Mr. Balraj Mann reports

FIRST HYDROGEN CORPORATE UPDATE

First Hydrogen Corp. is reviewing various projects in effort to expand its hydrogen-as-a-service (HaaS) offering. The company is exploring the potential of producing green hydrogen using power supplied by small modular nuclear reactors (SMRs). Power grids are not able to keep up with increasing energy demand; notably, several firms have entered into agreement to expand nuclear power capacity to support the operation of their data centres used to run and train generative AI (artificial intelligence) models.

SMRs are compact, efficient nuclear energy systems that offer a scalable and low-carbon alternative to traditional energy sources. SMRs are much smaller than large-scale traditional nuclear reactor facilities, in some cases as small as one-10th the size of traditional nuclear reactors (VanEck; Nov. 6, 2024). Nuclear energy is widely recognized as a green energy source by international bodies due to its ability to produce large amounts of electricity with minimal greenhouse gas emissions. First Hydrogen seeks to install these SMRs in areas where grid power is limited or non-existent to produce hydrogen for refuelling stations.

SMR-powered hydrogen production aligns with First Hydrogen's commitment to delivering innovative and sustainable energy solutions. These advancements further support the global energy transition and First Hydrogen's mission to play a pivotal role in the clean energy ecosystem.

Balraj Mann, chief executive officer at First Hydrogen, commented: "Nuclear energy provides a consistent power source for the production of hydrogen, unlike solar or wind power. The cost of electricity from a SMR would be about $36 per megawatt-hour (3.6 cents per kilowatt-hour). Large tech companies have seen the need to secure low-cost energy for the foreseeable future and recently have made significant investments in nuclear energy."

About First Hydrogen Corp.

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

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