First Hydrogen Reveals Next Generation Zero Emission LCV

January 30, 2023

Vancouver, B.C., January 27, 2023 Vancouver, British Columbia – First Hydrogen Corp. (“FIRST  HYDROGEN” or the “Company”) (TSXV: FHYD) (OTC: FHYDF) (FSE: FIT) is pleased to announce it has  received initial Generation II images, designed in collaboration with EDAG Group (EDAG). These first  released images show the next generation’s front and rear detail. The front view features a smart digital panel,  which shows the configuration of daytime running lights (DRL) designed to give the van a recognisable face 

and identity, as well as outstanding visibility. The rear elevation reveals vertical taillights either side of the  main cargo access point. The design follows function as it accommodates different types of doors including  tailgates, barn doors and roller shutters.  

Known for its top-level development of concept cars, prototypes and expertise in the international automotive  industry, global mobility engineers EDAG was appointed by First Hydrogen in 2022 to develop design and  styling for the Company’s zero-emission light commercial vehicles (LCV). The designs can be scaled to  different vehicle heights and lengths. The result will be modular vehicles that allow for customization to suit  operational use and can be employed for a wide range of applications including express delivery, grocery,  construction and utilities work, emergency services and vehicle recovery.  

First Hydrogen’s fuel cell vehicle (FCEV) offers operational benefits for the zero-emission commercial van  market and LCV sector with faster refuelling speeds, longer range, and larger payload, auxiliary load and towing capabilities. The Company’s Generation II design will reflect this operational flexibility, ultimately  supporting First Hydrogen to become leaders in efficiency and progress for zero emission vehicles. 

The Company’s Generation I FCEVs are now undergoing mileage accumulation and testing before  commencing operational trials. Starting March 2023, the vans will be placed with fleet operators from the UK  Aggregated Hydrogen Freight Consortium (AHFC), which include national supermarkets, utilities providers,  roadside assistance and healthcare services. These real-world on-road trials will enable operators to experience  hydrogen transport solutions first-hand and help First Hydrogen engage with potential customers and provide  data to inform the development and production of its future vehicles. 

The global light commercial vehicle market size was valued at USD 480.52 billion in 2021. It is projected to  reach USD 751.86 billion by 2030, growing at a CAGR of 5.1% during the forecast period (2022-2030).  

Steve Gill, CEO of Automotive for First Hydrogen, says: “We’re thrilled to reveal this preview of our next  generation of zero emission vehicles. Following the success of our Generation I demonstrator vans that prove  our concept and technology capabilities, with this next series of vehicles, our goal is to provide the commercial  van market with a complete solution for operational flexibility. This sneak preview indicates the careful  consideration that has gone into combining aesthetics with engineering excellence; the vehicle configuration  and signature light panels show a solid standout design that is iconic and will be a real head turner.”  

Bernat Costa, Design Director at EDAG Spain, comments: “The pure design of the light panels  complement the vehicle’s functional purpose, establishing a First Hydrogen design signature and illuminating  the van to improve its visibility for other road users in city and urban landscapes. This is especially important  for delivery and roadside assistance vehicles, which need to make regular stops. The clean aesthetic also  reflects the vehicles’ zero emission status. We can’t wait to reveal more of the design as we progress on the  project.” 

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. The Company  is also pursuing opportunities in green hydrogen production and distribution in the UK, EU and North  America. 

About EDAG Group (EDAG.com

EDAG Group is the world’s largest independent engineering service provider to the global mobility industry.  We regard mobility as a fully integrated ecosystem, and offer our customers technological solutions for more  sustainable, emission-free and intelligently networked mobility. With a global network of some 60 branches,  EDAG Group provides engineering services in the Vehicle Engineering, Electrics/Electronics and Production  Solutions segments. 

With our interdisciplinary expertise in the fields of software and digitalization, we possess the key skills to  help actively shape the dynamic transformation process the mobility industry is currently undergoing. Digital  features, autonomous driving, artificial intelligence, alternative powertrains, new mobility concepts and the  vision of a networked smart city have become an integral part of our portfolio. Embedded in EDAG’s own  360° degree approach to the development of complete vehicles and production facilities, we are a competent  partner for sustainable mobility projects. It is in the DNA of the company to actively shape the future of  mobility and transfer new technologies and concepts into series production. Today, EDAG is one of the TOP  20 IT service providers in the German mobility sector.

EDAG’s customers include leading international OEMs, tier 1 suppliers and startup companies from the  automotive and non-automotive industries, all of whom we serve globally with our workforce of  approximately 8,000 experts in 360-degree engineering. 

In 2021, EDAG generated sales of € 687 million and at December 31, 2021, employed a global workforce of  7,880 (including apprentices). 

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.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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