01:28:58 EDT Wed 22 May 2024
Enter Symbol
or Name

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First Hydrogen Corp
Symbol FHYD
Shares Issued 70,921,815
Close 2023-12-21 C$ 1.61
Market Cap C$ 114,184,122
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First Hydrogen cheers gov't EV Availability Standard

2023-12-21 09:00 ET - News Release

Mr. Balraj Mann reports


First Hydrogen Corp. is cheering honourable the announcement made by Steven Guilbeault, Minister of Environment and Climate Change, of Canada's new Electric Vehicle Availability Standard, to increase the supply of clean, zero-emission vehicles (ZEV) in Canada. ZEVs include the company's hydrogen-powered fuel-cell vehicles (FCEV), along with battery-electric vehicles (BEV) and plug-in hybrid electric vehicles. The announcement builds on the company's launch of a FCEV demonstrator program for North America, and development plans for a 35-megawatt (MW) hydrogen production plant and a 25,000-per-year zero-emission vehicle assembly facility in Shawinigan, Que.

The standard will ensure that Canada can achieve a national target of 100-per-cent zero-emission vehicles sales by 2035, contributing to Canada's climate change goal of preventing 362 megatonnes of cumulative greenhouse gas emissions. First Hydrogen's FCEV has proved hydrogen power will be essential to meet climate change goals required by Canadian fleet operators in sectors such as grocery, parcel delivery, mining and utilities.

Over the past year, First Hydrogen's United Kingdom engineering team's dedication to the development of the company's FCEV has created leading know-how and expertise in the hydrogen automotive sector, and the company truly believes that First Hydrogen's FCEVs can have a tremendous impact on the transport sector's decarbonization. First Hydrogen's FCEV trials have shown its advantages over BEVs in range, payload towing and fast refuelling capabilities. The FCEV has achieved a range over 630 kilometres (400 miles), ahead of the 193-kilometre (120-mile) Worldwide Harmonized Light Vehicle Test Procedure (WLTP) minimum range requirement of the zero-emission mandate.

Global Market Insights reported the light commercial vehicle market surpassed $7.8-trillion (U.S.) in 2022 and is anticipated to grow at 9-per-cent CAGR (compound annual growth rate) to $19.9-trillion (U.S.) from 2023 to 2032. Increasing vehicle emission regulations, advancements in vehicle safety, introduction of advanced driver assistance systems (ADAS) in vehicles, and the rapidly growing retail and e-commerce sectors contribute significantly to the demand for new and advanced commercial vehicles. The logistics and e-commerce industries are expanding rapidly, propelling industry demand.

Balraj Mann, group chief executive officer of First Hydrogen, commented: "This is exciting news for Canada and First Hydrogen. We strongly support the Electric Vehicle Availability Standard, which helps Canada keep pace with the United States, United Kingdom, European Union and several other major economies which are taking action to lower emissions and put more FCEVs on the road."


The company has engaged Caroline Klukowski, doing business as Fluid PR, to provide certain investor relations services, including assisting the company with its digital marketing strategies and news release coverage for a term of three months. Fluid PR is based out of British Columbia, Canada. Consideration payable to Fluid PR is a total of $12,000, which is payable in monthly instalments of $4,000 for each month of the engagement. In addition, the company shall issue Ms. Klukowski an aggregate of 25,000 stock options with an exercise price set in accordance with the company's long-term incentive plan and TSX Venture Exchange policies. In connection with the company's engagement of Fluid PR, the company has agreed to allow Fluid PR to subcontract certain services to an individual named Reilly Renwick. Mr. Renwick shall be compensated with a monthly fee of $3,500. To the best of the company's knowledge, neither Fluid PR nor Mr. Renwick have any equity interest in the securities of the company. Both Fluid PR and Mr. Renwick operate as arm's-length service providers to the company.

The company also announces it has entered into an agreement for marketing services with Apaton Finance GmbH based in Germany. The marketing services shall include educational articles, market monitoring and the dissemination of news related to the company. The engagement will begin in January, 2024, and will continue through to March, 2024. The company has paid Apaton an upfront fee of 50,000 euros for services to be provided. Apaton operates as an arm's-length service provider to the company and, to the best of the company's knowledge, Apaton does not have any equity interest in the securities of the company.

About First Hydrogen Corp.

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

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