for businesses looking to reduce their carbon emissions and advance sustainability goals.

Under the terms of the Agreement, Charbone will provide Superior with green hydrogen from its Sorel-Tracy, Quebec facility with initial deliveries expected as early as the third quarter of 2022. Superior’s industry leading energy distribution business in Canada, Superior Propane, will be responsible for delivering hydrogen directly from Charbone’s facility to Superior’s existing and new customers. These customers include mining, power generation, transportation and industrial energy users.

“We are excited to finalize the Agreement and begin working with Charbone to offer green hydrogen to customers in Quebec, Canada,” said Luc Desjardins, Superior’s President and CEO. “Our logistics network and best-in-class mobile energy distribution platform will enable Charbone to safely distribute green hydrogen and expand its hydrogen supply business. This Agreement and our relationship with Charbone aligns with our larger strategy to offer alternative energy products, including green and low carbon energy alternatives, to our customers by leveraging our existing energy distribution business”.

“This exclusive partnership with Superior is a highly important milestone for Charbone and sends a positive market signal, that our modular and scalable regional hub concept works in the new hydrogen market sector” said Dave B. Gagnon, Chairman and CEO of Charbone. “The Agreement will allow both parties to produce, develop, sell and distribute green hydrogen throughout an extensive network in North America and will offer Canadian industries and others, a new clean energy solution alternative to start the energy transition now”.

About Superior

Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing over 890,000 customer locations in the U.S. and Canada.

About Charbone

Charbone is a Canadian green hydrogen group established in North America. The company’s strategy consists in developing modular and expandable hydrogen facilities. Through the acquisition of hydropower plants in the United States and Canada, Charbone will be able to produce green dihydrogen molecules using reliable and sustainable energy to distinguish itself as a provider of an environmentally friendly solution for industrial and commercial enterprises. 

For further information about Superior Plus Corp., visit www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Capital Markets, Tel: (416) 340-6003 E-mail: investor-relations@superiorplus.com

This news release contains certain forward-looking information and statements that are based on Superior’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as “will”, "expects", "annualized", and similar expressions.

In particular, this news release contains forward-looking statements and information relating to the expected commercialization and supply and logistics business opportunities related to green hydrogen, and the expected completion of the Sorel-Tracy production facility and the expected timing of such events. These forward-looking statements are being made by Superior based on certain assumptions that Superior has made in respect thereof as at the date of this news release, regarding, among other things: the success of Superior’s operations; prevailing commodity prices, margins, volumes and exchange rates; that Superior’s future results of operations will be consistent with past performance and management expectations in relation thereto; the continued availability of capital at attractive prices to fund future capital requirements; future operating costs; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner; that the Sorel-Tracy, Quebec facility will be constructed and operational in the anticipated time frame. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: the regulatory environment and decisions; non-performance of agreements in accordance with their terms; the impact of competitive entities and pricing; reliance on key industry partners and agreements; actions by governmental or regulatory authorities including changes in tax laws and treatment, or increased environmental regulation; adverse general economic and market conditions in Canada, North America and elsewhere; fluctuations in operating results; labour and material shortages; and certain other risks detailed from time to time in Superior’s public disclosure documents including, among other things, those detailed under the heading "Risk Factors" in Superior’s management's discussion and analysis and annual information form for the year ended December 31, 2021, which can be found at www.sedar.com.

Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. Superior does not undertake any obligation to publicly update or revise any forward looking statements or information contained herein, except as required by applicable laws.

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