First Hydrogen’s Vehicle Trials With Multinational Company

May 6, 2024

Vancouver, B.C., May 6, 2024 Vancouver, British Columbia – First Hydrogen Corp. (“FIRST  HYDROGEN” or the “Company”) (TSXV: FHYD) (OTC: FHYDF) (FSE: FIT) has completed three  successful vehicle trials of the Company’s hydrogen-fuel-cell-powered vehicle (FCEV) and now has started  trials with a large multinational logistics company, whose partners use commercial vans for parcel deliveries.  The trial commenced in London, UK with driver training and is expected to continue for a month. 

Parcel delivery companies face a diverse set of challenges, and are often exploring multiple zero emission  technologies, including battery and hydrogen technology, to meet commercial and environmental targets. These fleets can make up the middle or final stages of the supply chain, which traditionally handle journeys  to transport items from local hubs directly to consumers or end users. Recently completed trials with Wales  & West Utilities (WWU), show the first-of-its-kind vehicle has been operating for between 6 and 7 hours per day. The new trials will test the FCEV over 8 hours per day with multiple deliveries per hour.  

First Hydrogen has also demonstrated how its fuel cell’s powertrain delivers power when needed, achieving  outputs of 60kW in transient accelerations, and in previous trials the vehicle has achieved a peak range of  630km (400 miles). This indicates the vehicle can manage more demanding duties, such as carrying heavier  payloads, driving over hilly terrain or powering auxiliary equipment (onboard power).  

More detail on the FCEV’s deployment with WWU can be seen here: http://tinyurl.com/mvu8m644

A growing market  

Global Market Insights reports parcel delivery vehicle market size will surpass US$210 billion by 2032.  Ecommerce continues to fuel growth of the delivery market. The parcel delivery market was valued at  US$486.47 billion in 2023, as reported by Stellar Market Research, going to US$648.84 billion by 2030. As  the size of the parcel delivery market grows, the number of parcels and, as speed of delivery is crucial to  service. This increases the number of delivery vehicles on the roads and therefore the amount of vehicle  emissions unless fleets are able to transition to zero-emission technologies like battery or hydrogen fuel cell. 

WHY HYDROGEN 

Sustainability and Zero Emissions: By using hydrogen fuel cells, businesses can significantly reduce their carbon footprint, contributing to decarbonization goals. Hydrogen fuel cells emit only water and heat, offering a less carbon intensive alternative to fossil fuels. When utilized with green hydrogen, the FCEVs will be completely greenhouse gas emission free. FCEVs produce no harmful tailpipe emissions, with the only  

byproduct being water. This is a stark contrast to gasoline and diesel vehicles, which emit tailpipe pollutants  such as nitrogen oxides, hydrocarbons, and particulate matter. 

Energy Efficiency: Hydrogen fuel cells are more energy-efficient compared to traditional combustion engines. This efficiency can lead to reduced energy costs and a more sustainable energy use profile for parcel deliveries and warehouse operations. Today, FCEVs have higher initial costs than diesel vehicles, but these costs are expected to decrease significantly by 2030 due to technological advancements. Hydrogen has a higher energy conversion efficiency of 50-60% compared to diesel engines, which will lead to long-term savings.

Extended Range and Refueling Time: Hydrogen fuel cell vehicles can travel longer distances before needing to refuel compared to battery electric vehicles, and refueling can be completed in a matter of minutes. This extended range and quick refueling capability are particularly beneficial for delivery vans and trucks, ensuring minimal downtime and maximizing operational efficiency. 

Scalability: Hydrogen fuel cells can be used in various applications, from forklift and light commercial vehicles to heavy-duty delivery trucks. This versatility allows businesses to deploy hydrogen technology across different aspects of its operations, providing a scalable solution to meet its sustainability goals. 

Versatility: FCEVs can handle larger payloads, offer consistent power output rates and can tolerate low  temperatures, making their performance superior to battery power for intensively used commercial vehicles. 

Reducing Dependence on Fossil Fuels: By adopting hydrogen fuel cells, we move towards reducing the dependence on fossil fuels, aligning with global efforts to transition to cleaner energy sources. This shift not only supports environmental goals but also enhances energy security.

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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