First Hydrogen and Rivus, a member of the UK Aggregated Hydrogen Freight Consortium (“AHFC”), parter for LCV trials

March 29, 2023

Vancouver, B.C., March 28, 2023 Vancouver, British Columbia – First Hydrogen Corp. (“FIRST  HYDROGEN” or the “Company”) (TSXV: FHYD) (OTC: FHYDF) (FSE: FIT) partners with multi-award winning fleet management provider and member of the UK Aggregated Hydrogen Freight Consortium, Rivus (“Rivus” https://www.rivusgroup.co.uk) to start operational trials with first-of-its-kind hydrogen-fuel-cell powered vehicle (FCEV). Rivus is an UK-based fleet management company, with over 1,300 employees, 78  UK-wide garages and 500 garage-partners, for some of the UK’s largest and most critical fleets, managing  over 120,000 light commercial and heavy goods vehicles each year. Rivus is the first company to participate  in vehicle trials with First Hydrogen’s Generation I zero-emission LCV’s, co-ordinated through the AFHC,  which is led by Element Energy with input from the global industrial members of UK H2Mobility  (www.ukh2mobility.co.uk/members). The consortium works together with large UK fleet operators to  accelerate the commercial rollout of fuel cell vans and trucks and hydrogen refuelling infrastructure.  

Rivus will test First Hydrogen’s light commercial vehicles (“LCV”) for a month in the Birmingham and  Sheffield areas, which are served by hydrogen refuelling stations. Rivus will run First Hydrogen’s vehicle on  pre-planned routes to measure performance under different driving conditions. Telematics and onboard  instruments will capture data on vehicle performance, efficiency, and fuel consumption. The findings will  contribute to First Hydrogen’s overall evaluation and mileage accumulation programme, which supports  vehicle optimisation and determines Total Cost of Ownership.  

The trials enable fleet managers from sectors including grocery, express delivery, utilities, healthcare, and  roadside assistance, to experience the benefits of FCEVs within their own operations. Hydrogen powertrains  possess a greater range, higher payload capacity and faster refuelling than equivalent battery electric vehicles.  First Hydrogen’s vehicle has a range of 400-600km on a single fuel tank filled at 700 bar, which takes  approximately five minutes to fill. The programme enables operators to compare different vehicle technologies  in action. Fifteen (15) major fleet operators have registered an interest in taking part in First Hydrogen’s 12- 18-month LCV trial programme. 

Upon completion of the trial, Rivus will produce its own independent report analysing the performance of the  hydrogen-powered LCV, which will be available to fleet managers and Rivus customers. The report will share  valuable insight into the benefits and practicality of adopting hydrogen mobility.  

Steve Gill, CEO Automotive at First Hydrogen says:

“It is incredibly valuable to partner with Rivus for the  first of our vehicle fleet trials. As highly regarded fleet specialists, we’re keen to receive Rivus’ feedback.  They will put the vehicle through its paces and test it under various duty cycles. Their findings will showcase  our vehicle’s capabilities to a new audience of fleet customers and create market demand. Rivus’ input will  help us to optimise performance and will also inform our plans for future vehicle development and deployment.  The team’s expertise will also help us to support fleet operators to switch to zero-emission vehicles.”  

Thomas Maerz, CDO at Rivus, comments:

“We are delighted to be the first trial participants and for our  drivers to test this first-of-its-kind, zero-emission commercial vehicle. Having this time to evaluate the  vehicle’s capabilities will significantly add to our insight into alternative fuels, especially in the LCV class. In  light of 2030 targets, this knowledge enables us to help operators with critical fleets that need to transition to zero emission. Providing this support gives our customers confidence in their transition and fuels our ambition  to create a cleaner and more sustainable future.” 

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 extractor systems. The Company  is designing and building hydrogen-fuel-cell-powered light commercial demonstrator vehicles (“LCV”) under  two agreements with AVL Powertrain and Ballard Power Systems Inc. The LCV will have a range of 500+  kilometres. At the same time, the Company has launched its bespoke vehicle design phase which will develop  its fleet of proprietary zero-emission vehicles. First Hydrogen is also developing refueling capability working  with FEV Consulting GmbH, the automotive consultancy of FEV Group of Aachen Germany. As well, the  Company is pursuing opportunities in green hydrogen production and distribution in the UK, EU and North  America. 

About Rivus 

Rivus is an award-winning fleet management company with over 100 years of experience in the fleet industry.  

The Rivus story began in 2019, when private equity investors Aurelius acquired BT Fleet Solutions. Since  then, we’ve worked relentlessly to provide unbeatable fleet management support to our customers. Aurelius  also acquired Pullman Fleet Solutions in November 2020. Before the integration with Rivus, Pullman was the  largest independent provider of commercial HGV maintenance and fleet management in the UK. Combining  the strength and expertise of Rivus and Pullman together makes us a driving force in the UK fleet management  industry. 

On behalf of the Board of Directors of  

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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