First Hydrogen Signs LOI to Secure e-Vans for Full Integration of Its Hydrogen Fuel Cell Powertrain
First Hydrogen Corp. has signed a non-binding letter-of-intent (LOI) to secure a supply of e-Vans from a large German multinational automotive manufacturer. The company's hydrogen-fuel-cell powertrain will be integrated into these German-branded vans.
This integration will involve access to engineering, technical support, and certification from the vehicle manufacturer. The goal is to offer fleet operators customized hydrogen-powered light commercial vehicles soon.
First Hydrogen's fuel cell electric vehicles (FCEVs) recently completed successful trials in London with a major logistics company. The FCEVs operated for over 8 hours daily, handling multiple deliveries per hour and demonstrating a peak range of 400 miles on a single refuel. These trials underscore the vehicles' capability to handle demanding tasks such as carrying heavy loads and driving on challenging terrains.
The company's CEO, Balraj Mann, highlighted that this collaboration aids in bringing FCEVs to the North American market, building on interest from both the UK and North America.
- Signed LOI with a large German multinational automotive manufacturer.
- Successful integration of hydrogen-fuel-cell powertrain into German-branded e-Vans.
- Access to advanced engineering, technical support, and certification from vehicle manufacturer.
- Recent successful trials in London, demonstrating over 8 hours of operation daily and multiple deliveries per hour.
- Peak range of 400 miles on a single refuel, showcasing the capability for heavy loads and challenging terrains.
- Strong interest from North American fleet operators for trialing FCEVs.
- CEO highlighted collaboration's role in bringing FCEVs to North American market.
- Non-binding LOI, subject to a definitive agreement, introduces uncertainty.
- Dependent on successful integration and certification processes.
- Potential competition from other hydrogen fuel cell vehicle manufacturers.
- Operational challenges in scaling and commercialization of FCEVs.
Vancouver, British Columbia--(Newsfile Corp. - May 27, 2024) - First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") has signed a non-binding letter-of-intent ("LOI") to secure, subject to a definitive agreement, a supply of e-Vans built by a large German multinational automotive manufacturer. The Company's hydrogen-fuel-cell powertrain will be integrated into the German-branded vans, the integration process will include access to the vehicle manufacturer's engineering, technicians, support, and certification. The supply line allows First Hydrogen to offer interested fleet operators a customized hydrogen-powered-fuel-cell light commercial vehicle in the near term.
First Hydrogen's hydrogen-powered-fuel-cell vehicle (FCEV) recently completed trials with a large multinational logistics company, whose partners use commercial vans for parcel deliveries. The trial took place in London, UK, where the FCEV operated over 8 hours per day with multiple deliveries per hour.
The Company's FCEV has also demonstrated how its fuel cell powertrain delivers power when needed, achieving outputs of 60kW in transient accelerations, and in previous trials the vehicle has achieved a peak range of 630km (400 miles) on a single refueling in previous trials. This indicates the vehicle can manage more demanding duties, such as carrying heavier payloads, driving over hilly terrain or powering auxiliary equipment (onboard power).
Balraj Mann, Group CEO, First Hydrogen comments, "This collaboration will provide us access to acquire vehicles, integration capabilities and technical support to bring our FCEVs to the North American market. We were the first to the market with our two original FCEVs which now have completed four successful trials in the U.K. The company continues to receive interest to trial the FCEVs with strong interest from North America."
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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
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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.
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FAQ
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