Vancouver, British Columbia--(Newsfile Corp. - December 5, 2023) - First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") has signed a term sheet with EV Technologies Inc. ("EVT") to develop a high-power compact battery that is state of the art and designed specifically for hydrogen-powered-fuel-cell vehicles. First Hydrogen and EVT will undertake the preparation of a commercial partnership agreement outlining technical requirements and investment. First Hydrogen will own all intellectual property developed during and in relation with the partnership, which shall be used for the sole purpose of manufacturing the Battery.
The Company's engineering team and automotive partners have determined that the new battery system being developed and designed will have greater efficiency and increased performance for its hydrogen-powered-fuel-cell-vehicles (FCEV). The new battery design will integrate with the hydrogen fuel cell in the vehicles for the hydrogen powered vehicle market (FCEV). First Hydrogen assessed the latest battery technologies offered globally that lead to Quebec-based EVT, a recognized leader in developing innovative, reliable and high-performance traction battery system, after being unable to locate a battery that would meet First Hydrogen's strict specifications.
First Hydrogen's hydrogen-powered FCEV's have accumulated more than 10,000 km through testing including road trials with UK fleet owners and operators, RIVUS and utility company SSE plc. The FCEV have demonstrated a range of 630 km on a single refuelling, easily doubling the range of electric light commercial vehicle (240 km). First Hydrogen is dedicated to ongoing enhancements in product quality and advancements in vehicle powertrain performance.
Global Market Insights reported the light commercial vehicle market surpassed US$7.8 trillion in 2022 and is anticipated to grow at 9% CAGR to US$19.9 trillion from 2023 to 2032. Increasing vehicle emission regulations, advancements in vehicle safety, introduction of advanced driver assistance systems ("ADAS") in vehicles, and the rapidly growing retail and e-commerce sectors contribute significantly to the demand for new and advanced commercial vehicles. The logistics and e-commerce industries are expanding rapidly, propelling industry demand.
Vincent Darlix, CEO of EVT, stated: "Today marks a significant milestone in our journey towards a sustainable future. EVT Batteries is grateful for the opportunity to provide our innovative batteries to First Hydrogen. This partnership reinforces EVT Batteries' commitment to delivering a product with the highest performance and safety."
Balraj Mann, Group CEO of First Hydrogen, commented: "As we work towards the development of our hydrogen production facility and vehicle manufacturing plant in Shawinigan, it is important to work on structuring a strong supply chain with regional and local partners. Partnering with EVT, a Quebec-based supplier, is a key component to our development and growth."
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About EVT (EVTbatteries.com)
EVT Batteries designs and manufactures high energy battery packs that are extremely safe, geared towards heavy-duty vehicles market, including trucks, buses, and industrial vehicles. Innovative patented technologies enable an increase in energy density of more than 30% compared to current state-of-the-art battery packs, provide industry leading power capability, as well as higher levels of safety. EVT's 1 GWH plant is located near Montreal, close to customers in North America, operational as soon as Q2 2024.
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.
Chairman & Group CEO
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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