2022-08-25 | TSXV:FHYD | Press release
Vancouver, British Columbia–(Newsfile Corp. – Aug. 25, 2022) – First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) (“FIRST HYDROGEN“or the”Company“) commends Prime Minister Justin Trudeau and German Chancellor Olaf Scholz for the monumental hydrogen alliance formed between Canada and Germany. The joint statement of intent to invest in hydrogen and establish a The Canada-Germany Transatlantic Supply Corridor will mark the beginning of Canada’s establishment as a major hydrogen producer and progress on the path to decarbonization.
The company has extended its green hydrogen production plans to North America, the focus will initially be on Canada with its huge renewable energy resources (hydro, solar and wind) that can be used to produce green hydrogen without carbon emissions. Canada has identified the national deployment of hydrogen as a key element in meeting its climate change commitments. On July 6, 2022, the Canadian government released its Clean Fuel Standard, which will aim to reduce greenhouse gas emissions and accelerate the use of clean technologies and fuels. It was followed by a funding announcement for zero-emission medium and heavy-duty vehicles (the iMHZEV program will provide $547.5 million in funding over four years). This new political commitment will help create new demand for commercial vehicles using green hydrogen.
First Hydrogen Energy is now starting the development of four main green hydrogen production facilities in the UK after positive progress to date. North American expansion is part of First Hydrogen’s strategy to expand green hydrogen production in regions with strong political support for green hydrogen and/or abundant renewable energy sources . The green hydrogen produced will be distributed close to the production sites, thus minimizing distribution costs and also providing benefits in terms of climate change, pollution reduction and energy resilience in the region of the green hydrogen site.
Rob Campbell, Director and CEO of First Hydrogen Energy, comments: “These are truly remarkable times with the announced plans for both the Canada-Germany Transatlantic Hydrogen Supply Corridor and the historic US Inflation Reduction Act occurring in the same month. Green Hydrogen is clearly happening on a global scale and First Hydrogen has plans to produce and deliver green hydrogen solutions for use in commercial vehicles in North America, the UK and Europe.”
Balraj Mann, CEO of First Hydrogen, says: “The recent announcement makes it possible to obtain green hydrogen in Newfoundland and Labrador using wind energy, which is only one of the renewable energy sources available in Canada. We also need to tap into our hydroelectricity, a huge source of clean, renewable energy. “a-service” model will be a zero-emission ecosystem solution for Canada and the rest of the world. »
About First Hydrogen Corp. (FirstHydrogen.com)
First Hydrogen Corp. is a Vancouver and London UK-based company focused on zero-emission vehicles, green hydrogen production and distribution, and supercritical carbon dioxide removal systems. The company designs and builds demonstration light utility vehicles (“LCVs”) powered by hydrogen fuel cells under two agreements with AVL Powertrain and Ballard Power Systems Inc. The LCV will have a range of over 500 kilometers. At the same time, the company has launched its bespoke vehicle design phase which will develop its fleet of zero-emission clean vehicles. First Hydrogen is also developing refueling capability in conjunction with FEV Consulting GmbH, the automotive consultancy of the FEV Group of Aachen in Germany. The Company is also looking for opportunities in the production and distribution of green hydrogen in the UK and elsewhere.
On behalf of the Board of Directors of
FIRST HYDROGEN CORP.
First Hydrogen Corp.
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Forward-looking information may include, but is not limited to, statements regarding operations, activities, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, objectives, objectives progress, milestones, strategies and outlook for First Hydrogen, and include statements regarding, among other things, future developments and First Hydrogen’s future operations, strengths and strategies. Forward-looking information is provided for the purpose of presenting information about management’s current expectations and plans regarding the future, and readers are cautioned that such statements may not be appropriate for other purposes. These statements should not be construed as guarantees of future performance or results.
Forward-looking statements made in this press release are based on management’s assumptions and analysis and other factors on which management may rely to draw conclusions and make forecasts or projections, including the management experience and assessments of historical trends, current conditions and future forecasts. developments. Although management believes these assumptions, analyzes and assessments to be reasonable at the time the statements in this press release are made, actual results may differ materially from those projected in the forward-looking statements. Examples of risks and factors that could cause actual results to differ materially from forward-looking statements may include: the timing and unpredictability of regulatory action; regulatory, legislative, legal or other developments relating to its operations or activities; limited marketing and sales capabilities; early stage of industry and product development; limited products; recourse to third parties; adverse publicity or consumer perception; general economic conditions and financial markets; the impact of increasing competition; the loss of key management personnel; capital and liquidity requirements; access to capital; the timing and amount of capital expenditures; the impact of COVID-19; changes in demand for First Hydrogen’s products and the size of the market; patent law reform; patent and intellectual property litigation; conflicts of interest; and general market and economic conditions.
The forward-looking information contained in this press release represents First Hydrogen’s expectations as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely on such information as of any other date. First Hydrogen undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change.
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