Vancouver, British Columbia--(Newsfile Corp. - April 11, 2022) - First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") is pleased to announce its strategy and road map for the advancement of its Energy Division. As previously reported, First Hydrogen Energy is engaged in developing green hydrogen production projects initially in the United Kingdom and Canada. We are pleased to report that First Hydrogen Energy has identified four industrial sites in the United Kingdom and is advancing discussions with landowners to secure land rights and working with engineering consultants Ove Arup & Partners Limited (ARUP) for the engineering studies and designs.
The sites are all in prime industrial areas spread strategically across the North and South of the United Kingdom, and will each accommodate both a large refueling station - for light, medium and heavy commercial vehicles with on-site hydrogen production, to serve the urban areas of Greater Liverpool, Greater Manchester, the London area, and the Thames Estuary - and a larger hydrogen production site of between 20 and 40 MW, for a total for the 4 sites of between 80 MW and 160 MW.
It is anticipated that the target sites will qualify for United Kingdom government financial support for both the development and construction phases to deliver vital capacity pursuant to the 10 GW of domestic hydrogen production ambition, of which 5 GW will be Green, as recently announced in the government's UK Energy Security Strategy.
The production facilities, once built, will serve customers of the Company's Automotive Division. First Hydrogen's green hydrogen van is to begin demonstrator testing in June with final delivery for road use in September 2022. First Hydrogen's strategy is to secure a domestic supply of fixed-price long-term green hydrogen fuel and distribution arrangements, with such customers. This will form part of the Company's offering to fleet operators of a full hydrogen mobility service for light commercial vehicles and supply First Hydrogen's mobile Hydrogen refueling stations with green Hydrogen. First Hydrogen expects to make further announcements regarding the advancement of such projects as they develop.
About First Hydrogen Corp.
First Hydrogen Corp. is a Vancouver and London UK-based company focused on zero-emission vehicles and supercritical carbon dioxide extractor systems. The company is designing and developing a hydrogen-fuel-cell-powered light commercial demonstrator vehicle ("LCV") under two agreements with AVL Powertrain and Ballard Power Systems Inc. The LCV will have a range of 500+ kilometres. First Hydrogen is developing refueling capability working with FEV Consulting GmbH, the internal automotive consultancy of FEV Group of Aachen Germany. The Company is also pursuing opportunities in green hydrogen production and distribution.
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; conflicts of interest; and general market and economic conditions.
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.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
