First hydrogen reaches significant milestone in Shawinigan.
First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) (“FIRST HYDROGEN” or the “Company“) announces that it has now finalized the land option agreements with the City of Shawinigan.
The Company’s senior management met with Shawinigan Mayor Michel Angers, city and government representatives as well as several strategic partners (Vitrine Technologie-Éducation (VTÉ), CÉGEP de Shawinigan, Centre de Formation Professionnelle, Hydrogène Québec and Investissement Québec) in order to share its green hydrogen vision for the future of Quebec and North America energy transition.
First Hydrogen plans to produce up to 35MW of green hydrogen using advanced electrolysis technology and distribute the hydrogen within the Montreal-Quebec City corridor for use with the Company’s hydrogen-fuel-cell-powered vehicles (FCEV) as well as supporting other hydrogen-fuelled vehicles and applications in the region.
The FCEVs are planned to be assembled in Shawinigan for distribution throughout North America in combination with the Company’s Hydrogen as a Service product offering. The assembly factory will be designed for an annual production of 25,000 vehicles per year when at full capacity and will represent a major boost to green technology jobs in the region.
The global light commercial vehicle market is projected to reach $752 billion (U.S.) by 20301, increasing at a compound annual growth rate of 5.1 per cent during the forecast period (2022 to 2030). 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.
As target dates for zero-emission approach, growth for zero-emissions vehicles is predicted to accelerate. Government and industry incentives will further boost market progress and it is expected to develop more as zero-emissions technology improves and is rolled out at scale.
The Company’s FCEV has accumulated 6,000 kilometres on United Kingdom roads, including mileage around London’s M25 motorway. The data logging supports vehicle range simulations, which exceed a 500 km range.
The vehicle is currently performing with excellent efficiency, including both urban, extra-urban (which includes driving at higher speeds) and highway operations. First Hydrogen’s LCV fuel consumption figures seen in many driving scenarios are under two kilograms per 100 km, and in mostly urban driving this is 1.5 kg/100 km.
In addition to being aligned with the Quebec Government’s Green Hydrogen and Bioenergy Strategy, First Hydrogen’s plans exhibit a strong synergy with the future Energy Transition Valley Innovation Zone, Hydrogène Québec and the Hydrogen Research Institute (IRH) of the University of Quebec at Trois-Rivières.
Balraj Mann, Chairman & CEO of First Hydrogen stated:
This is a great day for First Hydrogen. Shawinigan is well positioned with its green energy resources, industrial community and growing energy economy.
“The established regional education network will allow us to create the required skills of tomorrow so instrumental in our business development success. We wish to thank the City of Shawinigan for their ongoing support for this exciting project.”
Michel Angers Mayor of Shawinigan stated:
The City is very happy with this new step with First Hydrogen.
“The Company’s interest in Shawinigan demonstrates the credibility and influence of our city in the field of green energy and its components. First Hydrogen will add its expertise to that of many companies and research centers already present in the territory.”
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First Hydrogen Reaches Significant Milestone in Shawinigan, Vancouver, British Columbia, June 28, 2023
