Vancouver, British Columbia - November 21, 2022 - (Newsfile Corp.) (Investorideas.com Newswire) First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") is pleased to showcase its hydrogen fuel cell-powered light commercial vehicles (LCV) in operation at the HORIBA MIRA Proving Ground, located near Birmingham, UK. The following link shows the LCVs in operation during its initial test runs, one in fuel-cell and one in battery electric mode (FH Track Run). The vehicles are certified for road use in the United Kingdom (UK), excluding Northern Ireland. Fleet trials with major UK operators are scheduled for January 2023. A total of 14 fleet operators in various industries are engaged to participate in the trials through the UK Aggregated Hydrogen Freight Consortium (AHFC).
The Company is now counting down to the unveiling of its new next generation vehicle. First Hydrogen's next generation vehicle platform is the culmination of 18 months of work by First Hydrogen's Automotive team and represents a major step forward for the Company by providing zero emission, compelling range, payload and overall total cost of ownership for the light commercial vehicle segment.
The Company's commercial vehicle strategy is focused on supplying zero emission LCVs to the UK, European Union, United States and Canada. The global light commercial vehicle market is projected to reach $786.5 billion by 20301. These vehicles, together with the Company's Hydrogen-as-a-Service (HaaS) solution, which supplies green hydrogen fuel, distribution and complementing vehicle management services, will help the sector meet zero emission targets.
Steve Gill, CEO of Automotive for First Hydrogen Limited, says: "We believe that our next generation LCVs represents a holistic solution for commercial fleet operators needing to go green and cost-effectively run their business. We are very excited with our new designs and look forward to sharing these soon."
Balraj Mann, Chairman & CEO First Hydrogen states: "Our automotive team, led by Steve Gill, has made significant progress in the past 18 months which started off as a conceptual idea and two agreements (with Ballard Power and AVL Powertrain) to having our LCVs successfully complete a track run. And within weeks we will unveil our new next generation LCV. This is an exciting and proud time for our company."
1 Allied Research
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. The Company is also pursuing opportunities in green hydrogen production and distribution in the UK and elsewhere.
On behalf of the Board of Directors of
FIRST HYDROGEN CORP.
Chairman & Chief Executive Officer
First Hydrogen Corp.
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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