Mr. Balraj Mann reports

FIRST HYDROGEN APPLAUDS UK POUNDS STERLING500 MILLION HYDROGEN INITIATIVE

Incoming United Kingdom Prime Minister Sir Keir Starmer is pledging to implement an agenda centred on renewable energy and green initiatives such as those of First Hydrogen Corp. The new government has earmarked 500 million pounds sterling to support the development of the U.K.'s green hydrogen sector, aiming to enhance the country's capacity to produce green hydrogen and position the U.K. as a leader in the global hydrogen economy.

Germany

A recent study by Berlin-based think tanks Agora Energiewende and Agora Industrie, Germany, would need to import up to 100 terawatt-hours of green hydrogen annually by the mid-2030s, covering a significant portion of its projected energy demand. To meet demand, as domestic production is expected to fall short, Germany will need to import green hydrogen from neighbouring countries and from countries such as Canada.

Hydrogen as a service

The company has completed four successful trials of its hydrogen-powered fuel cell light commercial vehicle. The FCEV demonstrated its capability for demanding duties, such as carrying heavier payloads, towing and powering auxiliary equipment (on-board power). There has been no decrease in vehicle performance or range when operating in colder temperatures. Drivers from the trials noted the FCEV's drivability ease, quick refuelling and range (630 kilometres/390 miles, on a single refuelling).

First Hydrogen has established a hydrogen ecosystem, partnering with various providers for refuelling and green hydrogen delivery and being the first and only road-legal FCEV. The company is in a position to capitalize on Europe's transition to green hydrogen. Its ready-to-go hydrogen ecosystem demonstrates hydrogen mobility is possible for fleet operators.

Private placement

The company is also please to announce that further to its news release dated June 28, 2024, it has closed the first tranche of its private placement of convertible debenture units for gross proceeds of $540,000. Each debenture unit consists of $1,000 in principal and is convertible into 1,851.85 common shares and 1,851.55 share purchase warrants, with each share purchase warrant exercisable to acquire one additional common share at an exercise of 80 cents per warrant share for a period of two years from the closing date of the offering.

The debentures will mature on the second anniversary of the date of issuance and bear interest at a rate of 8.00 per cent per annum, commencing on the date of issuance. The debentures are unsecured. The debentures will not be listed or posted for trading on any stock exchange. All securities issued in connection with the offering will be subject to a statutory resale restriction for four months and one day from the closing date of the offering.

In connection with the offering, the company paid Canaccord Genuity Corp. a fee of $43,200 and issued 80,000 warrants. Each finder's warrant provides that such finder may acquire common shares of the company at a price of 54 cents per finder warrant share until July 9, 2026.

The company intends to use the net proceeds from the offering for working capital and general corporate purposes.

About First Hydrogen Corp.

First Hydrogen, based in Vancouver, Montreal and London, U.K., is a company focused on zero-emission vehicles, green hydrogen production and distribution. The company has designed and built two hydrogen-fuel-cell-powered light commercial vehicles. The FCEV is road-legal in the United Kingdom (excluding Northern Ireland) with 6,000 kilometres of testing completed and has achieved a range of 630-plus kilometres on a single refuelling. The vehicles have been trialled in real-world conditions 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.

We seek Safe Harbor.