First Hydrogen’s FCEV Receives Positive Rivus White Paper

September 11, 2023

Vancouver, B.C., September 11, 2023 Vancouver, British Columbia – First Hydrogen Corp. (“FIRST  HYDROGEN” or the “Company”) (TSXV: FHYD) (OTC: FHYDF) (FSE: FIT) is pleased to announce, fleet  management company, Rivus has released its’ report “First Hydrogen LCV Trial”. This is the first  independent analysis of First Hydrogen’s hydrogen-fuel-cell-powered vehicle (FCEV) versus similar  battery electric (BEV) and diesel vehicles used over the same duty cycles. First Hydrogen is the first  company to demonstrate a FCEV for the light commercial vehicle market on British roads.  

The report provides an impartial first impression of Rivus’ experience with First Hydrogen’s FCEV. The  Rivus report concluded, “…overall, the vehicle performed very well during testing, appearing, much more  robust than BEV in terms of how vehicle efficiency was affected by different load factors.” A copy of the  report can be found on the Company’s website.  

Working with members of the Aggregated Hydrogen Freight Consortium (AHFC) and other significant fleets,  First Hydrogen is delivering a zero-emission road transport experience, free of range anxiety, over real-life  duty cycles. Building on successful trials, the Company has received interest from home-shopping and parcel delivery businesses.  

First Hydrogen’s engineers highlight that, while the vehicles were designed to sustain longer journeys, they  have been equipped with hybrid engines (hydrogen fuel cell and battery), which suit shorter drives in urban  and suburban areas. Regenerative braking helps to recharge the battery, particularly during journeys with lots  of starts and stops, such as driving in built up areas, or routes with multiple stops – including the journeys  delivery drivers make with frequent drop-offs and pick-ups (Drivers can frequently make over 100 stops in a  daily shift).  

Fast hydrogen refueling also reduces the vehicle down-time, i.e., the time a vehicle is off the road and out of  service – refueling First Hydrogen’s FCEV takes approximately five minutes whereas charging a similar  electric vehicle takes around five hours. This extends daily duty cycles, with the vehicles available for longer  shifts across multiple drivers, which provides fleets with greater operational flexibility. 

Global Market Insights projects the parcel delivery vehicle market size will surpass US$210 billion by 2032 in their latest research study. The ecommerce boom continues to fuel growth of the delivery market.  Etailinsights states there are 9.1 million online retailers in the world, trading through their own ecommerce  platforms or online. This retail channel contributes to the number of parcels and, as speed of delivery is crucial  to service, it increases the number of delivery drivers on the roads and therefore the amount of vehicle  emissions. 

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  has designed and built hydrogen-fuel-cell-powered light commercial demonstrator vehicles (“LCV”) under  two agreements with AVL Powertrain and Ballard Power Systems Inc. The LCV has a range of 630+  kilometres. These vehicles are being trialled with an initial 16 fleet operators in the United Kingdom. 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.  

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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