First Hydrogen Achieves Record Distances During Fcev Trials With Wales  & West Utilities

March 20, 2024

Vancouver, B.C., March 18, 2024 Vancouver, British Columbia – First Hydrogen Corp. (“FIRST  HYDROGEN” or the “Company”) (TSXV: FHYD) (OTC: FHYDF) (FSE: FIT) has successfully completed  hydrogen fuel cell-powered vehicle (FCEV) trials with gas distribution network Wales & West Utilities  (WWU). WWU is exploring zero emissions vehicle technology to suit its operational requirements and the  trials provided the transport team with the opportunity to experience the benefits of the Company’s FCEV  first-hand. 

The Company’s FCEV completed more than 2,000 km (>1,200 miles) over the four-week trial, travelling up  to 189 km (117 miles) per day in some of South Wales’ coldest conditions. The FCEV vehicle demonstrated  its’ capability for demanding duties, such as carrying heavier payloads, towing and powering auxiliary  equipment (onboard power), as well as, the full power capability of the fuel cell module, with outputs higher  than 60kW in transient accelerations. The trial had already shown there was no decrease in vehicle  performance or range when operating in colder temperatures. The data recorded will provide great insight  into the FCEV’s performance in winter conditions.  

More detail on the FCEV’s deployment with WWU can be seen here.  

Driver feedback  

The FCEV was shared by two drivers from WWU’s Network Emergency & Metering Services team who are  responsible for emergency metering work for more than 7.5 million customers across Wales and the south  west of England. Most of the vehicle’s journeys were travelling to customer call outs, averaging 5-6 visits per  day. The team has to respond quickly to calls and often covers long distances while transporting bulky  equipment needed for repairs.  

Alun Jones, First Call Operative (FCO) for WWU and driver in First Hydrogen’s trials says: “First  Hydrogen’s van is lovely to drive and allowed us to get on with our job. The fact you can quickly refuel rather  than charge up overnight is a massive advantage for us as sometimes we respond to calls from our homes in  the middle of the night. I can definitely see the hydrogen vans working at WWU in terms of the efficiency we  need.” 

Steve Morgan, FCO for WWU and driver in the vehicle trials, says: “Our van is everything for us; it’s our  office and it’s how we transport our equipment and charge our laptops and phones so we can respond to call  outs. Therefore, we need vehicles that are comfortable and reliable and that can carry everything we need. We  do a lot of miles so also need the range.” 

Trial feedback 

Stephen Offley, Transport Manager for WWU comments: “We are impressed with how the van operates  and its overall performance – particularly as this is a prototype vehicle and we were breaking new ground by  creating our own hydrogen vehicle ecosystem. Testing the vehicle with our FCOs meant we could demonstrate  its use in a front-line service role and provide credible findings for us to share with our stakeholders and other  fleet managers. The data generated from the trials also gives us a case to push for fixed hydrogen infrastructure  in the area so we can benefit from faster refuelling and operational simplicity.”

Generating data to fuel zero emission adoption 

Crucially, the trials have provided First Hydrogen and WWU with important data that will help to inform  future development. 

Steve Gill, Executive Director Automotive, First Hydrogen, says: “We’re thrilled with the feedback from  Wales & West Utilities. Having covered more miles in a single trial than ever before, we have generated a  significant amount of vehicle data. Sharing the van between two drivers, neither of whom has driven a zero  emission vehicle before, has given us insight into how different driving styles can affect performance. By  reviewing this data and speaking to the WWU team, we have identified further opportunities to improve fuel  consumption and optimise efficiency. 

“We have also gained valuable data, which enables us to model Total Cost of Operations (TCO), key  information for fleet operators considering a transition to hydrogen fuel. We have presented our initial findings  to the WWU board who responded positively and are keen to progress with next steps.” Importantly, these trials proved that hydrogen mobility is still possible for fleet operators without access to  fixed hydrogen refuelling infrastructure. The trials were supported by Protium Energy Solutions, which  provided green hydrogen to fuel the vehicle and Hyppo Hydrogen Solutions, who supplied a re-deployable  hydrogen refuelling unit. 

DataHorizzon Research reported the global hydrogen fuel cell vehicles market is projected to grow from  US$2.2 billion (£1.7 billion) in 2023 to US$82.1 billion (£64.2 billion) by 2032, at 49.1% CAGR. It anticipates  that fleet operators, such as WWU, will drive zero emission vehicle sales – which includes hydrogen fuel cell  commercial vehicles – as they strive to decarbonise in line with government mandates to phase out fossil fuel  vehicles by 2035. 

FIRST HYDROGEN CORP.
“Balraj Mann”
Chairman & Chief Executive Officer

Contacts:

North America
Balraj Mann, Chairman & Chief Executive Officer
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; 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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