Vancouver, B.C., May 9, 2023 – Vancouver, British Columbia – First Hydrogen Corp. (“FIRST HYDROGEN” or the “Company”) (TSXV: FHYD) (OTC: FHYDF) (FSE: FIT) entered into a letter of intent (LOI) with the Université du Québec à Trois-Rivières (UQTR) – Hydrogen Research Institute (HRI) partnering to establish the sustainable energy transition development in the Province of Quebec. Under the LOI, the Company will provide one of its hybrid fuel cell power trains, including the fuel cell module, to HRI, allowing the institute to conduct comprehensive testing to collect valuable data and improve various components, mechanisms, and the design of the power train. Also, HRI will collaborate with First Hydrogen to develop a training program, tools, and protocols for engineers and technicians. This partnership aims to support the maintenance of hydrogen-powered vehicles once they are on the road, potentially resulting in a specific certification, the terms of which shall be further defined in a definitive agreement.
The Company recently announced the purchase of two plots of land in the City of Shawinigan, where the Company plans to produce up to 35 megawatts of green hydrogen using advanced electrolysis technology and distribute the hydrogen within the Montreal-Quebec City corridor. The Company LCVs are planned to be assembled in Shawinigan for distribution throughout North America. The assembly factory will be designed for an annual production of 25,000 vehicles per year when at full capacity.
The Company and HRI will jointly seek various funding opportunities from federal, provincial, and other sources to support the research and development efforts of this partnership. The collaboration between First Hydrogen and HRI signifies a major step towards a greener and more sustainable future in transportation, as the two organizations work together to drive innovation in hydrogen fuel cell technology. The partnership will bring together the industry expertise of First Hydrogen and the research capabilities of HRI, further solidifying Québec’s position as a leader in hydrogen fuel cell development.
Balraj Mann, First Hydrogen, Chairman & Group CEO, commented, “We are thrilled to partner with the Université du Québec à Trois-Rivières’ Hydrogen Research Institute. By combing our industry expertise with HRI’s research capabilities, not only will we work towards a greener and more sustainable future in transportation, but we will also solidify Québec’s position as a global leader in hydrogen development.”
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.
On behalf of the Board of Directors of
FIRST HYDROGEN CORP.
Chairman & Chief Executive Officer
Balraj Mann, Chairman & Chief Executive Officer
Nicholas Wrigley, Chairman First Hydrogen Automotive
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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