Vancouver, British Columbia--(Newsfile Corp. - November 4, 2022) - First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") is pleased with Canada's Finance Minister Chrystia Freeland's fall economic announcement to keep pace with United State's Inflation Reduction Act ("IRA") which authorizes $369 billion (U.S.) in spending on energy and climate change.
The Canadian Government will be implementing two new tax credits to promote investment. The first incentive will be a refundable tax credit equal to 30 percent of the capital cost of investments in clean energy technology including zero-emission industrial vehicles. The second incentive will be an investment tax credit to support investments in clean hydrogen production.
First Hydrogen's two demonstrator vehicles will be undergoing customer trials on public roads commencing January 2023 for a period of 24 months during which the Company expects to collect significant proprietary data from fleet owners and to capture high-level interest for future orders. The vans will be trialled in real-world conditions with major fleet operators initially in the UK and enable the Company to publicly showcase its leading design and accelerate the adoption by light commercial vehicle owners of fuel cell-powered vehicles to replace aging diesel fleets. A total of 14 fleet operators in various industries including telecoms, utilities, infrastructure, delivery, grocery and healthcare have signed up to participate in the trials.
First Hydrogen is also working in parallel to arrange green hydrogen generation and distribution under its "Hydrogen as a Service" (HASS) program to provide a holistic solution to the market. First Hydrogen's plans are underway in the UK, Europe, and North America to provide this solution. The North American focus will initially 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.
Balraj Mann, CEO of First Hydrogen, says, "The announcement by Minister Freedland builds on the hydrogen alliance, announced in August 2022, with Germany. The combination of tax incentives and renewable energy resources available in Canada will help the country achieve its goal of net-zero emissions."
Rob Campbell, CEO of First Hydrogen Energy, says, "This announcement supporting clean energy and green hydrogen production shows the overall momentum to scale up the Canadian clean tech industry. It has come only weeks after the bold action by the United States with the IRA and just prior to the important COP27 conference in Egypt. These initiatives are totally in step with our plans to develop green hydrogen eco-systems to Canada."
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 & 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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