Vancouver, British Columbia –
Newsfile Corp. – October 12, 2022 – First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) (“FIRST HYDROGEN” or the “Company”) is pleased to announce that its two light commercial vehicles (LCVs) have been certified legal on United Kingdom (UK), excluding Northern Ireland, roads by the Vehicle Certification Authority. The vehicles will now be able to undertake customer trials on public roads commencing January 2023 for a period of 24 months during which the Company expects to collect significant proprietary data from fleet owners and to capture high-level interest for future orders. The vans will be trialled in real-world conditions with major fleet operators initially in the UK and enable the Company to publicly showcase its leading design and accelerate the adoption by light commercial vehicle owners of fuel cell-powered vehicles to replace aging diesel fleets. A total of 13 UK fleet operators in various industries including telecoms, utilities, infrastructure, delivery, grocery and healthcare have signed up to participate in the trials.
These two demonstrator vehicles will showcase the advantages fuel cell electric vehicles have over battery electric vehicles in terms of range and refuelling speed. First Hydrogen vehicles offer 400-600km of range on a single refuelling, which takes a matter of minutes. The certification is a significant milestone for the Company and will help with further approvals required as First Hydrogen scales up its vehicle demonstrator program to trial the vehicles in the European Union, United States and Canada. The global light commercial vehicle market is projected to reach $786.5 billion by 2030 (according to Allied Research) and First Hydrogen’s vehicles will help the sector meet zero emission targets.
First Hydrogen is also working in parallel to arrange green hydrogen generation and distribution under its “Hydrogen as a Service” or Haas program to provide a holistic solution to the market. First Hydrogen’s plans are underway in the UK, Europe, and North America to provide this solution.
Steve Gill, CEO of Automotive for First Hydrogen said: “This is an important step which validates our engineering and technical expertise. The whole team has worked hard to deliver this certification and we can now move forward with the important customer trials commencing in early 2023.”
Balraj Mann, Chairman and CEO of First Hydrogen Corp. states, “We are proud of our Automotive team and their recent accomplishments. I am excited about the groundwork laid by the whole team and, as we move forward, executing our business plan in the coming months. Green hydrogen is becoming a clean alternative answer to fossil fuels.”
On behalf of the Board of Directors of
FIRST HYDROGEN CORP.
Chairman & Chief Executive Officer
First Hydrogen Corp.
[email protected] 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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