First Hydrogen Partners With FEV Consulting GMBH For Development Of Hydrogen Mobility Refueling Stations

Rhea-AI Summary

First Hydrogen Corp. has announced a partnership with FEV Consulting GmbH to develop a bespoke hydrogen refueling station aimed at enhancing the hydrogen mobility market.

The agreement is expected to bolster First Hydrogen's automotive strategy and taps into a projected $851 billion hydrogen fuel cell vehicle market by 2030.

First Hydrogen is also working on hydrogen-fuel-cell-powered vehicles and extraction systems, with the goal of promoting zero-emission vehicles.

Positive

• Partnership with FEV Consulting to develop a hydrogen refueling station, enhancing product offerings.
• The hydrogen fuel cell vehicle market is projected to reach $851 billion by 2030, indicating growth potential.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / December 20, 2021 / First Hydrogen Corp. (" FIRST HYDROGEN " or the " Company ") (TSXV:FHYD) (OTC PINK:FHYDF) (FSE:FIT) is pleased to announce its' agreement with FEV Consulting GmbH ("FEV") to jointly design and manufacture a prototype bespoke hydrogen refueling station for the hydrogen mobility market.

First Hydrogen is partnering with FEV, headquartered in Aachen, Germany, to design and build a prototype liquid hydrogen refueling station to better serve its mobility customers over the lifetime of their ownership of First Hydrogen vehicles and service the hydrogen fuel mobility market.

First Hydrogen views the development of the Hydrogen Mobility Refueling Station as an accretive to its automotive strategy and as an additional opportunity for selling hydrogen related technology to its customer base and more generally to accelerate the adoption of hydrogen as a main source of fuel for the light to heavy hydrogen mobility sector. According to the report published by Next Move Strategy Consulting on December 13, 2021, the Hydrogen Fuel Cell Vehicle market is expected to hit US$851 billion by 2030.

About First Hydrogen Corp.
First Hydrogen Corp. is a Vancouver based company focused on zero-emission vehicles and supercritical carbon dioxide extractor systems. The company is designing and developing a hydrogen-fuel-cell-powered light commercial vehicle under two agreements with AVL Powertrain UK Ltd. and Ballard Power Systems Inc. having a range of 500+ kilometres. First Hydrogen will also offer fuel-cell-powered supercritical CO2 extraction systems that will allow users to operate the systems in remote locations where there are no electrical power grids available, or the electrical power is unstable. This already developed supercritical CO2 extraction system is fully operational and can be monitored and supported remotely by the company's in-house fully integrated software operating system.

About FEV Consulting GmbH
FEV Consulting offers a unique combination of management consulting capabilities with over 35 years of experience in pre-production and production development, production planning and cost engineering. Projects are led by consultants with many years of industry and consulting experience. This enables FEV to provide solutions that are both practical and implementable with a deeper level of content, setting FEV apart from other consulting firms. FEV has access to over 3,000 global subject matter experts from one of the world's leading engineering service providers. FEV engagements feature world-class interdisciplinary project teams tailored to suit individual customer projects.

On behalf of the Board of Directors of

FIRST HYDROGEN CORP.

"Balraj Mann"

Chairman & Chief Executive Officer

Contacts:

North America
Balraj Mann
Chairman & Chief Executive Officer
604-601-2018
invvestors@firsthydrogen.com

Europe
Nicholas Wrigley, Chairman
First Hydrogen Automotive
+44 7917-114434
Nicholas.Wrigley@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.

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SOURCE: First Hydrogen Corp.

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FAQ

What is the significance of the partnership between First Hydrogen and FEV Consulting?

The partnership aims to design and manufacture a hydrogen refueling station, enhancing First Hydrogen's automotive strategy and serving the hydrogen mobility market.

What market opportunity is First Hydrogen tapping into with its new hydrogen refueling station?

First Hydrogen is targeting the hydrogen fuel cell vehicle market, expected to reach $851 billion by 2030.

What products is First Hydrogen developing besides the hydrogen refueling station?

First Hydrogen is developing hydrogen-fuel-cell-powered vehicles and supercritical CO2 extraction systems.

How will the hydrogen refueling station benefit First Hydrogen's customers?

The refueling station will serve mobility customers throughout their ownership of First Hydrogen vehicles, providing essential infrastructure.