Vancouver, British Columbia--(Newsfile Corp. - December 16, 2024) - First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") is seeking Small Modular Nuclear Reactors (SMRs) for deployment to Canada and European Union for green hydrogen production. This initiative is expected to enhance First Hydrogen's ability to provide a stable, scalable, and cost-effective supply of green hydrogen, supporting global efforts to decarbonize key sectors such as transportation and industry.
SMRs, known for their compact design, modularity, and capacity for rapid deployment, are seen as a promising technology for energy production. Unlike traditional nuclear power plants, SMRs require a smaller physical footprint, offer faster deployment timelines, and provide continuous, weather-independent power, making them well-suited to support hydrogen production.
"Integrating SMRs into our clean energy strategy is intended to support the consistent and scalable production of green hydrogen," said Balraj Mann, CEO of First Hydrogen Corp. "We believe this approach aligns with global regulatory and market trends, especially as hydrogen becomes a cornerstone of clean energy policy in both Europe and Canada."
How SMRs Can Transform Hydrogen Production
The growing focus on energy security, coupled with decarbonization mandates, has prompted governments and industry leaders to reimagine energy policy. Recognized as a key component of the European Union's clean energy strategy, hydrogen is projected to play a pivotal role in meeting decarbonization targets. First Hydrogen's exploration of SMRs is designed to support these efforts by providing a dependable supply of green hydrogen.
The potential benefits of SMR-driven hydrogen production include:
Continuous Power Supply: SMRs operate 24/7, unlike intermittent renewable sources such as wind and solar. This stability supports hydrogen production processes that require uninterrupted energy input.
Cost-Efficiency and Scalability: SMRs are modular by design, enabling First Hydrogen to adjust production capacity in response to market needs. This approach is intended to reduce capital costs and support gradual, demand-driven expansion.
Localized Deployment: SMRs can be deployed closer to hydrogen refueling stations, enabling distributed production and reducing hydrogen transportation costs.
Grid Integration: Excess power produced by SMRs can be redirected to local power grids or used to support EV charging stations, creating additional revenue streams and supporting clean energy adoption.
Reduced Carbon Footprint: SMRs generate zero greenhouse gas emissions during operation, enhancing the carbon-reduction benefits of green hydrogen production.
By harnessing SMRs, First Hydrogen aims to create a dual-purpose energy production system that simultaneously addresses the growing need for clean hydrogen and the stability of national power grids.
Demand and Energy Policy Shift
The urgency for energy policy reform has increased as geopolitical disruptions, fossil fuel price volatility, and climate imperatives prompt governments to prioritize energy security. Hydrogen has become a central focus of this shift, with the European Commission designating hydrogen as a cornerstone of its clean energy policy. According to publicly available data from the European Commission, the EU aims to produce 10 million tonnes of green hydrogen annually by 2030, with an additional 10 million tonnes to be imported. This strategy is part of the REPowerEU plan, which calls for accelerated decarbonization to reduce reliance on fossil fuels. SMRs are seen as an enabler of this strategy, providing a steady source of power for green hydrogen production. (EU Commission Hydrogen Strategy and REPowerRU)
In Canada, the country's National Hydrogen Strategy positions Canada as a potential global leader in hydrogen production. The adoption of SMRs is intended to support this goal, with Canada's Darlington SMR project expected to be operational by 2028. With increasing support from regulators and government agencies, the deployment of SMRs could offer First Hydrogen new opportunities to participate in the decarbonization of North America's transportation and industrial sectors.
"As policy support for hydrogen continues to accelerate in Europe and North America, we see a significant opportunity to establish a scalable, resilient hydrogen production model," added Balraj Mann. "Our approach aims to support long-term policy objectives while reducing energy volatility and improving access to clean, low-cost hydrogen."
Strategic Vision for First Hydrogen
First Hydrogen Corp. is actively pursuing a comprehensive, vertically integrated green hydrogen strategy. This strategy includes hydrogen production, refueling infrastructure, and hydrogen-powered commercial vehicles. The company's proprietary Hydrogen-as-a-Service (HaaS) model aims to offer end-to-end hydrogen solutions to fleet operators and commercial customers. The company's hydrogen-powered fuel-cell commercial vehicles (FCEVs) has already been tested in the UK, where over 6,000 km of real-world testing has been completed. The vehicles have demonstrated a range of over 630 km on a single refueling.
The addition of SMRs is expected to strengthen First Hydrogen's energy strategy, supporting a clean, distributed, and cost-effective hydrogen economy.
The Future with Zero Emission
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First Hydrogen FCEV
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About First Hydrogen Corp. (FirstHydrogen.com)
First Hydrogen Corp. is a Vancouver, Montreal and London UK-based company focused on zero-emission vehicles, green hydrogen production and distribution. The Company has designed and built two hydrogen-fuel-cell-powered light commercial vehicles ("FCEV"). The FCEV are road-legal in the United Kingdom (excluding Northern Ireland) with 6,000 km of testing completed and have achieved a range of 630+ kilometres on a single refueling. The vehicles have successfully been trialled in real-world conditions with fleet operators in the United Kingdom.
On behalf of the Board of Directors of
FIRST HYDROGEN CORP.
"Balraj Mann"
Chairman & Group CEO
Contact:
Balraj Mann
First Hydrogen Corp.
604-601-2018
investors@firsthydrogen.com
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; and conflicts of interest.
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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Contact: Balraj Mann First Hydrogen Corp. 604-601-2018 investors@firsthydrogen.com |
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