First Hydrogen Unveils Next Generation Zero Emission Vehicle

April 6, 2023

Vancouver, B.C., April 3, 2023 Vancouver, British Columbia – First Hydrogen Corp. (“FIRST  HYDROGEN” or the “Company”) (TSXV: FHYD) (OTC: FHYDF) (FSE: FIT) unveils the concept for its  revolutionary next generation zero emission vehicle. The light commercial vehicle (LCV) has been designed  in partnership with global mobility experts EDAG Group with planned hydrogen powered fuel cell electric 

(FCEV) and battery electric drive train models. The Generation II concepts are in development while First  Hydrogen trials its Generation I vehicles, which provide proof of concept for the viability of hydrogen fuel in  the commercial vehicle space.  

The Generation I FCEVs have entered road trials with members of the UK Aggregated Hydrogen Freight  Consortium (AHFC), starting with vehicle management provider Rivus, the trials enable prospective  customers and influencers for alternative fuel vehicles to experience the benefits of hydrogen powertrains. The  vehicles will be tested across a range of industry sectors including parcel delivery, grocery, utilities, healthcare  and roadside assistance, enabling First Hydrogen to trial the vehicles in a variety of real-world operational  settings. 

Presenting the Generation II LCV in an operational environment, these images showcase how function has  been at the forefront of the design process. The modern, minimalist look will also ensure the vehicle has  longevity and will continue to appeal to the market over extended periods of use. With good ground clearance,  a large front windshield, and a spacious, easy-to-access load space, the Generation II design enables high  levels of driver comfort, efficient operation and zero emissions. Expertly positioned lighting also makes the  vehicle visible to other road users, an essential safety attribute in built up areas and urban landscapes, or for  delivery and service vehicles that need to stop at the roadside. 

Side and front view:

Close up side view

First Hydrogen will use data and feedback collected during the trial to optimise the performance of Generation  I vehicles and inform the development of future product. This will ensure First Hydrogen’s Generation II series  will support different operational duty cycles and fulfill the demand for zero emission commercial vehicles. 

The global light commercial vehicle market is projected to reach USD $752 billion by 20301, increasing at a  compound annual growth rate of 5.1% during the forecast period (2022-2030). First Hydrogen is targeting the  commercial van market and light commercial vehicle sector to support fleet operators to move away from  fossil fuels and invest in zero emission transport. As target dates for zero emission approach, growth for zero  emissions vehicles is predicted to accelerate. Government and industry incentives will further boost market  progress and it is expected to develop more as zero emissions technology improves and is rolled out at scale. 

Steve Gill, CEO of Automotive for First Hydrogen, says:

“These concept vehicles provide a glimpse of our  company’s future and give a clear indication of our brand direction within the LCV space. A spacious and  easy to access cabin gives drivers comfort as well as good visibility of the road ahead and enables them to  move in and out of the vehicle quickly, which is vital for express delivery and time-sensitive operations that  require drivers to make multiple stops. The clean and modern design is flexible to suit use in a range of  industries; it secures First Hydrogen’s position as a developer of functional vehicles that will take operators  into the zero emissions future.” 

Bernat Costa, Design Director at EDAG Spain, comments:

“The Generation II vehicles show how clean  energy can be applied within everyday operations. We have also incorporated First Hydrogen’s signature  style, which gives the vehicles a recognisable identity. They look modern and will boast high performance  zero emissions technology but have a clean, minimalist design to ensure they work well in a range of  commercial settings. The design accommodates a number of customisable elements, providing customers with  a choice of sizes and bespoke elements to ensure the vehicle best fits their operations.” 

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 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. 

Our 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, EDAG 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.
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