Vancouver, British Columbia - Newsfile Corp. - December 19, 2022 - First Hydrogen Corp. (TSXV: FHYD) (OTC PINK: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") is pleased to announce it has selected EDAG Group (EDAG) as its design styling partner for its next generation of hydrogen fuel cell vehicles (FCEV). As global mobility engineers with experience in commercial vehicle development, EDAG will support First Hydrogen's goal to make zero-emission vehicles accessible to fleet managers.
Following the success of the Company's first two light commercial vehicles which incorporate hydrogen fuel cell stacks - First Hydrogen's next generation of vans will be the Company's first vehicles to enter the mass market. Suited to the commercial sector, hydrogen-powered vehicles can travel much further, carry larger payloads, and refueling is much quicker than equivalent battery electric vehicles. First Hydrogen's vehicles will be aerodynamic, durable, progressive, and highly functional for the driver suiting the vehicle's duty cycle.
First Hydrogen will offer a complete solution to zero emissions mobility through its innovative Hydrogen-as-a-Service. In providing light commercial vehicles (LCV), a guaranteed supply of renewably sourced green hydrogen fuel and refuelling technology alongside other supporting services, the Company will help fleet managers to transition away from fossil fuels.
Noted for its concept cars and prototypes as for its top-level commercial vehicle development, the design and engineering specialist has been part of the international automotive and commercial vehicle industry for decades. The commercial and off-road vehicle business unit covers the complete development spectrum for commercial vehicles. As well as developing components, modules and complete vehicles, EDAG also manufactures prototype parts & complete vehicles. Bringing creativity, innovation, and a wealth of industry knowledge to the partnership, EDAG Group will create impactful design style and engineering concepts for First Hydrogen's first FCEVs for the mass market.
Steve Gill, CEO of Automotive for First Hydrogen Limited, says: "This is an incredibly important partnership, with the design of our flagship vehicles destined to set the first impressions of our brand and establish our position in the market. We were compelled by EDAG's innovative approach to developing our next generation vehicles. As our chosen design partner, EDAG appreciates the benefits hydrogen fuel brings to the LCV class in terms of range, payload, ease of refuelling and ease of use. All these aspects will inform the vehicle's look and overall design features."
Harald Keller, COO of EDAG Engineering GmbH, comments: "We are really looking forward to design First Hydrogen's first mass produced FCEVs. As design partners, our team will support First Hydrogen to enter the commercial vehicle market with impact and enable us to visually communicate the Company's ambitions and forward-thinking outlook to investors and customers."
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, 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, the company generated sales of € 687 million. On 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.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
02 February 2023
31 January 2023