Vancouver, British Columbia--(Newsfile Corp. - March 7, 2023) - First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") reveals new images outlining the vision for its Generation II concept vehicle, which will be available with either fuel cell electric or battery electric drive trains. The latest sketches show the design process that the Company is undertaking with global mobility experts EDAG Group.
The images show the vehicle's overall form in greater detail and indicate some of the van's technical assets. As well as the vertical taillights and branded daytime running lights, which were revealed earlier this year, the new illustrations exhibit an aerodynamic fuselage. They also show muscular and dynamic fenders and a large front grill, which is both functional and stylish. Incorporating First Hydrogen branding, the grill provides the necessary ventilation for the vehicle's front located fuel cell.
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The Generation II concepts are being developed while First Hydrogen trials its Generation I fuel cell electric vehicles (FCEV). Launched last year, the Generation I vehicles are currently undergoing mileage accumulation and evaluation before entering trials with major fleet operators in the UK. The road trials for Generation I are managed in conjunction with the UK Aggregated Hydrogen Freight Consortium (AHFC). Members cover a variety of sectors including grocery, roadside assistance, utilities, construction and express delivery and trial participants will use First Hydrogen's demonstrator vehicles alongside their existing fleets to evaluate the benefits of different vehicle technologies. Data and feedback gained during these trials will influence the design and engineering of the Company's future vehicles to ensure designs meet customer needs.
The global light commercial vehicle market is projected to reach USD 751.86 billion by 2030, increasing at a compound annual growth rate of 5.1% during the forecast period (2022-2030). Further growth is expected as industries strive to meet zero emission targets and governments incentivise switching to zero emission mobility and invest in better infrastructure. First Hydrogen is targeting the commercial van market and light commercial vehicle sector to support fleet operators to move away from fossil fuels and invest in zero emission transport.
Steve Gill, CEO of Automotive for First Hydrogen, says: "We are delighted to present a first look at the new concept vehicle and are proud of its clean, functional, and modern design. The aerodynamic design and overall proportions have been shaped to consider operations on highways and in urban environments. We have taken a particular focus on the lighting, ensuring high visibility for drivers and other road users, - this is especially important for use by delivery, utilities, and roadside assistance companies - but also make the vehicles instantly recognisable as First Hydrogen."
Bernat Costa, Design Director at EDAG Spain, comments: "We have taken great care to reflect the modern and clean energy values First Hydrogen represents in the vehicle design. The pure and minimalist design meets functional needs and accommodates the technical requirements of hydrogen propulsion. We have also created a design suited to modular builds, providing operational flexibility through a range of sizes and potential bespoke elements."
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. As well, the Company is pursuing opportunities in green hydrogen production and distribution in the UK, EU and North America.
About EDAG Group (EDAG.com)
EDAG Group is the world's largest independent engineering service provider to the global mobility industry. We regard mobility as a fully integrated ecosystem, and offer our customers technological solutions for more sustainable, emission-free and intelligently networked mobility. With a global network of some 60 branches, EDAG Group provides engineering services in the Vehicle Engineering, Electrics/Electronics and Production Solutions segments.
With our interdisciplinary expertise in the fields of software and digitalization, we possess the key skills to help actively shape the dynamic transformation process the mobility industry is currently undergoing. Digital features, autonomous driving, artificial intelligence, alternative powertrains, new mobility concepts and the vision of a networked smart city have become an integral part of our portfolio. Embedded in EDAG's own 360° degree approach to the development of complete vehicles and production facilities, we are a competent partner for sustainable mobility projects. It is in the DNA of the company to actively shape the future of mobility and transfer new technologies and concepts into series production. Today, EDAG is one of the TOP 20 IT service providers in the German mobility sector.
Our customers include leading international OEMs, tier 1 suppliers and startup companies from the automotive and non-automotive industries, all of whom we serve globally with our workforce of approximately 8,000 experts in 360-degree engineering.
In 2021, EDAG generated sales of €687 million and at December 31, 2021, EDAG employed a global workforce of 7,880 (including apprentices).
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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