First Hydrogen Confirms with North American Fleet Owners Demand for Hydrogen Vehicles.
First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) (“FIRST HYDROGEN” or the “Company“) is pleased to announce the results of a North American market study prepared by Sacré Davey Engineering Inc. (“Sacrè-Davey”). The report highlights demand for First Hydrogen hydrogen-powered-fuel-cell light commercial vehicle (“FCEV”) in North America is estimated at 6 million vehicles with demand expected to grow to over 8 million units by 2035 due to zero emission requirements.
First Hydrogen commissioned Sacrè-Davey for a hydrogen market study to establish the Shawinigan, Québec-based facilities dedicated to the assembly of the Company’s FCEV and production of green hydrogen. According to Deloitte’s report (Green hydrogen: Energizing the path to net zero. Deloitte’s 2023 global green hydrogen outlook), the emerging green hydrogen market is expected to grow to US$1.4 trillion per year by 2050.
Sacré-Davey surveyed 104 fleet operators and owners from various industries (telecom, construction, food distribution, beverages, energy and utilities, forestry, governments and freight transport) regarding their interest for zero-emission hydrogen fuel cell commercial vehicles (classes 2 to 4). Based on 2021 Canadian and U.S. registration numbers, an estimated 6+ million light commercial vehicles in North America can be replaced by hydrogen-powered vehicles (“LCV”), such as the Company’s FCEV.
Polaris Market Research reported the global hydrogen fuel cell vehicles market is projected to grow from US$1.5 billion in 2022 to US$62.9 billion by 2032, at 45.2% CAGR. Governments such as Canada have released final regulations mandating all new passenger cars, SUVs, crossovers, and light trucks sales to be zero-emission vehicles by 2035, phasing out the sale of gas and diesel vehicles. This mandate will exponentially accelerate the adoption of Hydrogen Fuel cell commercial vehicles as the best way for businesses to reach their zero carbon objectives.
First Hydrogen’s FCEV trials have shown its’ advantages over battery electric vehicles in range, payload towing and fast refueling capabilities. The FCEV has achieved a range over 630 kilometres (400 miles), ahead of the 193 kilometres (120 miles) Worldwide Harmonized Light Vehicle Test Procedure (“WLTP”) minimum range requirement of the zero-emission mandate.
Balraj Mann, Group CEO and Chairman of First Hydrogen, said:
The Sacré-Davey study and survey confirm the market for FECVs for fleet operators and owners presents an exceptional opportunity for our company.
“With Canada eliminating gas and diesel vehicles by 2035 and the United States establishing upto 10 hydrogen hubs, the Company’s Hydrogen-as-Service can contribute to the zero-emission vehicle and green hydrogen markets.”
READ the latest news shaping the hydrogen market at Hydrogen Central
First Hydrogen Confirms with North American Fleet Owners Demand for Hydrogen Vehicles. source
