Vancouver, British Columbia - Newsfile Corp. - March 10, 2023 - First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") welcomed Ballard Power Systems ("Ballard") to test drive its first-generation zero emission light commercial vehicle ("LCV") at AVL Powertrain's engineering facility in Basildon, UK. Ballard partnered with First Hydrogen to develop these first-of-their-kind hydrogen powered LCVs. The two Generation I vehicles use a combination of Ballard's latest LCS fuel cell stack and First Hydrogen's proprietary technology.
The First Hydrogen vehicles will be deployed with major fleet operators that have already enrolled to drive the hydrogen zero-emission LCV's. One of the UK's largest fleet operators will start the test drive process imminently. A total of 15 major fleet operators have registered to participate as part of the UK Aggregated Hydrogen Freight Consortium ("AHFC"). The trials give commercial operators from a range of sectors – including grocery, express delivery, utilities, and roadside assistance – the opportunity to test hydrogen-powered-fuel-cell electric vehicles alongside their existing fleets and compare different technologies.
The Generation I vehicles act as proof of concept and enable fleet operators, refuelling services and prospective customers to test fuel cell vehicles in real-world conditions. The LCVs are currently undergoing vehicle evaluation and mileage accumulation, which will support optimised vehicle efficiency. The data collected enables First Hydrogen to accurately calculate fuel consumption and vehicle range under different driving conditions and inform future vehicle development.
Importantly, the findings enable the Company to provide total cost of ownership ("TCO") data to prospective customers. Ballard's LCS fuel cell stack technology was chosen for its maximum performance and lifetime durability, which helps to further optimise TCO and make the transition to zero emission vehicles financially competitive. To support the move to net zero, First Hydrogen is also developing an end-to-end 'Hydrogen-as-a-Service' solution, providing fleets with green hydrogen fuel, fleet aftercare and zero emission vehicles.
The global LCV market is projected to reach USD 751.86 billion by 2030, increasing at a compound annual growth rate of 5.1% during the forecast period (2022-2030). To meet the market's need to achieve emissions targets and to capitalise on improving zero emission infrastructure, First Hydrogen is leading the change in the LCV sector with functional, clean fleet solutions.
David Mucciacciaro, CCO at Ballard Power Systems, commented: "We were pleased to experience First Hydrogen's LCV first-hand and delighted to see how our leading fuel cell technology performs on the road in a light-duty application. Our plans to expand Ballard's fuel cell production will enable the scale-up of the fuel cell market as we see continued investment and customer interest."
Robert Campbell, CEO of First Hydrogen Energy, added: "Our close working relationship with Ballard has played a key role in developing First Hydrogen's first generation of zero-emission LCVs. This was Ballard's first visit to see the vans and we were keen for their team to see the vehicles in action before they enter our key fleet trial programme in the coming weeks."
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 First Hydrogen vehicles will be deployed with major fleet operators that have already enrolled to drive the hydrogen zero-emission LCV's. One of the UK's largest fleet operators will start the test drive process imminently. A total of 15 major fleet operators have registered to participate as part of the UK Aggregated Hydrogen Freight Consortium ("AHFC"). The trials give commercial operators from a range of sectors – including grocery, express delivery, utilities, and roadside assistance – the opportunity to test hydrogen-powered-fuel-cell electric vehicles alongside their existing fleets and compare different technologies.
The Generation I vehicles act as proof of concept and enable fleet operators, refuelling services and prospective customers to test fuel cell vehicles in real-world conditions. The LCVs are currently undergoing vehicle evaluation and mileage accumulation, which will support optimised vehicle efficiency. The data collected enables First Hydrogen to accurately calculate fuel consumption and vehicle range under different driving conditions and inform future vehicle development.
Importantly, the findings enable the Company to provide total cost of ownership ("TCO") data to prospective customers. Ballard's LCS fuel cell stack technology was chosen for its maximum performance and lifetime durability, which helps to further optimise TCO and make the transition to zero emission vehicles financially competitive. To support the move to net zero, First Hydrogen is also developing an end-to-end 'Hydrogen-as-a-Service' solution, providing fleets with green hydrogen fuel, fleet aftercare and zero emission vehicles.
The global LCV market is projected to reach USD 751.86 billion by 2030, increasing at a compound annual growth rate of 5.1% during the forecast period (2022-2030). To meet the market's need to achieve emissions targets and to capitalise on improving zero emission infrastructure, First Hydrogen is leading the change in the LCV sector with functional, clean fleet solutions.
David Mucciacciaro, CCO at Ballard Power Systems, commented: "We were pleased to experience First Hydrogen's LCV first-hand and delighted to see how our leading fuel cell technology performs on the road in a light-duty application. Our plans to expand Ballard's fuel cell production will enable the scale-up of the fuel cell market as we see continued investment and customer interest."
Robert Campbell, CEO of First Hydrogen Energy, added: "Our close working relationship with Ballard has played a key role in developing First Hydrogen's first generation of zero-emission LCVs. This was Ballard's first visit to see the vans and we were keen for their team to see the vehicles in action before they enter our key fleet trial programme in the coming weeks."
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.
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.
