Vancouver, British Columbia--(Newsfile Corp. - June 24, 2024) - First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") is pleased to provide an update on North American, South American and European corporate developments. Following the success of the latest trial of the Company's hydrogen-powered fuel cell light commercial vehicle (FCEV) in the United Kingdom, First Hydrogen continues to receive interest from various fleet operators regarding the Company's FCEV. The Company is working with multiple fleet operators to help achieve their zero emission objectives by increasing the number of FCEVs and/or converting existing vehicles to FCEV. The Company plans on expanding its FCEV operations, based on interest and hydrogen infrastructure investment, to Europe and South America.
A summary of ongoing developments as follows:
North America Quebec Significant and positive interest has been shown from fleet operators in Quebec. The Quebec operators note the need for Hydrogen vehicles as an alternative to battery electric vehicles during cold weather which limits the battery life in a battery-only vehicle. The Company is expanding and developing additional demonstrator FCEVs to showcase the hydrogen potential to North American fleets, as well, the Company proposes to build a vehicle assembly facility and green hydrogen production plant in Shawinigan, Quebec. The assembly facility target will be for annual production of up to 25,000 vehicles for distribution throughout North America and will represent a major boost to green technology jobs in the region.
Mexico The Company is in initial discussions with a country-wide industrial fleet operator in Mexico. The industrial operator is looking to convert and add FCEVs to their fleet, along with deploying a country-wide Hydrogen Refueling Stations (HRS) infrastructure. The Company is encouraged with Ms. Claudia Sheinbaum's appointment as Mexico's newest president. Ms. Sheinbaum is committed to investment in renewable energy and aligning with international climate goals. Mexico's hydrogen trade body, Asociación Mexicana de Hidrógeno (AMH) states there are at least 15 projects under development in Mexico, worth a total capex investment of US$20 billion. Hydrogen Insight estimates that the US$20 billion would facilitate nearly 7 gigawatts (GW) of green hydrogen.
Europe The European Union (EU) is striving to become the first climate-neutral continent by 2050. In its effort to decarbonize, the EU's RePowerEU plan aims for 10Mt of renewable produced in the EU and 10Mt of imports by 2030. The European Investment Bank's (EIB) lending focuses on strategic priorities, including climate action; since its establishment in 1958, the EIB has invested over a trillion euros. Funding for the EIB, comes from its 27 member states, total funding of the EIB is €248-billion, with Germany, France and Italy, each investing €4.2-billion (figures as of March 2020).
Germany has signed a Memorandum of Understanding (MOU) with Canada to help Germany diversify its energy sources from fossil fuels and move towards more sustainable energy. Germany expects its hydrogen demand to surge from 55 terawatt hours to between 95-130 terawatt hours by 2030, highlighting the significance of this partnership for both nations' energy futures. With these developments, First Hydrogen is looking to expand into Germany and Europe to offer its Hydrogen-As-A-Service (HAAS) model.
South America Many South American countries are focusing on the development of green hydrogen as part of their clean energy transition strategies. With ongoing investment, policy support, and technological advancements, South America is positioning itself in the global hydrogen economy. The Company will be pursuing opportunities in Peru and Chile. Chile is leading the way with its ambition to produce and export the world's most competitive hydrogen from renewable electricity by 2030. Peru has recently introduced a new law (Law No. 31992) to help the development of green hydrogen in the country.
Trials Four FCEV trials have been completed during which the FCEV was subject to various real-world conditions. The FCEV demonstrated its' capability for demanding duties, such as carrying heavier payloads, towing and powering auxiliary equipment (onboard power). There has been no decrease in vehicle performance or range when operating in colder temperatures. Drivers from the trials noted the FCEV's drivability ease, quick refueling, and range (630 km / 390 mi, on a single refueling).
Discussions with various fleet operators to add FCEVs to fleets and/or converting existing fleet vehicles to hydrogen-powered fuel cells utilizing the Company's powertrain are ongoing.
First Hydrogen is working with some of the largest companies in Europe for the next set of trials.
Hydrogen ecosystem For the WWU trial, the Company partnered with Protium Energy Solutions (Protium) and Hyppo Hydrogen Solutions (Hyppo) using a re-deployable refueller and delivered green hydrogen. This "ready-to-go" hydrogen ecosystem, utilizing Hyppo's Fuel Cell Systems HyQube, will be able to demonstrate hydrogen mobility is possible for fleet operators. First Hydrogen is working with Fuel Cell on establishing operations in North America.
About First Hydrogen Corp. (FirstHydrogen.com) First Hydrogen Corp. is a Vancouver, Montreal and London UK-based company focused on zero-emission vehicles, green hydrogen production and distribution. The Company has designed and built two hydrogen-fuel-cell-powered light commercial vehicles ("FCEV"). The FCEV are road-legal in the United Kingdom (excluding Northern Ireland) with 6,000 km of testing completed and have achieved a range of 630+ kilometres on a single refueling. The vehicles have successfully been trialled in real-world conditions with fleet operators in the United Kingdom. First Hydrogen is also developing a 35MW green hydrogen production facility and vehicle assembly factory in Shawinigan, Quebec.
On behalf of the Board of Directors of
FIRST HYDROGEN CORP. “Balraj Mann” Chairman & Group CEO
Cautionary Note Regarding Forward-Looking Statements This news release contains information or statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-Looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Forward-Looking information may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, milestones, strategies and outlook of First Hydrogen, and includes statements about, among other things, future developments and the future operations, strengths and strategies of First Hydrogen. Forward-Looking information is provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements should not be read as guarantees of future performance or results.
The forward-looking statements made in this news release are based on management's assumptions and analysis and other factors that may be drawn upon by management to form conclusions and make forecasts or projections, including management's experience and assessments of historical trends, current conditions and expected future developments. Although management believes that these assumptions, analyses and assessments are reasonable at the time the statements contained in this news release are made, actual results may differ materially from those projected in any forward-looking statements. Examples of risks and factors that could cause actual results to materially differ from forward-looking statements may include: the timing and unpredictability of regulatory actions; regulatory, legislative, legal or other developments with respect to its operations or business; limited marketing and sales capabilities; early stage of the industry and product development; limited products; reliance on third parties; unfavourable publicity or consumer perception; general economic conditions and financial markets; the impact of increasing competition; the loss of key management personnel; capital requirements and liquidity; access to capital; the timing and amount of capital expenditures; the impact of COVID-19; shifts in the demand for First Hydrogen's products and the size of the market; patent law reform; patent litigation and intellectual property; and conflicts of interest.
The forward-looking information contained in this news release represents the expectations of First Hydrogen as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. First Hydrogen undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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