First Hydrogen Applauds UK £500 Million Hydrogen Initiative

Rhea-AI Summary

First Hydrogen Corp. (FHYDF) welcomes the UK government's £500 million initiative to boost the green hydrogen sector. This funding aims to enhance the UK's hydrogen production capacity and make it a global leader. A recent study suggests Germany will need to import up to 100 TWh of green hydrogen annually by the mid-2030s.

First Hydrogen has successfully trialed its hydrogen-powered fuel cell light commercial vehicle (FCEV) for demanding tasks, showing no performance loss even in cold temperatures. The company has established a hydrogen ecosystem, positioning itself to leverage Europe's green hydrogen transition.

Additionally, First Hydrogen has closed the first tranche of its private placement, raising $540,000 through convertible debenture units. The proceeds will be used for working capital and general corporate purposes.

Positive

• £500 million UK government funding to enhance the green hydrogen sector.
• Successful trials of hydrogen-powered fuel cell light commercial vehicle (FCEV).
• Private placement raised $540,000 for working capital and general corporate purposes.

Negative

• Debentures are unsecured and not listed for trading on any stock exchange.
• All securities issued in connection with the offering are subject to a statutory resale restriction for four months and one day.

Vancouver, British Columbia--(Newsfile Corp. - July 9, 2024) - First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("First Hydrogen" or the "Company") is encouraged with the recent announcement by incoming UK Prime Minister Sir Keir Starmer pledging to implement an agenda centered on renewable energy and green initiatives. The new government has earmarked £500 million to support the development of the UK's green hydrogen sector, aiming to enhance the country's capacity to produce green hydrogen and position the UK as a leader in the global hydrogen economy.

Germany

A recent study by Berlin-based think tanks Agora Energiewende and Agora Industrie, Germany would need to import upto 100 terawatt hours (TWh) of green hydrogen annually by the mid-2030s, covering a significant portion of its projected energy demand. In order to meet demand, as domestic production is expected to fall short, Germany will need to import green hydrogen from neighbouring countries and from countries such as Canada.

Hydrogen-as-a-Service (HAAS)

The Company has completed four successful trials of its hydrogen-powered fuel cell light commercial vehicle (FCEV). The FCEV demonstrated its' capability for demanding duties, such as carrying heavier payloads, towing and powering auxiliary equipment (onboard power). There has been 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).

First Hydrogen has established a hydrogen ecosystem, partnering with various providers for refuelling and green hydrogen delivery and being the first and only road-legal FCEV. The Company is in a position to capitalize on Europe's transition to green hydrogen. Our "ready-to-go" hydrogen ecosystem demonstrates hydrogen mobility is possible for fleet operators.

Private placement

The Company is also please to announce that further to its news release dated June 28, 2024, it has closed the first tranche of its private placement of convertible debenture units for gross proceeds of $540,000 (the "Offering"). Each debenture unit consists of $1,000 in principal and is convertible into 1,851.85 common shares and 1,851.55 share purchase warrants, with each share purchase warrant exercisable to acquire one additional common share at an exercise of $0.80 per warrant share for a period of two years from the closing date of the Offering.

The debentures will mature on the second anniversary of the date of issuance and bear interest at a rate of 8.00% per annum, commencing on the date of issuance. The debentures are unsecured. The debentures will not be listed or posted for trading on any stock exchange. All securities issued in connection with the Offering will be subject to a statutory resale restriction for four months and one day from the closing date of the Offering.

In connection with the Offering, the Company paid Canaccord Genuity Corp. (the "Finder") a fee of $43,200 and issued 80,000 warrants (the "Finder's Warrants"). Each Finder's Warrant provides that such Finder may acquire common shares of the Company (each a "Finder's Warrant Share") at a price of $0.54 per Finder's Warrant Share until July 9, 2026.

The Company intends to use the net proceeds from the offering for working capital and general corporate purposes.

The Future With Zero Emissions

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First Hydrogen HCEV

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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.

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/216023

FAQ

What is the impact of the UK government's £500 million hydrogen initiative on First Hydrogen (FHYDF)?

The UK government's £500 million hydrogen initiative aims to enhance the UK's hydrogen production capacity, positioning it as a global leader. This move is likely beneficial for First Hydrogen (FHYDF) as it aligns with their green hydrogen strategy.

What were the results of First Hydrogen's (FHYDF) hydrogen-powered FCEV trials?

First Hydrogen's (FHYDF) hydrogen-powered FCEV trials were successful, with the vehicles showing no performance loss even in colder temperatures. The FCEV demonstrated its capability for demanding tasks such as carrying heavier payloads and towing.

How much did First Hydrogen (FHYDF) raise in their recent private placement?

First Hydrogen (FHYDF) raised $540,000 in their recent private placement of convertible debenture units.

What are the terms of the debentures issued by First Hydrogen (FHYDF) in the recent private placement?

The debentures issued by First Hydrogen (FHYDF) in the recent private placement bear an annual interest rate of 8%, are unsecured, and will mature on the second anniversary of the issuance date. They are also subject to a statutory resale restriction for four months and one day.

Why does Germany need to import green hydrogen, and how does it affect First Hydrogen (FHYDF)?

Germany needs to import up to 100 TWh of green hydrogen annually by the mid-2030s due to a shortfall in domestic production. This demand can benefit First Hydrogen (FHYDF) as it positions itself to capitalize on green hydrogen exports.