First Hydrogen Canadian Plans Supported by New Canadian Green Economy Budget
Vancouver, British Columbia--(Newsfile Corp. - March 30, 2023) - First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") applauds the recently announced Canadian Federal budget and its strong support for clean economy investments. The 2023 Canadian budget contains several new initiatives focused on fighting climate change, helping to retool the Canadian economy and supporting the creation of the net-zero industries of tomorrow. The new federal initiatives include a set of clear and predictable investment tax credits, low-cost strategic financing, and targeted investments and programming, where necessary to respond to the unique needs of sectors or projects of national economic significance.
The Federal programs supporting First Hydrogen include Investment Tax Credits for Clean Hydrogen ($17.7 billion) and Zero Emission Technology Manufacturing ($11.1 billion) as well as lower tax rates for Zero Emission Technology Manufactures ($1.3 billion). The Federal incentives are in addition to incentive programs offered by the Province of Quebec, which the Company has picked for its first green hydrogen eco-system. Development sites for the local production of green hydrogen and the assembly of First Hydrogen's zero-emission commercial vehicles are being assessed in the City of Shawinigan.
First Hydrogen offers a zero-emission solution via producing and supplying green hydrogen, refueling stations and next-generation hydrogen-powered fuel-cell light to medium commercial vehicles. The Company's two hydrogen demonstrator vans are moving into commercial service trails in the UK, as well as additional green hydrogen production sites are being evaluated in the UK, the United States and Manitoba.
Balraj Mann, CEO of First Hydrogen, says: "The new policy support will help ensure a clean Canadian economy that delivers prosperity, jobs, and more vibrant communities across Canada. It should also boost investor confidence for the Canadian cleantech sector with critical investments in manufacturing and infrastructure."
Rob Campbell, Director and CEO of First Hydrogen Energy, comments: "The New Canadian policies are very timely given our Canadian project plans for both green hydrogen and zero emission vehicles in Canada. We welcome the support as it should keep Canada at pace with the US market and help accelerate decarbonization of the Canadian economy."
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, EU and North America.
On behalf of the Board of Directors of
FIRST HYDROGEN CORP.
Chairman & Group CEO
First Hydrogen Corp.
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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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