First Hydrogen 1st Quarter Update
Vancouver, British Columbia--(Newsfile Corp. - April 3, 2024) - First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") is pleased to provide an update on corporate developments for the 1st quarter of 2024. The Company's hydrogen-powered fuel cell light commercial vehicle (FCEV) recently completed a successful trial with Wales & West Utilities (WWU), the trial also established a hydrogen ecosystem partnership for mobile refueling. First Hydrogen is now 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. 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.
Trials
Three FCEV trials have been completed during which the FCEV was subject to various real-world conditions. During the initial vehicle testing and the Rivus trial, the Company's FCEV was driven in and around London. For the SSE plc (SSE) trial, the FCEV was driven in and around Aberdeen, Scotland. The most recent trial with gas distribution network Wales & West Utilities, the Company's FCEV completed more than 2,000 km (>1,200 miles) over the four-weeks, travelling up to 189 km (117 miles) per day in some of South Wales' coldest conditions. The FCEV demonstrated its' capability for demanding duties, such as carrying heavier payloads, towing and powering auxiliary equipment (onboard power). There was no decrease in vehicle performance or range when operating in colder temperatures. Drivers from all three 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.
First Hydrogen is planning details for the next batch of trials which will include some of the largest companies in Europe and the world.
Hydrogen ecosystem
For the WWU trial, the Company partnered with Protium Energy Solutions (Protium) and Hyppo Hydrogen Solutions (Hyppo), for the WWU trials 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 intends to collaborate with Fuel Cell Systems for North American trials.
Balraj Mann, Group CEO, First Hydrogen comments: "We are building strong relationships with governments, potential customers and suppliers aligning the need to reduce emissions and First Hydrogen's product offering. Francois Morin, VP of Corporate Development, has quickly expanded our presence in North America. The green hydrogen market in North America is gaining considerable strength, for instance, the U.S. Department of Energy announced a $7- billion program to launch seven clean hydrogen hubs across U.S as part of U.S. National Clean Hydrogen Strategy and Roadmap. In Mexico, investment funds are starting to flow in the country developing its vast green hydrogen potential. Finally, in Quebec, green hydrogen is one solution for the province to achieve carbon neutrality by 2050."
First Hydrogen: The Future with Zero Emissions
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8330/204111_e3ddd347f4e4182e_001full.jpg
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 hydrogen-fuel-cell-powered light commercial vehicles ("FCEV") in partnership with AVL Powertrain and Ballard Power Systems Inc. The FCEV has a range of 630+ kilometres. These vehicles are being trialled 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
Contact:
Balraj Mann
First Hydrogen Corp.
604-601-2018
investors@firsthydrogen.com
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.
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
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/204111
