First Hydrogen Applauds Hydrogen Alliance with Germany
Vancouver, British Columbia--(Newsfile Corp. - August 25, 2022) - First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") congratulates Prime Minister Justin Trudeau and German Chancellor Olaf Scholz on the monumental hydrogen alliance formed between Canada and Germany. The joint declaration of intent to invest in hydrogen and establish a transatlantic Canada-Germany supply corridor will be the start of establishing Canada as a significant hydrogen producer and advancing on its decarbonization path. Natural Resources Canada projects the global hydrogen market to be more than $2.5 trillion by 2050 with Canada as a leading supplier.
The Company has expanded its Green Hydrogen production plans to North America, initial focus will be on Canada with its enormous resources of renewable energy (hydropower, solar and wind) that can be used to produce green hydrogen yielding no carbon emissions. Canada has identified the domestic deployment of hydrogen as a key to meeting its climate change commitments. On July 6, 2022, the Canadian government released its Clean Fuel Standard, which will aim to reduce greenhouse gas emissions and accelerate the use of clean technologies and fuels. It was followed up with an announcement of funding for Medium-and-Heavy-Duty Zero-Emission Vehicles (the iMHZEV program will provide $547.5M of funding over four years). This new policy commitment will aid in creating new demand for commercial vehicles using green hydrogen.
First Hydrogen Energy is now commencing the development of four key green hydrogen production facilities in the UK following positive progress to date. The North American expansion is part of First Hydrogen's strategy to develop green hydrogen production in regions with strong policy support for green hydrogen and/or abundant renewable energy sources. The green hydrogen produced will be distributed nearby the production sites thereby minimizing distribution costs and also providing climate change, pollution reduction and energy resiliency benefits within the green hydrogen site's region.
Rob Campbell, Director and CEO of First Hydrogen Energy, comments: "These are truly remarkable times with the announced plans for both the transatlantic Canada-German hydrogen supply corridor and the historic US Inflation Reduction Act occurring in the same month. Green hydrogen is clearly happening globally and First Hydrogen has plans to produce and deliver green hydrogen solutions for use in commercial vehicles across North America, the UK and Europe."
Balraj Mann, CEO of First Hydrogen, says: "The recent announcement procures green hydrogen in Newfoundland and Labrador using wind energy which is only one of the sources of renewable energy available in Canada. We must also tap into our hydropower, a huge source of clean renewable energy. Our "hydrogen-as-a-service' model will be a zero-emission eco-system solution for Canada and the rest of the world."
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. At the same time, the company has launched its bespoke vehicle design phase which will develop its fleet of proprietary zero-emission vehicles. First Hydrogen is also developing refueling capability working with FEV Consulting GmbH, the 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.
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