First Hydrogen Corp. ("FIRST HYDROGEN" or the "Company") is pleased to provide an update on its European expansion. The Company has engaged several international firms with expertise in renewable energy development, infrastructure construction, mergers & acquisitions and fundraising to support the expansion. First Hydrogen will initially establish an office in Germany, a country known for its expertise in precision, efficiency and advanced technology along with major auto manufacturing (Volkswagen, Mercedes-Benz, BMW, Audi) which aligns with the Company's goal of adding its' hydrogen-powered-fuel-cell light commercial vehicle ("FCEV") to the hydrogen ecosystem.
In 2020, Germany declared a national hydrogen strategy and committed to sustainably producing green hydrogen as its main energy carrier of the future. In late 2023, Germany drafted new hydrogen legislation setting guidelines for a hydrogen highway that will span 9,700 kilometres utilizing existing natural gas infrastructure; this compares to the autobahn highways, which run 13,000 kilometres across Germany. Currently, there are 17 hydrogen hubs, also known as "Hydrogen Valleys", operational, under construction or in the planning stages in Germany. These Hydrogen Valleys consist of production, storage, end-use, and connective infrastructure to build and operate a fully functioning, regional clean hydrogen ecosystem along the hydrogen highway.
Developing a hydrogen economy is critical for Europe to reach its 2050 Net Zero target. The European Commission (the "Commission") has approved four waves of hydrogen Integrated Projects of Common European Interest ("IPCEIs"), aiming to raise €43 billion to support more than 120 projects involving approximately 100 European companies. The projects cover the hydrogen ecosystem from production, import, transportation, and end-use.
Balraj Mann, Group CEO of First Hydrogen, commented, "Europe has shown a strong commitment to move away from their reliance on fossil fuels to clean hydrogen. Countries such as Germany have granted €4.6 billion in funding to hydrogen projects as part of the IPCEI protocol. First Hydrogen brings to Germany our hydrogen-powered-fuel-cell vehicles, we were first to the market with successful trials with various fleet operations in the UK. Additional developments will be announced in due course."
Grant of Stock Options
The Company announces the granting of 2,050,000 incentive stock options to directors, officers and consultants of the company with an exercise price of $0.40 per share and will expire five years from the date of grant. The grant of the options is subject to the approval of the TSX Venture Exchange.
