Vancouver, British Columbia - May 4, 2023 - (Newsfile Corp.) (Investorideas.com Newswire) First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") announces that it has entered into an agreement with the City of Shawinigan for the purchase of two plots of land. First Hydrogen's project plan is to produce up to 35MW of green hydrogen using advanced electrolysis technology and distribute the hydrogen within the Montreal-Quebec City corridor for use with First Hydrogen's light commercial vehicles (LCV), as well as supporting other hydrogen-fuelled vehicles and applications in the province. First Hydrogen LCVs are planned to be assembled in Shawinigan for distribution throughout North America, in combination with the Company's Hydrogen-as-a-Service product offering. The assembly factory will be designed for an annual production of 25,000 vehicles per year when at full capacity. Feasibility engineering and related site development activities will start once the agreements are fully ratified by the city of Shawinigan municipal authorities, expected to be held sometime in May.
The Company previously announced that the City of Shawinigan, Quebec will be the location of its first green hydrogen ecosystem, which will include facilities for green hydrogen production and the assembly of First Hydrogen's zero-emission commercial vehicles. In addition to supporting the Quebec Government's Green Hydrogen and Bioenergy Strategy, First Hydrogen's plans strongly align with the future Energy Transition Valley Innovation Zone and the Hydrogen Research Institute (IRH) of the University of Quebec at Trois-Rivières. Feasibility engineering will be completed by mid-2024, enabling subsequent project development steps for full project commercialization by 2026-27, aligning well with Provincial, Canadian and US emission reduction plans.
Balraj Mann, Chairman & CEO of First Hydrogen, stated, "Shawinigan is the ideal place for us to establish a hydrogen ecosystem. The city and region are very well positioned, with rich renewable energy resources, developing industrial communities and a growing green energy economy. It will also be very important to work closely with the regional education network to create the skills required for tomorrow. We are very happy that Investissement Québec recommended Shawinigan to us and we project that our combined projects will ultimately create hundreds of jobs for the region."
Luc Arvisais , Director of the Shawinigan Economic Development Department, commented, "After great collaboration work between First Hydrogen and our economic development team, the company chose to implement their hydrogen production project within the J. Armand Foucher Industrial Park in close proximity to major Hydro Quebec substations and transmission lines that connect Shawinigan with extensive renewable energy assets within the Province. The zero-emission vehicle project will be located in the Energy Technopark. Both sites have sufficient space for the long-term growth of First Hydrogen's North American vehicle and hydrogen production plan."
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 will have a range of 400+ kilometres. These vehicles are currently being trialed 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.
Chairman & Group CEO
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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