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Breaking Hydrogen News - First Hydrogen (TSXV: FHYD) (OTC Pink: FHYDF) Vehicle Trial with Wales & West Utilities, Create New Fuel Ecosystem

 

Vancouver, British Columbia - January 23, 2024 (Investorideas.com Newswire) First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") is pleased to announce gas distribution network, Wales & West Utilities (WWU) will begin trials later this month of the Company's hydrogen fuel cell powered light commercial vehicle ("FCEV"). First Hydrogen's FCEV will operate from WWU's Swansea depot, as part of the business' 1,300 fleet vehicles, which are deployed across Wales and the southwest of England. The FCEV will support network engineers to make customer call outs and undertake repair and maintenance work. The trial will showcase the Company's FCEV advantage over battery electric vehicles in range (630 km/400 mi), payload towing and fast refueling capabilities.

The FCEV is the first-of-its-kind to be deployed in Wales and supported by green hydrogen producer, Protium Green Solutions and hydrogen services company, Hyppo Hydrogen Solutions, which will help develop a hydrogen ecosystem to support WWU's operations. Allied Market Research reports the global hydrogen vehicle market was valued at US$1.5 billion in 2022, and is projected to reach US$57.9 billion by 2032, growing at a CAGR of 43%.

Wales & West Utilities provides gas supply and connections to more than 7.5 million customers in Wales and southwest England. The gas distribution network is committed to developing cleaner and greener energy solutions and has recently announced a proposal to develop a major hydrogen pipeline across South Wales.

Creating a hydrogen ecosystem
Until now, First Hydrogen's FCEV trials have been located near existing hydrogen fuel stations. This trial will demonstrate how partnerships can develop refuelling in areas that lack infrastructure. Using Hyppo Hydrogen Solutions' mobile refuelling service and green H2 fuel from Protium Green Solutions, enables WWU to refuel close to its depot in Swansea rather than travelling to a public station.

Green hydrogen supplied from Protium's Pioneer 1 site in Wales is produced by electrolysis using renewable power. Pioneer 1 has been operational since early 2023 and the hydrogen it produces has already been used in several transport trials. Protium will have Pioneer 2, a second, significantly larger electrolyser, operational later in 2024 to meet the growing demand for green hydrogen in Wales and beyond.

Steve Gill, Head of Automotive at First Hydrogen, says: "We're delighted to be working with Wales & West Utilities and not only trial the vehicles in Wales but also form partnerships that will establish a local hydrogen ecosystem. The Wales & West Utilities team are hugely supportive of our vehicle development and share our belief that hydrogen could help deliver carbon-free transport. Particularly for fleets that require longer uptime, longer range and heavier payloads than BEVs can offer as well as towing capacity - 75% of Wales & West Utilities' fleet are equipped to tow yet few BEVs have suitable capability. Hydrogen is high on WWU's corporate agenda, through laying pipelines and upgrading the network in preparation for transitioning and it is exciting to see that the whole company is engaged with our trial.

"This trial will help us to learn a lot about moveable and depot-based refuelling solutions and how this technology could help bridge gaps in the UK's refuelling infrastructure network. Ultimately, our role in developing hydrogen ecosystem with partners will strengthen our service offering to fleets and accelerate hydrogen mobility adoption."

Stephen Offley, Transport Manager at Wales & West Utilities, says: "We are confident that hydrogen will play a fundamental role in delivering low-cost green energy as we move away from fossil fuels. Hydrogen can be produced from renewables in the UK, as Protium is already demonstrating, and supplied through many of the gas pipelines that we already use. We are already paving the way for the role of hydrogen in heating homes and powering industry so using hydrogen fuel to decarbonise our fleets is a logical step. Having test driven the vans at First Hydrogen's track event last year, we're looking forward to trialling the FCEV in our day-to-day operations and pioneering the use of hydrogen within our fleet. In demonstrating the practicalities of hydrogen, we want to inspire other industries and businesses in Wales and across the UK to view hydrogen as a realistic, operationally effective zero-emission solution."

Will Stinton, Director of Asset Management at Protium, comments: "This trial with Wales & West Utilities is an excellent opportunity to showcase the capability of green hydrogen, produced renewably by electrolysis, in fleet operations. Our experience in supporting transport trials has shown us that fuel cell vehicles have an important role to play in meeting zero emission targets - it is fantastic to work with an organisation like Wales & West Utilities to explore how FCEVs can decarbonise their operation. Collaborations like these are critical to accelerating hydrogen deployment, and we're excited to bring FCEVs to the roads in Wales with First Hydrogen and Hyppo Hydrogen Solutions."

Chris Foxall, CEO at Hyppo Hydrogen Solutions, says: "This trial brings together the entire hydrogen value chain and is a testament to the power of working in partnership. Hyppo is already a fleet operator of fuel cell vehicles and is delighted to see the benefits of First Hydrogen's FCEV first-hand and to assist Wales and West Utilities with its move towards hydrogen transport."

First Hydrogen's FCEV

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.

About Wales & West Utilities (WWUtilities.co.uk)
Wales & West Utilities is investing £400m between 2021 and 2026 in the gas network, supporting the journey to Net Zero. By 2035, we aim to deliver a Net Zero ready network to the areas most likely to convert to hydrogen, transforming our entire network by 2040.

The company is also committed to playing its part in getting to net zero carbon emissions by 2050. It has 54 power stations connected to its network to support renewables like wind and solar power, while 21 green gas sites have capacity to inject enough decarbonised green gas to meet the demand of around 151,000 homes. Our network supplies bus garages in three locations across the south west of England, fuelling CNG buses that improve air quality and reduce carbon emissions from public transport.

About Protium Green Solutions (Protium.Green)
Protium is a UK-based hydrogen solutions provider for project operators, developers, and investors. Founded in 2019, Protium develops projects through their full lifecycle to support the deployment of hydrogen and fuel cell technologies. Through Protium's operational assets, companies can access electrolytic hydrogen powered by renewables today.

About Hyppo Hydrogen Solutions (Hyppo.co.uk)
Hyppo Hydrogen Solutions is a services-based company that is stimulating the green hydrogen economy by creating demand within local communities. It sees a future where clean hydrogen is powering every part of transportation needs, from cars, vans, buses and coaches to trucks, trains, ferries and aircraft. Clean hydrogen can also have a significant positive impact on power, heating and energy storage needs, helping to decarbonise the planet so that people and nature can thrive.

On behalf of the Board of Directors of

FIRST HYDROGEN CORP.
"Balraj Mann"
Chairman & Group CEO

Contact:
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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