Vancouver, British Columbia –
Newsfile Corp. – October 11, 2022 – First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) (“FIRST HYDROGEN” or the “Company”) is encouraged that the European Parliament’s transport and tourism committee has voted in significant changes relating to hydrogen mobility and transport. As part of the Alternative Fuels Infrastructure Regulation (AFIR), the committee agreed on targets of one hydrogen refueling station (HRS) every 100km along the Trans-European Transport Network (TEN-T) Core and Comprehensive Network, which connect all of Europe. Recently, the European Union announced funding of €5.12 billion to co-fund 135 transport infrastructure projects that will form part of the TEN-T. European association, Hydrogen Europe, estimates the number of HRS to be 1,500 by 2030 far greater than the European Commission’s original proposal, where HRS would be installed every 150km in the Ten-T Core Network leading to 200 HRS.
First Hydrogen recently announced its expansion to Germany, Benelux, Eastern Europe, France, Spain, Portugal and Italy to identify and sign-up fleets for European trials of the Company’s light commercial vans (LCV). Green hydrogen facilities production opportunities will also be identified and developed to support the TEN-T Core and Comprehensive Networks. The Company’s hydrogen-as-a-service model will be a zero-emission ecosystem solution that will benefit from the EU’s move to decarbonize.
Afkenel Schipstra, First Hydrogen Energy COO, says: “We welcome the European Parliament further strengthening the case for carbon reduction enabling infrastructure. This proposal will lead to approximately 1,500 HRS by 2030, which is a significant increase on previous figures. This commitment strengthens our own European expansion strategy, which we announced last week. First Hydrogen’s activities now include development in Germany, France, Benelux, Spain Italy, Portugal and Eastern Europe. The EU market represents some 35% of the global Light Commercial Vehicle (LCV) market, and so the European Commission’s new plans for greater hydrogen infrastructure investment will support us in identifying and signing up fleet operators to our hydrogen vehicle trials.”
Balraj Mann Chairman & CEO of First Hydrogen Corp. said: “The energy landscape in Europe needs to change dramatically now as the EU must seek an alternative to dirty and very expensive fossil fuels. Green hydrogen is the clear choice for Europe and the rest of the world. Global hydrogen production must double every year to 2030 in order to support a rapid clean energy transition and reduce greenhouse gas emissions.”
On behalf of the Board of Directors of
FIRST HYDROGEN CORP.
Chairman & Chief Executive Officer
First Hydrogen Corp.
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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; 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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