Vancouver, British Columbia--(Newsfile Corp. - August 8, 2023) - First Hydrogen Corp.(TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") is pleased to report the successful completion of the first two trials of the Company's hydrogen-fuel-cell powered vehicle (FCEV) with SSE Plc (SSE) and Rivus. The FCEV achieved a range of 630 kilometres on a single refuelling during the trials. Driver feedback from both companies complemented the Company's FCEV on its smooth and effortless drivability, quick refuelling times and automatic transmission. The Company will now look to speed up FCEV trials with the remaining 14 UK fleet operators, including grocery, utility, delivery and health care, by holding track days with multiple fleet operators.
Additionally, the Company will open up trials to North American companies. The Global Hydrogen Fuel Cell Vehicle (FCVs) Market was valued at US$ 9.3 billion and is projected to grow at a CAGR of 15.8% during 2023-20233(1). Hydrogen FCVs offer a viable solution in reducing greenhouse gas emissions, as the FCVs produce zero tailpipe emissions contributing to cleaner air quality and mitigating the impact of transportation on global warming.
Data taken during the trials suggests that overall vehicle performance is even better than expected, as it exceeds the results set in pre-trial commissioning tests, especially when driven at a constant speed, as less braking and accelerating means less fuel is consumed. For several journeys, the FCEV drove fully loaded one way and was partly loaded on the return. SSE drivers noted that heavier loads did not noticeably decrease vehicle speed, reduce vehicle range, or affect fuel cell performance.
SSE was the first utility business to road test First Hydrogen's FCEV. As one of the UK's largest energy infrastructure companies, SSE has established a Net Zero Action Plan and has recently increased investment in renewables and its electricity networks to £18 billion. In 2019, SSE committed to transitioning over 3,000 fleet vehicles to electric by 2023, and already it has over 1,100 full EVs in its fleet.
Rivus, which manages approximately 120,000 vehicles, including approximately 85,000 LCVs, was the first fleet management company to test drive the first-of-its-kind hydrogen vehicle on UK roads. Fleet management specialists Rivus will use data gathered by First Hydrogen's onboard telematics to make direct performance comparisons between similar BEV and internal combustion engine (ICE) vehicles that have undertaken the same duty cycles.
Balraj Mann, Chairman and Group CEO, commented, "As our FCEV data is monitored with each real-world trial, adjustments have resulted with a 630 km range in the most recent trial with SSE. We are very pleased with the substantial increase from the 500 km range achieved during FCEV commissioning. Fuel consumption averaged an efficient 1.58kg H2/100m, the Company looks to improve fuel consumption under various real-world conditions during additional fleet trials in the coming months. We are seeing with trials that hydrogen is the better alternative to equivalent battery electric vehicles for commercial use."
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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 has designed and built hydrogen-fuel-cell-powered light commercial demonstrator vehicles ("LCV") under two agreements with AVL Powertrain and Ballard Power Systems Inc. The LCV has a range of 630+ kilometres. These vehicles are being trialled with an initial 16 fleet operators in the United Kingdom. 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.
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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