First Hydrogen pays tribute to UK’s £500m hydrogen initiative
8 mins read

First Hydrogen pays tribute to UK’s £500m hydrogen initiative

Jul 9, 2024, 6:45 PM EDT | Source: First Hydrogen Corp.

Vancouver, British Columbia–(Newsfile Corp. – July 9, 2024) – First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) (“First hydrogen” or “Business“) is encouraged by the recent announcement by the new UK Prime Minister, Sir Keir Starmer, who has committed to implementing a programme focused on renewable energy and green initiatives. The new Government has committed £500 million to support the development of the green hydrogen sector in the UK, with the aim of increasing the country’s capacity to produce green hydrogen and making the UK a leader in the global hydrogen economy.

Germany

According to a recent study by Berlin-based think tanks Agora Energiewende and Agora Industrie, Germany will need to import up to 100 terawatt-hours (TWh) of green hydrogen per year by the mid-2030s, covering a significant portion of its projected energy needs. To meet demand, because domestic production is expected to be insufficient, Germany will need to import green hydrogen from neighboring countries and from countries such as Canada.

Hydrogen as a Service (HAAS)

The company has completed four successful trials of its hydrogen fuel cell light commercial vehicle (FCEV). The FCEV demonstrated its ability to perform demanding tasks such as carrying heavier loads, towing and powering auxiliary equipment (on-board power). There was no reduction in vehicle performance or range when operating at lower temperatures. Drivers participating in the trials noted the FCEV’s ease of driving, rapid refueling and range (630 km/390 miles, on a single fill).

First Hydrogen has created a hydrogen ecosystem by partnering with various suppliers to refuel and deliver green hydrogen, being the first and only road-legal FCEV. The company is positioned to capitalize on Europe’s transition to green hydrogen. Our “ready-to-use” hydrogen ecosystem demonstrates that hydrogen mobility is possible for fleet operators.

Private Placement

The Company is also pleased to announce that, further to its press release dated June 28, 2024, it has closed the first tranche of its private placement of units of convertible notes for a gross amount of $540,000 (the “Offering”). Each unit of the notes consists of $1,000 principal amount and is exchangeable into 1,851.85 common shares and 1,851.55 share purchase warrants, with each share purchase warrant exercisable to purchase one additional common share at an exercise price of $0.80 per warrant share for a period of two years from the closing date of the Offering.

The Notes will mature on the second anniversary of the date of issue and will bear interest at a rate of 8.00% per annum from the date of issue. The Notes are unsecured. The Notes will not be listed or traded on any stock exchange. All securities issued in connection with the Offering will be subject to statutory resale restrictions for a period of four months and one day from the closing date of the Offering.

In connection with the Offering, the Company paid Canaccord Genuity Corp. (hereinafter referred to asFinder“) a fee of $43,200 and issued 80,000 warrants (“Finder Orders“). Each Finder Warrant provides that such Finder may acquire common shares of the Company (each “Participation in the search warrant“) at a price of $0.54 per Finder warrant share until July 9, 2026.

The Company intends to use the net proceeds from the offering for working capital and general corporate purposes.

Can't see this image? Visit: https://images.newsfilecorp.com/files/8330/216023_28370aeb84191bea_001.jpg

A future without emissions

To view an expanded version of this graphic, please visit:
https://images.newsfilecorp.com/files/8330/216023_28370aeb84191bea_001full.jpg

Can't see this image? Visit: https://images.newsfilecorp.com/files/8330/216023_28370aeb84191bea_002.jpg

The first hydrogen HCEV

To view an expanded version of this graphic, please visit:
https://images.newsfilecorp.com/files/8330/216023_28370aeb84191bea_002full.jpg

About First Hydrogen Corp. ((download PDF version)

First Hydrogen Corp. is a company based in Vancouver, Montreal and London, United Kingdom, focused on zero-emission vehicles, green hydrogen production and distribution. The company has designed and built two hydrogen fuel cell light commercial vehicles (“FCEVs”). The FCEVs are road legal in the United Kingdom (excluding Northern Ireland), having completed 6,000 km of testing and achieved a range of 630+ kilometres on a single refuelling. The vehicles have successfully completed real-world testing with fleet operators in the United Kingdom. First Hydrogen is also developing a 35 MW green hydrogen production facility and vehicle assembly plant in Shawinigan, Quebec.

On behalf of the Management Board of the Company

THE FIRST CORPORATE HYDROGEN COMPANY
“Balraj Mann”
President and CEO of the Group

Cautionary Note Regarding Forward-Looking Statements This press 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 be materially different 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,” “could,” “might” or “should” occur.

Forward-looking information may include, without limitation, statements regarding First Hydrogen’s operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, objectives, current goals, milestones, strategies and prospects, as well as statements regarding, among other things, future events and the future operations, strengths and strategies of First Hydrogen. Forward-looking information is provided for the purpose of providing information about management’s current expectations and plans regarding the future, and readers are cautioned that such statements may not be appropriate for other purposes. These statements should not be relied upon as a guarantee of future performance or results.

Forward-looking statements included in this press release are based on management’s assumptions and analyses and other factors that management may use to form conclusions and make forecasts or projections, including management’s experience and assessments of historical trends, current conditions and expected future events. Although management believes that these assumptions, analyses and assessments are reasonable at the time the statements contained in this press 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 differ materially from forward-looking statements may include: the timing and unpredictability of regulatory actions; regulatory, legislative, legal or other events with respect to its operations or business; limited marketing and sales opportunities; early stage industry and product development; limited products; dependence on third parties; unfavorable advertising 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; changes in demand for First Hydrogen products and market size, patent law reform, patent and intellectual property disputes, and conflicts of interest.

The forward-looking information contained in this press release represents First Hydrogen’s expectations as of the date of this press release and is therefore subject to change after that date. Readers should not place undue reliance on the forward-looking information and should not rely on this information as of any other date. First Hydrogen undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions or other factors change.

Neither the TSX VENTURE EXCHANGE nor its Regulation Services Provider (as that term is defined in the policies of the TSX VENTURE EXCHANGE) accepts responsibility for the adequacy or accuracy of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/216023

Information

SOURCE: First Hydrogen Corp.