Vancouver, British Columbia--(Newsfile Corp. - August 25, 2022) - First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") congratulates Prime Minister Justin Trudeau and German Chancellor Olaf Scholz on the monumental hydrogen alliance formed between Canada and Germany. The joint declaration of intent to invest in hydrogen and establish a transatlantic Canada-Germany supply corridor will be the start of establishing Canada as a significant hydrogen producer and advancing on its decarbonization path. Natural Resources Canada projects the global hydrogen market to be more than $2.5 trillion by 2050 with Canada as a leading supplier.
The Company has expanded its Green Hydrogen production plans to North America, initial focus will be on Canada with its enormous resources of renewable energy (hydropower, solar and wind) that can be used to produce green hydrogen yielding no carbon emissions. Canada has identified the domestic deployment of hydrogen as a key to meeting its climate change commitments. On July 6, 2022, the Canadian government released its Clean Fuel Standard, which will aim to reduce greenhouse gas emissions and accelerate the use of clean technologies and fuels. It was followed up with an announcement of funding for Medium-and-Heavy-Duty Zero-Emission Vehicles (the iMHZEV program will provide $547.5M of funding over four years). This new policy commitment will aid in creating new demand for commercial vehicles using green hydrogen.
First Hydrogen Energy is now commencing the development of four key green hydrogen production facilities in the UK following positive progress to date. The North American expansion is part of First Hydrogen's strategy to develop green hydrogen production in regions with strong policy support for green hydrogen and/or abundant renewable energy sources. The green hydrogen produced will be distributed nearby the production sites thereby minimizing distribution costs and also providing climate change, pollution reduction and energy resiliency benefits within the green hydrogen site's region.
Rob Campbell, Director and CEO of First Hydrogen Energy, comments: "These are truly remarkable times with the announced plans for both the transatlantic Canada-German hydrogen supply corridor and the historic US Inflation Reduction Act occurring in the same month. Green hydrogen is clearly happening globally and First Hydrogen has plans to produce and deliver green hydrogen solutions for use in commercial vehicles across North America, the UK and Europe."
Balraj Mann, CEO of First Hydrogen, says: "The recent announcement procures green hydrogen in Newfoundland and Labrador using wind energy which is only one of the sources of renewable energy available in Canada. We must also tap into our hydropower, a huge source of clean renewable energy. Our "hydrogen-as-a-service' model will be a zero-emission eco-system solution for Canada and the rest of the world."
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. The Company is also pursuing opportunities in green hydrogen production and distribution in the UK and elsewhere.
On behalf of the Board of Directors of
FIRST HYDROGEN CORP.
Chairman & Chief Executive Officer
First Hydrogen Corp.
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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