First Hydrogen to Build Left-hand Drive FCEV for European Market

Rhea-AI Summary

First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) is expanding its global market reach by developing a left-hand drive model of its green hydrogen-powered fuel cell light commercial vehicle (FCEV). This move follows successful trials in the UK, where the FCEV demonstrated impressive capabilities in various conditions. The new model will target markets in the United States, Mexico, South America, and Europe, aligning with significant hydrogen initiatives in these regions.

The European Union is investing heavily in hydrogen projects, with €43 billion approved for over 120 projects and an additional €200 million for hydrogen ecosystems. In the US, $7 billion in grants have been allocated for hydrogen hubs, with California receiving $1.2 billion. First Hydrogen's FCEV has shown advantages over battery-electric and internal combustion engine vehicles, particularly in cold weather performance and range (630 km on a single refueling).

Positive

• Successful completion of four FCEV trials in the UK, demonstrating strong performance in various conditions
• Expansion into left-hand drive markets, including US, Mexico, South America, and Europe
• FCEV showed no decrease in performance or range in colder temperatures, outperforming battery-electric vehicles
• Impressive range of 630 km (390 mi) on a single refueling
• Alignment with major hydrogen initiatives in EU and US markets

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - July 24, 2024) - First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") is pleased to report further to the four successful trials of the Company's green hydrogen-powered fuel cell light commercial vehicle (FCEV) in the U.K., the Company will be configuring a left-hand drive model expanding its global market reach. The left-hand drive FCEV will allow the Company to showcase the FCEV in the United States, Mexico, South America and, in particular, Europe. Currently, the European Union ("EU") is diversifying its energy sources and its dependence on fossil fuels. The European Commission (the "Commission") has approved four waves of hydrogen Integrated Projects of Common European Interest ("IPCEIs"), aiming to raise €43 billion to support more than 120 projects involving approximately 100 European companies.

The projects cover the hydrogen ecosystem from production, import, transportation and end-use, as the EU strives to become the first climate-neutral continent by 2050. The Commission will intensify its cooperation with international partners on clean hydrogen deployment and the development of hydrogen markets. An additional €200 million invested by the Commission will be used to support hydrogen ecosystems in specific geographical areas, such as ports, industrial zones, airports, etc.), also known as hydrogen valleys.

In the United States, California is the first American state to launch a hydrogen hub, supported by funding from the United States Department of Energy (DOE) as part of the Biden Administration's program to finance seven hydrogen hubs across the U.S. The U.S. Administration announced seven regional hubs for hydrogen production that would receive US$7 billion in grants. The California Hydrogen Hub was awarded $1.2 billion to advance clean hydrogen projects.

The Company's FCEV completed four trials in the UK, that allowed the FCEV to operate in 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 was 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). The trials also provided the Company with data to compare hydrogen-powered fuel cells versus battery-electric vehicles and internal combustion engine vehicles.

Balraj Mann, Group CEO of First Hydrogen, commented, "We are excited to show markets the advantages of a hydrogen-power-fuel-cell vehicle. During the Wales and West Utilities trial, in wintery conditions, we were able to demonstrate our FCEV was able to sustain performance levels, while with a battery electric vehicle there is a loss of performance the colder the weather. Green hydrogen provides sustainability and zero emission reducing the carbon footprint and contributing to decarbonization goals. Our FCEVs utilizing green hydrogen will be greenhouse gas emission-free, with the only byproduct being water. We are trying to do our part for a zero-emission future."

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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

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.

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FAQ

What is First Hydrogen's plan for expanding its FCEV market reach?

First Hydrogen is developing a left-hand drive model of its green hydrogen-powered fuel cell light commercial vehicle (FCEV) to expand into markets in the United States, Mexico, South America, and Europe.

How did First Hydrogen's FCEV perform in UK trials?

The FCEV completed four successful trials in the UK, demonstrating strong performance in various real-world conditions, including carrying heavier payloads, towing, and powering auxiliary equipment. It showed no decrease in performance or range in colder temperatures.

What is the range of First Hydrogen's FCEV (FHYDF)?

First Hydrogen's FCEV (FHYDF) has a range of 630 km (390 miles) on a single refueling.

How much is the European Union investing in hydrogen projects?

The European Union has approved €43 billion for over 120 hydrogen projects and an additional €200 million for hydrogen ecosystems in specific geographical areas.

What is the US government's investment in hydrogen hubs?

The US government has allocated $7 billion in grants for seven regional hydrogen hubs across the country, with California receiving $1.2 billion for its hydrogen hub.