First Hydrogen Corporate Update Fcev Expansion

June 24, 2024

Vancouver, B.C., June 24, 2024 Vancouver, British Columbia – First Hydrogen Corp. (“FIRST  HYDROGEN” or the “Company”) (TSXV: FHYD) (OTC: FHYDF) (FSE: FIT) is pleased to provide an  update on North American, South American and European corporate developments. Following the success of  the latest trial of the Company’s hydrogen-powered fuel cell light commercial vehicle (FCEV) in the United  Kingdom, First Hydrogen continues to receive interest from various fleet operators regarding the Company’s  FCEV. The Company is working with multiple fleet operators to help achieve their zero emission objectives  by increasing the number of FCEVs and/or converting existing vehicles to FCEV. The Company plans on  expanding its FCEV operations, based on interest and hydrogen infrastructure investment, to Europe and South  America.  

A summary of ongoing developments as follows: 

North America 


Significant and positive interest has been shown from fleet operators in Quebec. The Quebec operators note  the need for Hydrogen vehicles as an alternative to battery electric vehicles during cold weather which limits  the battery life in a battery-only vehicle. The Company is expanding and developing additional demonstrator  FCEVs to showcase the hydrogen potential to North American fleets, as well, the Company proposes to build 

a vehicle assembly facility and green hydrogen production plant in Shawinigan, Quebec. The assembly facility target will be for annual production of up to 25,000 vehicles for distribution throughout North America and will represent a major boost to green technology jobs in the region. 


The Company is in initial discussions with a country-wide industrial fleet operator in Mexico. The industrial operator is looking to convert and add FCEVs to their fleet, along with deploying a country-wide Hydrogen  Refueling Stations (HRS) infrastructure. The Company is encouraged with Ms. Claudia Sheinbaum’s  appointment as Mexico’s newest president. Ms. Sheinbaum is committed to investment in renewable energy  and aligning with international climate goals. Mexico’s hydrogen trade body, Asociación Mexicana de  Hidrógeno (AMH) states there are at least 15 projects under development in Mexico, worth a total capex  investment of US$20 billion. Hydrogen Insight estimates that the US$20 billion would facilitate nearly 7  gigawatts (GW) of green hydrogen. 


The European Union (EU) is striving to become the first climate-neutral continent by 2050. In its effort to  decarbonize, the EU’s RePowerEU plan aims for 10Mt of renewable produced in the EU and 10Mt of imports  by 2030. The European Investment Bank’s (EIB) lending focuses on strategic priorities, including climate  action; since its establishment in 1958, the EIB has invested over a trillion euros. Funding for the EIB, comes  from its 27 member states, total funding of the EIB is €248-billion, with Germany, France and Italy, each  investing €4.2-billion (figures as of March 2020).  

Germany has signed a Memorandum of Understanding (MOU) with Canada to help Germany diversify its  energy sources from fossil fuels and move towards more sustainable energy. Germany expects its hydrogen  demand to surge from 55 terawatt hours to between 95–130 terawatt hours by 2030, highlighting the  significance of this partnership for both nations’ energy futures. With these developments, First Hydrogen is  looking to expand into Germany and Europe to offer its Hydrogen-As-A-Service (HAAS) model.  

South America 

Many South American countries are focusing on the development of green hydrogen as part of their clean  energy transition strategies. With ongoing investment, policy support, and technological advancements, South  America is positioning itself in the global hydrogen economy. The Company will be pursuing opportunities in  Peru and Chile. Chile is leading the way with its ambition to produce and export the world’s most competitive  hydrogen from renewable electricity by 2030. Peru has recently introduced a new law (Law No. 31992) to  help the development of green hydrogen in the country.  


Four FCEV trials have been completed during which the FCEV was subject to various real-world conditions.  The FCEV demonstrated its’ capability for demanding duties, such as carrying heavier payloads, towing and  powering auxiliary equipment (onboard power). There has been no decrease in vehicle performance or range  when operating in colder temperatures. Drivers from the trials noted the FCEV’s drivability ease, quick  refueling, and range (630 km / 390 mi, on a single refueling). 

Discussions with various fleet operators to add FCEVs to fleets and/or converting existing fleet vehicles to  hydrogen-powered fuel cells utilizing the Company’s powertrain are ongoing. 

First Hydrogen is working with some of the largest companies in Europe for the next set of trials. 

Hydrogen ecosystem 

For the WWU trial, the Company partnered with Protium Energy Solutions (Protium) and Hyppo Hydrogen  Solutions (Hyppo) using a re-deployable refueller and delivered green hydrogen. This “ready-to-go” hydrogen  ecosystem, utilizing Hyppo’s Fuel Cell Systems HyQube, will be able to demonstrate hydrogen mobility is  possible for fleet operators. First Hydrogen is working with Fuel Cell on establishing operations in North  America. 

“Balraj Mann”
Chairman & Chief Executive Officer


North America
Balraj Mann, Chairman & Chief Executive Officer

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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