First Hydrogen Extends Strategic Relationship with FEV for Bespoke Hydrogen Vehicle's Design and Product Specifications

Rhea-AI Summary

First Hydrogen Corp. has extended its consulting relationship with FEV Group to enhance the technology strategy for its bespoke hydrogen fuel cell-powered light commercial vehicles (LCV). This collaboration will focus on product specifications and advanced functionalities. The UK government aims to double hydrogen production by 2030, with First Hydrogen planning up to four production sites, targeting an initial capacity of 80 MW to 160 MW. The company seeks to contribute to climate initiatives through its vehicle designs and hydrogen production efforts.

Positive

• Extension of consulting relationship with FEV Group to enhance vehicle technology strategy.
• Plans for up to four hydrogen production sites, aligning with UK government hydrogen expansion goals.
• Initial production capacity estimates between 80 MW to 160 MW for the planned sites.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / May 18, 2022 / First Hydrogen Corp. ("FIRST HYDROGEN" or the "Company") (TSXV:FHYD)(OTC PINK:FHYDF)(FSE:FIT) is pleased to announce that First Hydrogen Automotive has extended its consulting relationship with FEV Group of Aachen Germany ("FEV") to define the technology leadership strategy for the Company's fleet of bespoke hydrogen fuel cell-powered light commercial vehicles ("LCV") and other potential vehicles based on our proprietary designs. This will enable First Hydrogen Automotive to plan the definitive designs and production facilities of its vehicles. More specifically FEV will advise on target product specifications, software led functionality, including advanced driver-assistance systems/autonomous driving systems (ADAS/AD)/connectivity functionality and electrics & electronics architecture, and assessment of the product concept hardware options in terms of design, layout, materials, manufacturing and platform modularity.

In April 2022, the UK government announced plans to double hydrogen production to 10 GW by 2030, with at least 5 GW to come from green hydrogen (produced in electrolysers which split water into hydrogen and oxygen using electricity generated by wind and other renewables). First Hydrogen plans to contribute to these targets with up to four production sites, with each site having a refuelling station for commercial vehicles and passenger cars. Initial production capacity estimates are between 80 MW to 160 MW for the four sites.

Nicholas Wrigley, Chairman First Hydrogen Limited said, "We are very excited as First Hydrogen Automotive takes another step forward to decarbonization and providing a sustainable energy-powered vehicle. We are utilizing MAN eTGE vans for our demonstrators to build customer following and bespoke design references and this new phase of development will define First Hydrogen's own vehicle design interior and exterior, optimised for hydrogen and fuel cell powertrains. Our Energy Division is working to develop refuelling and green hydrogen production sites in Liverpool, Manchester, London and the Thames Estuary, which will serve our customers' fleet of vehicles and other users of hydrogen fuel cell vehicles. I believe the Company's strategy, from vehicles to hydrogen production will contribute to the world's climate change initiatives."

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.

"Balraj Mann"
Chairman & Chief Executive Officer

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; 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

SOURCE: First Hydrogen Corp.

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FAQ

What is the latest update from First Hydrogen Corp. regarding its vehicle technology?

First Hydrogen Corp. has extended its consulting relationship with FEV Group to further develop the technology strategy for its hydrogen fuel cell-powered vehicles.

How many hydrogen production sites is First Hydrogen planning?

First Hydrogen plans to establish up to four hydrogen production sites in line with the UK government's hydrogen production goals.

What is the expected capacity for First Hydrogen's production sites?

The initial production capacity estimates for First Hydrogen's planned sites range from 80 MW to 160 MW.

How does the UK government's hydrogen initiative impact First Hydrogen Corp.?

The UK government's initiative to double hydrogen production by 2030 directly supports First Hydrogen's goals for vehicle production and hydrogen supply.