First Hydrogen Launches FCEV Vehicle Program in North America

Rhea-AI Summary

First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) is launching its new hydrogen-powered-fuel-cell vehicle (FCEV) program for North America following successful UK vehicle trials. The program aims to align with the Company's expansion plan and the maturity of Quebec's hydrogen ecosystem, with plans to develop two additional demonstrator FCEVs. First Hydrogen's FCEV trials have shown hydrogen power to be essential for fleet operators in sectors such as grocery, parcel delivery, mining, and utilities. The Company plans to build a vehicle assembly facility and green hydrogen production plant in Shawinigan, Quebec, targeting an annual production of up to 25,000 vehicles for distribution throughout North America, led by Stéphane Gagnon as the Lead Engineer.

Vancouver, British Columbia--(Newsfile Corp. - December 18, 2023) - First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company"), after successful UK vehicle trials, is pleased to announce the launch of its new hydrogen-powered-fuel-cell vehicle ("FCEV") program for North America. The North American ("NA") program will perfectly align with the Company's expansion plan and the maturity of Quebec's hydrogen ecosystem. First Hydrogen intends to develop two additional demonstrator FCEVs to showcase with potential North American fleet customers. The Company will continue its successful trial program in the United Kingdom with interested fleet operators.

First Hydrogen's FCEV trials have shown hydrogen power will be essential to meet the critical range, payload towing and fast refueling capabilities required by fleet operators in sectors such as grocery, parcel delivery, mining and utilities which cannot be met by battery-electric vehicles ("BEV"). Over the past year, First Hydrogen's UK engineering team's dedication to the development of the Company's FCEV has created leading know-how and expertise in the hydrogen automotive sector.

The North American demonstrator program is the next step towards the Company's plans to build a vehicle assembly facility and green hydrogen production plant in Shawinigan, Quebec. The Company's "Hydrogen-as-a-Service" model will provide customers in the Montreal-Quebec City hub with clean green hydrogen fuel and zero-emission commercial vehicles in order to accelerate the creation of zero-emission ecosystem solutions. The assembly facility target will be for annual production of up to 25,000 vehicles for distribution throughout North America and will represent a major boost to green technology jobs in the region.

The North American, Quebec-based, development program will be led by Stéphane Gagnon as the Lead Engineer. Mr. Gagnon brings overs 30 years of extensive experience to First Hydrogen, previously as program manager for the development of the Airbus A220 (C-Series) at Bombardier Aéronautique and as chief engineer at Novabus (a division of Volvo Group). Mr. Gagnon will work closely with Head of Automotive, Steve Gill and his team.

Francois Morin, VP of Development - North America, stated: "It is important for us to share our knowledge gained from the development of the two UK FCEVs as we add FCEVs in Quebec. The additional FCEVs build momentum as we move forward with the hydrogen production and vehicle assembly plant in Shawinigan."

Steve Gill, Head of Automotive - First Hydrogen, commented: "I am excited to be part of the new North American program. The application of our hydrogen powertrain technology to a North American vehicle platform will show the technology to a new set of customers. There will be new challenges, but I am confident in our professional skills and determination to create additional demonstrators to our existing FCEVs."

Stephane Gagnon stated, "Joining First Hydrogen is an important milestone in my career. I truly believe that First Hydrogen's FCEVs can have a tremendous impact on the transport sector's decarbonization. Looking at the success the Company has reached in the UK with the hydrogen technology and the customer experience, really motivates me to implement such a program in NA. Also, working with all the suppliers and regulatory bodies to build the best in-class NA demonstrators is an achievement that I'm looking to do with dedication and pride."

 
First Hydrogen
 
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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 hydrogen-fuel-cell-powered light commercial vehicles ("FCEV") in partnership with AVL Powertrain and Ballard Power Systems Inc. The FCEV has a range of 630+ kilometres. These vehicles are being trialled 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.

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FAQ

What is First Hydrogen Corp.'s ticker symbol?

First Hydrogen Corp.'s ticker symbol is TSXV: FHYD on the Toronto Stock Exchange Venture, OTC Pink: FHYDF on the Over-the-Counter market, and FSE: FIT on the Frankfurt Stock Exchange.

What is First Hydrogen Corp. announcing?

First Hydrogen Corp. is announcing the launch of its new hydrogen-powered-fuel-cell vehicle (FCEV) program for North America following successful UK vehicle trials.

What are the sectors that benefit from First Hydrogen Corp.'s FCEV trials?

First Hydrogen Corp.'s FCEV trials have shown hydrogen power to be essential for fleet operators in sectors such as grocery, parcel delivery, mining, and utilities.

Where is First Hydrogen Corp. planning to build a vehicle assembly facility and green hydrogen production plant?

First Hydrogen Corp. is planning to build a vehicle assembly facility and green hydrogen production plant in Shawinigan, Quebec.

Who is leading the North American, Quebec-based, development program for First Hydrogen Corp.?

The North American, Quebec-based, development program will be led by Stéphane Gagnon as the Lead Engineer.