Vancouver, British Columbia - Newsfile Corp. - February 27, 2023 - First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") is completing mileage accumulation and vehicle evaluation to optimise the efficiency of its zero-emission light commercial vehicles (LCVs) ahead of the vehicles' deployment with fleet customers in March 2023. Evaluations are being conducted with powertrain specialists AVL Powertrain, which put the vehicles through a range of real-world duty cycles, including urban, rural and highways routes. Based on the vehicle weight, battery size and powertrain energy consumption, First Hydrogen's two LCVs have an expected range of 400-600km, depending on the route, on a single refuelling, which takes less than 5 minutes.
Data collected from the two hydrogen-fuel-cell-powered vehicles (FCEV) will allow First Hydrogen to accurately determine fuel consumption and vehicle range in different driving scenarios. It will enable the Company to utilize AI for predicting energy consumption, optimising fuel efficiency and identifying areas for further development. The data will capture the real-world capabilities of First Hydrogen's future zero-emission vehicles, starting with its Generation II vehicle.
The data allows comparison to simulations made for the Worldwide Harmonised Light Vehicle Test Procedure (WLTP) testing that is part of EU law. A global standard, WLTP is used by buyers and commercial fleet managers to compare vehicles' energy consumption, emissions, and, for electric vehicles, range calculations. Tests will take place until mid-March and data analysis will follow. Initial figures are expected by mid-March 2023 and will support First Hydrogen engineers to showcase the vehicles' competitive Total Cost of Ownership (TCO), which is key information for commercial fleet managers investing in new vehicles. The data will also allow potential customers to draw true comparisons between FCEVs, battery electric vehicles and vehicles with internal combustion engines.
The tests will be completed before First Hydrogen deploys its two vans for trials with major fleet operators in the UK as part of a programme with the Aggregated Hydrogen Freight Consortium (AFHC). These operational trials offer companies, including national supermarkets, utilities, roadside assistance, and healthcare providers, the chance to experience zero-emission LCVs alongside their own fleets.
Stephen Pendrey, Chief Engineer for First Hydrogen Automotive, says: "These tests are an important part of our vehicle development and help us to ensure the vehicle is performing as efficiently as possible and in line with expectations. The data enables us to factor in vehicle weight and payload to calculate the amount of energy used for propulsion. The results provide verifiable data on expected range per kilogram of hydrogen used. This information shows commercial vehicle owners and fleet managers the output they can expect in specific conditions and illustrates the financial benefits of switching to a FCEV."
About First Hydrogen Corp. (FirstHydrogen.com)
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 is designing and building hydrogen-fuel-cell-powered light commercial demonstrator vehicles ("LCV") under two agreements with AVL Powertrain and Ballard Power Systems Inc. The LCV will have a range of 500+ kilometres. 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. As well, the Company is 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 & Chief Executive Officer
Contact:
Balraj Mann
First Hydrogen Corp.
604-601-2018
[email protected]
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
Data collected from the two hydrogen-fuel-cell-powered vehicles (FCEV) will allow First Hydrogen to accurately determine fuel consumption and vehicle range in different driving scenarios. It will enable the Company to utilize AI for predicting energy consumption, optimising fuel efficiency and identifying areas for further development. The data will capture the real-world capabilities of First Hydrogen's future zero-emission vehicles, starting with its Generation II vehicle.
The data allows comparison to simulations made for the Worldwide Harmonised Light Vehicle Test Procedure (WLTP) testing that is part of EU law. A global standard, WLTP is used by buyers and commercial fleet managers to compare vehicles' energy consumption, emissions, and, for electric vehicles, range calculations. Tests will take place until mid-March and data analysis will follow. Initial figures are expected by mid-March 2023 and will support First Hydrogen engineers to showcase the vehicles' competitive Total Cost of Ownership (TCO), which is key information for commercial fleet managers investing in new vehicles. The data will also allow potential customers to draw true comparisons between FCEVs, battery electric vehicles and vehicles with internal combustion engines.
The tests will be completed before First Hydrogen deploys its two vans for trials with major fleet operators in the UK as part of a programme with the Aggregated Hydrogen Freight Consortium (AFHC). These operational trials offer companies, including national supermarkets, utilities, roadside assistance, and healthcare providers, the chance to experience zero-emission LCVs alongside their own fleets.
Stephen Pendrey, Chief Engineer for First Hydrogen Automotive, says: "These tests are an important part of our vehicle development and help us to ensure the vehicle is performing as efficiently as possible and in line with expectations. The data enables us to factor in vehicle weight and payload to calculate the amount of energy used for propulsion. The results provide verifiable data on expected range per kilogram of hydrogen used. This information shows commercial vehicle owners and fleet managers the output they can expect in specific conditions and illustrates the financial benefits of switching to a FCEV."
About First Hydrogen Corp. (FirstHydrogen.com)
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 is designing and building hydrogen-fuel-cell-powered light commercial demonstrator vehicles ("LCV") under two agreements with AVL Powertrain and Ballard Power Systems Inc. The LCV will have a range of 500+ kilometres. 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. As well, the Company is 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 & Chief Executive Officer
Contact:
Balraj Mann
First Hydrogen Corp.
604-601-2018
[email protected]
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
The issuer is solely responsible for the content of this announcement.
