Vancouver, British Columbia – First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) (“FIRST HYDROGEN” or the “Company“) is pleased to announce the acceleration of green hydrogen plans for the US market given the new and significant support for renewable energy, green hydrogen and zero-emission mobility. The Company has now established First Hydrogen Energy (USA) Inc. and First Hydrogen Automotive (USA) Inc. in response to the recent passing of the historic Inflation Reduction Act (the “Act”). The Act authorizes US$369 billion in spending on energy and climate change. The Company will begin to offer its hydrogen-fuel-cell powered vehicles to fleet customers in the United States.
The Inflation Reduction Act is seen as pivotal policy support that will result in the significant expansion of renewable energy as well as the industrialization of a number of key enabling technologies including the generation of green hydrogen. Green hydrogen is a clean energy source that only emits water vapour and leaves no residue in the air. It is produced when an electric current is passed through water separating hydrogen from oxygen. The production of hydrogen is green or zero emission when the electricity used is obtained from a renewable source (hydropower, wind, solar).
First Hydrogen offers a zero-emission solution via producing and supplying green hydrogen, refueling stations and next-generation hydrogen-powered fuel-cell light to medium commercial vehicles. The Company’s two hydrogen demonstrator vans are being prepared for road testing currently. As previously announced, the Company is developing four green production facilities in the UK and has initiated scoping studies for the development of green hydrogen sites in Canada.
Balraj Mann, CEO of First Hydrogen, says: “The new US policy support is very consistent with the US Department of Energy’s Hydrogen Energy Earthshot or Hydrogen Shot goal announced in 2021. This goal seeks to reduce the cost of clean hydrogen by 80% to $1 per kilogram in 1 decade (“1 1 1″). In fact, the subsidy support within the Act should result in achieving this goal sooner. This support will truly transform the US market to become a global leader in the production of green hydrogen.”
Rob Campbell, Director and CEO of First Hydrogen Energy, comments: “The Act is exactly what the market needs, and we will do our best to accelerate the overall production and distribution of green hydrogen in order to drive affordable zero-emission transportation. We believe packaged good fleets will be the first movers in using green hydrogen and we will also be commencing work to develop North American fleet customers for First Hydrogen’s fuel cell commercial fleet vehicles that are now in development.”
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 and elsewhere.
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