Hydrogen-Fuel-Cell Powered Vehicle Trials

August 24, 2023

Vancouver, B.C., August 23, 2023 Vancouver, British Columbia – First Hydrogen Corp. (“FIRST  HYDROGEN” or the “Company”) (TSXV: FHYD) (OTC: FHYDF) (FSE: FIT) announces it will be opening  up fleet trials to additional commercial opportunities in response to growing interest from parcel delivery  companies seeking First Hydrogen’s hydrogen-fuel-cell-powered vehicle (FCEV) for express deliveries.  Following successful initial fleet operator road trials in the UK, the Company’s proof-of-concept demonstrator  vehicles are planned for operational trials with several parcel delivery companies looking to enhance their  growing greener fleets starting late Q3 and Q4 of this year. 

Until now First Hydrogen has predominantly targeted industries, such as utilities, that require zero emission  vehicles with the capability to travel further and carry heavier payloads. Parcel delivery companies face a  specific set of challenges, which is encouraging them to explore other zero emissions technology in addition  to battery technology to meet commercial and environmental targets. These fleets make up the middle and  final stages of the supply chain, which traditionally handle shorter journeys to transport items from local hubs  directly to consumers or end users. They are increasingly undertaking longer routes from distribution centers to lockers and shops with parcel collection services or “pick up and drop off points”. With fewer stops, the  locker model creates two thirds less carbon than conventional home deliveries, which could be reduced further  when using greener vehicles1.  

A growing market  

The parcel delivery vehicle market size will surpass US$210 billion by 20322. The ecommerce boom  continues to fuel growth of the delivery market. There are 9.1 million online retailers in the world, trading  through their own ecommerce platforms or online marketplaces3, and sales are predicted to reach US$8.1  trillion by 20264. 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. 

Hydrogen mobility and delivery 

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 LCV takes approximately 5 minutes whereas charging a similar electric  vehicle takes around 5 hours. This extends daily duty cycles, with the vehicles available for longer shifts  across multiple drivers, which provides fleets with greater operational flexibility. 

Steve Gill, CEO of First Hydrogen Automotive, comments: “Carbon reduction targets, low and zero  emission zones in cities and phasing out of diesel and petrol-powered vehicles is positioning hydrogen mobility  as a realistic solution to the challenges last-mile delivery operators face. Fleet managers are realizing that  battery electric vehicles (BEV) alone will not provide the reliability and operational flexibility required to  meet customer demands. Future fleets require a mix of BEV and FCEV to overcome these obstacles and hit 

– 2 – 

net zero targets. The large, growing parcel delivery sector desperately needs to build environmentally friendly  and commercially viable fleets, and our hydrogen LCV can help to do that. This presents us with an exciting  opportunity to explore a new customer base, enabling us to further accelerate business growth and potentially  bring our vehicles to market quicker.”  

1 Last Mile Experts, Green Last Mile Europe Report, April 2023 

2 Graphical Research, Parcel Delivery Vehicle Market, May 2023 

3 Etailinsights, The 2022 Breakdown of the ecommerce industry 

4 FIS Global Payments Report 2023 

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.
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