Vancouver, British Columbia--(Newsfile Corp. - November 29, 2023) - First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") is please to announce twenty-one (21) fleet operators & industry specialists, from Europe and UK, attended the Company's Track Day at the HORIBA MIA proving grounding in England. Held on Tuesday October 31, attendees included fleet managers from the grocery sector with participants from Asda and Sainsbury's, parcel delivery company DPD, NHS England, VINCI Group, mining conglomerate Anglo American, and Network Rail. Several utilities providers including Wales & West Utilities, Northern Gas Networks, SGN & National Gas were also present.
The Track Day drew interest from vehicle leasing and rental companies, with ARVAL (BNP Paribas Group), Novuna, and Redde Northgate attending, along with British motor trades residual value experts, Glass's Guide. In addition, representatives from Brit European Transport, National Windscreens & the Canal & River Trust. Participating fleets operate more than half-million vehicles (est.). Research Nester estimates the global hydrogen vehicle market size to expand at ~45% CAGR between 2023 and 2035, growing from US$1-billion to US$45-billion.
The event gave operators a unique opportunity to get behind the wheel of the Company's hydrogen-fuel-cell powered vehicle (FCEV). Twenty-nine (29) drivers each took the opportunity to drive on the MIRA track, simulating different duty cycles and reaching speeds of up to 110 km per hour (70 miles per hour). Operators experienced the vehicles' smooth handling and appreciated the quiet drive.
Drivers were also treated to a vehicle walk-round and under-the-hood viewing of First Hydrogen's technology. The Company's partner, Ballard Power Systems, was present alongside First Hydrogen engineers to help attendees understand how the vehicles' fuel cells work. Participants asked searching questions about the viability of hydrogen mobility, the maturity of hydrogen infrastructure and were presented with a review of Total Costs of Operation (TCO) based on First Hydrogen data collected from vehicles used during recent demo trials with UK fleets. Participants were quick to understand the TCO outlook, the benefits of FCEVs and how they compare alongside other zero emission vehicle technology.
First Hydrogen's road trials with fleet specialists Rivus and energy company SSE plc have demonstrated the impressive range the vehicles have, with a peak range of more than 630km (390 miles) on a single fuelling achieved during journeys from Aberdeen. The real-world operational trials also showed the minimal effect carrying heavy loads or driving at higher speeds had on vehicle range - crucial attributes for this vehicle class.
Steve Gill, Executive Director Automotive at First Hydrogen, says: "We're delighted with the high level of interest we have received from UK fleet operators about our FCEVs and this enthusiasm was clearly present at our first driving experience day. By engaging fleets in similar events, we are demonstrating our FCEV's capabilities to an audience who are on the road to zero emissions and can see a role for First Hydrogen technology in achieving their targets. Their feedback will help us achieve buy-in from fleets, some of whom are likely to become our Development Partners, helping us shape our future business and ultimately becoming customers for our vehicles."
Stephen Offley, Transport Manager at Wales & West Utilities, comments: "It was fantastic to see a hydrogen vehicle of this weight class in action. We already know that hydrogen power will be essential to meet the critical range, payload and towing capabilities required by public utilities and other users, which cannot be met by battery-electric vans. This experience shows that adoption could soon become a reality and will help operators to transition their whole fleets to zero emission technology."
First Hydrogen
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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. The Company has designed and built hydrogen-fuel-cell-powered light commercial vehicles ("FCEV") in partnership with AVL Powertrain and Ballard Power Systems Inc. The FCEV has a range of 630+ kilometres. These vehicles are being trialled with fleet operators in the United Kingdom. First Hydrogen is also developing a 35MW green hydrogen production facility and vehicle assembly factory in Shawinigan, Quebec.
On behalf of the Board of Directors of
FIRST HYDROGEN CORP.
"Balraj Mann"
Chairman & Group CEO
Contact:
Balraj Mann
First Hydrogen Corp.
604-601-2018
investors@firsthydrogen.com
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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