Vancouver, British Columbia - Newsfile Corp. - May 9, 2022 - First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") is pleased to announce by way of update, that its two MAN-based fuel cell-powered light commercial demonstrator vehicles (LCV), equipped with Ballard Power Systems' (Ballard) fuel cells and currently being built by AVL Powertrain UK, are on schedule to commence operational testing next month. These two vehicles are expected to be road legal by September 2022, allowing for trials with major fleet operators. It is anticipated that these trials will be carried out with a significant number of fleet operators and buyers based on the interest which has already been generated. These trials will serve to enhance product development and create customer engagement and partnerships around First Hydrogen Automotive's future fleets of LCVs.
Steve Gill, CEO of First Hydrogen Automotive stated, "We chose to start by developing road-legal demonstrators using a donor platform that will enable customers to see, feel and experience the benefits and operation of a hydrogen propulsion system in a familiar set-up and compare it directly to an EV. This platform and design allow us to bring our product to customers in a much shorter timeframe. The base vehicle is derived from a M.A.N. eTGE van (part of the Volkswagen Group, and the Ballard Fcgen®-LCS hydrogen-powered fuel cell and hydrogen tanks have been integrated without any impact on the customer features of the van, such as interior space or load height. The resulting vehicles will have over 500km of range capability, based on the Worldwide Harmonised Light Vehicle Test Procedure (WLTP), versus a 115km range when compared to a base EV, with the same maximum speed. The refuelling time is typically five minutes."
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 is designing and building 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 500+ kilometres. First Hydrogen is also developing refueling capability working with FEV Consulting GmbH, the internal automotive consultancy of FEV Group of Aachen Germany. The Company is also pursuing opportunities in green hydrogen production and distribution in the UK and elsewhere.
On behalf of the Board of Directors of
FIRST HYDROGEN CORP.
Chairman & Chief Executive Officer
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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