Vancouver, British Columbia--(Newsfile Corp. - July 26, 2023) - First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") is pleased to announce Energy Digital has recognized the Company as one of the top 10 companies making an impact in the hydrogen industry(1). First Hydrogen was named along with Lhyfe, Siemens, BP, Air Products, Plug Power and Neom Green Hydrogen Company as pioneers in the field, advocating for hydrogen-forward global legislation, developing new technologies and producing hydrogen in large sustainable quantities.
This recognition comes as the global green hydrogen production capacity has seen a 44% increase from 2021, reaching over 109,000 tonnes per annum in 2022, according to GlobalData(2). Goldman Sachs projects clean hydrogen as a major emerging market, with potential to reduce global GHG emissions by 15% and account for up to 30% of the global hydrogen volumes traded internationally(3).
First Hydrogen is targeting emissions through green hydrogen, offering comprehensive solutions to support the shift towards zero-emission fleets. The Company's hydrogen-fuel cell zero-emission vehicles (FCEV), which utilizes hydrogen and fuel cell technology, boasts a refueling time of less than 10 minutes and a significant range of 500+ km. The FCEVs are currently being trialed in the United Kingdom with major fleet operators ranging from utilities, roadside assistance and health care provides to parcel delivery. The FCEV recently completed trials with RIVUS and SSE Plc. The Company's FCEV stood-out for its range, smooth driveability and quick refueling.
In Canada, First Hydrogen is underway with a feasibility study to development a 35-megawatt hydrogen production facility and vehicle assembly factory in Shawinigan, Quebec. The assembly facility will be designed for annual production of 25,000 vehicles when at full capacity and the hydrogen-production facility will use advanced electrolysis. The distribution of distribution of First Hydrogen's FCEV throughout North America will be in combination with the company's hydrogen-as-a-service product offering.
First Hydrogen Corp. is a Vancouver and London UK-based company focused on zero-emission vehicles, green hydrogen production and distribution and supercritical carbon dioxide extractor systems. The Company has designed and built hydrogen-fuel-cell-powered light commercial demonstrator vehicles ("LCV") under two agreements with AVL Powertrain and Ballard Power Systems Inc. The LCV has a range of 500+ kilometres. These vehicles are being trialled with an initial 16 fleet operators in the United Kingdom. At the same time, the company has launched its bespoke vehicle design phase which will develop its fleet of proprietary zero-emission vehicles. First Hydrogen is also developing refueling capability working with FEV Consulting GmbH, the automotive consultancy of FEV Group of Aachen Germany. The Company is also pursuing opportunities in green hydrogen production and distribution in the UK, EU and North America.
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; 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.
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