First Hydrogen Corp (TSX-V:FHYD)
Shares Issued 60,591,465
Last Close 11/25/2022 $4.64
Monday November 28 2022 - News Release
Mr. Balraj Mann reports
FIRST HYDROGEN SELECTS QUEBEC FOR FIRST GREEN HYDROGEN ECO-SYSTEM COMBINED GREEN HYDROGEN PRODUCTION AND ZERO-EMISSION VEHICLE ASSEMBLY
First Hydrogen Corp. has selected the city of Shawinigan, Que., Canada, to develop its first green hydrogen ecosystem. The Company has conducted site evaluations and has now formally commenced the process to secure and develop respective sites for the local production of green hydrogen and the assembly of First Hydrogen zero-emission commercial vehicles.
First Hydrogen's project plan is to produce up to 50MW of green hydrogen using advanced electrolysis technology and distribute the hydrogen within the Montreal-Quebec City corridor for use with First Hydrogen's light commercial vehicles (LCV) as well as supporting other hydrogen-fuelled vehicles and applications in the region.
First Hydrogen LCVs are planned to be assembled in Shawinigan for distribution throughout North America in combination with the Company's Hydrogen as a Service product offering. The assembly factory will be designed for an annual capacity of 25,000 vehicles per year when at full capacity and will represent a major boost to green technology jobs in the region.
The Company's strategy is a close match with the Province of Quebec's "Plan for a Green Economy1" and the "2030 Quebec Green Hydrogen and BioEnergy Strategy1" both targeting reduced dependence on fossil fuels, energy autonomy and green prosperity through the use of green hydrogen to decarbonize and strengthen its economy. Further, the Province of Quebec provides a stable and supportive environment for First Hydrogen's project through its economic, innovation and energy policies and programs aimed at accelerating the pace of the green energy transition.
The project is also consistent with recent federal government announcements supporting green hydrogen and low-carbon fuels initiatives.
Rob Campbell, CEO of Energy for First Hydrogen, says: "Shawinigan, Quebec is a great place for First Hydrogen to plant the flag in North America. Quebec's first hydroelectric company was established there in 1898 and Shawinigan has a strong history of energy and industry working together. The City and the region are very well positioned with its green energy resources, industrial community and growing green energy economy. It will be also very important to closely collaborate with the regional education network to create the required skills of tomorrow. The region is already the home of the l'institut de recherche en hydrogene de l'UQTR (IRH). Founded in 1994, IRH is one of Canada's leading institutions in hydrogen research. We wish to thank the City of Shawinigan and Investissement Quebec for their ongoing support for this exciting project."
Balraj Mann, Chairman & CEO First Hydrogen states: "We are seeing strong market support for our holistic product offering of zero-emission LCVs and green hydrogen. Customer pull combined with strong Quebec and Canadian policy support has convinced us that now is the time to move forward with this first project. Engineering studies are planned to commence in early 2023. Our announcement today coincides with the unveiling of our next-generation hydrogen fuel cell-powered light commercial vehicle in the coming weeks."
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.
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