First Hydrogen Targets European Expansion
Rhea-AI Summary
First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) announces its European expansion plans, starting with an office in Germany. The company has engaged international firms to support this expansion, focusing on renewable energy development, infrastructure construction, M&A, and fundraising. Germany's commitment to green hydrogen aligns with First Hydrogen's goals for its hydrogen-powered fuel-cell light commercial vehicles (FCEVs).
Germany's hydrogen strategy includes a planned 9,700 km hydrogen highway and 17 'Hydrogen Valleys'. The European Commission has approved four waves of hydrogen Integrated Projects of Common European Interest (IPCEIs), aiming to raise €43 billion for over 120 projects. First Hydrogen brings its FCEV technology, which has been successfully trialed in UK fleet operations.
Positive
- Expansion into the European market, starting with Germany
- Alignment with Germany's national hydrogen strategy and infrastructure plans
- Potential access to €43 billion in European funding for hydrogen projects
- Successful trials of FCEVs in UK fleet operations
Negative
- Granting of 2,050,000 stock options at $0.40 per share, potentially diluting existing shareholders
Vancouver, British Columbia--(Newsfile Corp. - September 9, 2024) - First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") is pleased to provide an update on its European expansion. The Company has engaged several international firms with expertise in renewable energy development, infrastructure construction, mergers & acquisitions and fundraising to support the expansion. First Hydrogen will initially establish an office in Germany, a country known for its expertise in precision, efficiency and advanced technology along with major auto manufacturing (Volkswagen, Mercedes-Benz, BMW, Audi) which aligns with the Company's goal of adding its' hydrogen-powered-fuel-cell light commercial vehicle ("FCEV") to the hydrogen ecosystem.
In 2020, Germany declared a national hydrogen strategy and committed to sustainably producing green hydrogen as its main energy carrier of the future. In late 2023, Germany drafted new hydrogen legislation setting guidelines for a hydrogen highway that will span 9,700 kilometres utilizing existing natural gas infrastructure; this compares to the autobahn highways, which run 13,000 kilometres across Germany. Currently, there are 17 hydrogen hubs, also known as "Hydrogen Valleys", operational, under construction or in the planning stages in Germany. These Hydrogen Valleys consist of production, storage, end-use, and connective infrastructure to build and operate a fully functioning, regional clean hydrogen ecosystem along the hydrogen highway.
Developing a hydrogen economy is critical for Europe to reach its 2050 Net Zero target. The European Commission (the "Commission") has approved four waves of hydrogen Integrated Projects of Common European Interest ("IPCEIs"), aiming to raise €43 billion to support more than 120 projects involving approximately 100 European companies. The projects cover the hydrogen ecosystem from production, import, transportation, and end-use.
Balraj Mann, Group CEO of First Hydrogen, commented, "Europe has shown a strong commitment to move away from their reliance on fossil fuels to clean hydrogen. Countries such as Germany have granted €4.6 billion in funding to hydrogen projects as part of the IPCEI protocol. First Hydrogen brings to Germany our hydrogen-powered-fuel-cell vehicles, we were first to the market with successful trials with various fleet operations in the UK. Additional developments will be announced in due course."
Grant of Stock Options
The Company announces the granting of 2,050,000 incentive stock options to directors, officers and consultants of the company with an exercise price of
The Future with Zero Emission
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First Hydrogen FCEV
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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.
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FAQ
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