History
A Nevada mining shell became a biomass energy developer, gave up control of its Ghana business in a strained 2011 restructuring, and later resurfaced as HNO International, funding itself through dilutive financing.
2009-2011: From shell to biomass developer
The company began as a Nevada mineral-exploration shell. On 4 September 2009 it signed a share exchange agreement to buy UK-based Clenergen Corporation Limited, issuing 70.3 million shares to its shareholders. The reverse merger (a deal where a private business takes over a listed shell) closed on 10 November 2009. The company became a biomass renewable-energy developer, with a public-private partnership in Ghana for a planned 56MW biomass plant on a 14,000-acre energy plantation, and operations underway in India.
In mid-2010 it moved to build an Indian power base. On 8 June 2010 it bought United Bio Fuels Private Limited, owner of a 1.5MW biomass plant in Salem, Tamil Nadu, for about $1.76 million, mostly used to retire the plant's debt to India's government renewable-energy lender. It was the company's first operating power asset. On 24 June it agreed to buy an 18MW plant near Chennai, projected to produce about $15 million in annual revenue.
The growth relied on expensive short-term borrowing. In May 2010 it borrowed $250,000 from Vastani Trading Limited at 24% annual interest, with a three-month maturity and penalty warrants for each month unpaid. In June 2011 it borrowed $300,000 from TCA Global Credit Master Fund, netting $277,950 against a $331,500 repayment due within six months.
2011-2019: Restructuring and silence
By September 2011 the strain showed. The company sold its Clenergen India subsidiary to Maxrise Powergen for $1, with the $1.01 million payment due under the deal not yet received. It also formed a joint venture with Futenco AG, cutting its stake in the Ghana subsidiary to 40% (Futenco took 57%). Four directors resigned and new leadership was appointed.
The record then goes quiet. The next beat is dated 20 August 2019, when HNO International, Inc. suspended its duty to file periodic reports with the SEC. The records here do not explain the change of name from Clenergen, or what became of the Ghana, India, Philippines and Guyana assets.
2023-2025: Equity lines, affiliate debt and an auditor shake-up
The company reappeared in October 2023 as HNO International, Inc. On 12 October it signed a $10 million, 24-month equity line of credit with GHS Investments, letting it sell stock at 90% of the lowest recent trading price, plus commitment shares for GHS.
In 2024 it repeatedly extended promissory notes owed to affiliate HNO Green Fuels, Inc. In January it extended three notes from 2021-2022 and waived earlier defaults, and in March it extended six more issued in 2023, all to December 2024. In May 2024 it dismissed BF Borgers CPA after the SEC barred that firm from practicing before it, and engaged Barton CPA.
On 3 January 2025, CEO and Chairman Donald Owens and HNO Green Fuels exchanged a combined 360 million common shares (245 million and 115 million) for new Series B Convertible Preferred Stock. This sharply cut the common shares outstanding, while leaving control with insiders.
Barton then found errors in how stock issued for services was valued. The company restated its FY2023 statements in March 2025, and in September 2025 restated FY2024 and two later interim periods for the same cause. The second restatement added $1.1 million (FY2024) and $4.8 million (Q1 FY2025) of non-cash expense.
2026: Small notes and a larger equity line
In 2026 the company again relied on small, costly financing. On 17 March it sold a $150,000 convertible note (net $133,000) to CFI Capital LLC, convertible at 60% of the lowest 20-day trading price, falling to 50% if a DTC "chill" (a restriction on share deposits) is imposed or 45% on default. On 17 April it sold Jefferson Street Capital a note of $96,250 with warrants for 385,000 shares, for $87,500 gross and about $82,250 net.
On 1 May 2026 it signed a $30 million, 24-month equity line with Lambda Ventures, with puts at 80% of the lowest recent trading price, against 90% in the 2023 GHS deal. On 8 May it sold Monroe Street Capital Partners a $67,500 note (gross proceeds $62,500, about $57,625 net). The company's financing was still small convertible notes and an equity line.
Written from the 19 story beats below (2009 to 8 May 2026), which come from the company's own announcements and filings.