FIRST HYDROGEN’S VEHICLE TRIALS WITH WALES & WEST UTILITIES IMPRESS AS TEMPERATURES FALL

February 26, 2024

Vancouver, B.C., February 26, 2024 Vancouver, British Columbia – First Hydrogen Corp. (“FIRST  HYDROGEN” or the “Company”) (TSXV: FHYD) (OTC: FHYDF) (FSE: FIT) is pleased to announce initial  findings from month-long vehicle trials with gas distribution network, Wales & West Utilities (WWU), which  show remarkable performance from the Company’s hydrogen-powered-fuel-cell vehicle (FCEV). The insight  collected halfway through the trials shows the advantages of First Hydrogen’s FCEV in real world operation  with no decrease in performance or range when operating in colder temperatures.  

Data collected from onboard telematics, over 1,000 km, show the first-of-its-kind vehicle has been operating  for between 6 and 7 hours per day in temperatures of between 2°C (36°F) and 17°C (63°F), without impacting  range. This is a key performance indicator for many fleet operators exploring zero emissions vehicle solutions.  Battery electric vehicles (BEVs) notably suffer with battery degradation in cooler or hotter climates. A 2023  study by the Norwegian Automobile Federation showed that BEVs running in colder weather dropped an  average of 20% from the Worldwide Harmonised Light Vehicle Test Procedure (WLTP) range – which is  calculated from the vehicle operating at 23°C without auxiliaries such as heating or air conditioning turned  on. This can increase to a 40% drop for vehicles with older batteries or when heating or air conditioning are  operating.  

Such variation in range makes it challenging for fleet operators to effectively deploy BEVs in certain duty  cycles. For organisations operating in cooler regions, such as south Wales, relying on predictable range  expectations is business critical. WWU operates year-round to deliver vital gas network services for more  than 7.5 million customers across Wales and the south west of England and in winter months demands for its  fleet vehicles to respond to gas emergencies and maintain the gas network are at their peak.  

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

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 for WWU, such as carrying  heavier payloads, driving over hilly terrain or powering auxiliary equipment (onboard power).  

Maximum vehicle power achieved during WWU trial on 5 February 2024 

The trials with WWU are supported by Protium Green Energy Solutions and Hyppo Hydrogen Solutions.  Together with First Hydrogen, they have created a hydrogen refuelling ecosystem to provide the infrastructure  WWU needs for vehicle deployment.

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Steve Gill, Executive Director Automotive, says: “Thanks to the team at Wales & West Utilities, who have  worked closely with our engineers, we have been able to collect more data from this deployment than in  previous trials. The trials are generating interesting insight we can use to update our Total Cost of Operation,  which is key when securing purchase interest from prospective customers. 

“One of the main complaints we hear from BEV drivers is the disparity between WLTP range and performance  under real world conditions. The fact that our prototype vehicle is performing as expected during real life  operations is a strong selling point for fleet operators and builds confidence in FCEVs.” 

Stephen Offley, Transport Manager at Wales & West Utilities, says: “We are impressed with the  performance of First Hydrogen’s FCEV and the trials are giving us a real insight into the benefits and potential  use of hydrogen vehicles in our fleet. For fleet managers it is important to have a reliable and repeatable range  so we can plan daily operations without adjusting for colder weather and building in more time for recharging.  February is one of the coldest months in south Wales and one of WWU’s busiest for emergency call outs, yet  the cooler temperatures have not impacted the vehicle’s ability to respond to all the engineer visits we need it  to.”  

To learn more about First Hydrogen’s FCEV trials with Wales & West Utilities, watch this short video:  http://tinyurl.com/mvu8m644 

About First Hydrogen Corp. (FirstHydrogen.com) 

First Hydrogen Corp. is a Vancouver, Montreal and London UK-based company focused on zero-emission  vehicles, green hydrogen production and distribution. The Company has designed and built hydrogen-fuel cell-powered light commercial vehicles (“FCEV”) in partnership with AVL Powertrain and Ballard Power  Systems Inc. The FCEV has a range of 630+ kilometres. These vehicles are being trialled with fleet operators  in the United Kingdom. First Hydrogen is also developing a 35MW green hydrogen production facility and  vehicle assembly factory in Shawinigan, Quebec. 

On behalf of the Board of Directors of  

FIRST HYDROGEN CORP. 

“Balraj Mann”  

Chairman & Group CEO 

Contact:

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Balraj Mann  

First Hydrogen Corp. 

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; and conflicts of interest. 

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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