First Hydrogen Corp. is anticipating the approval of the proposed €250 billion green subsidies announced by European Commission President Ursula von der Leyen which will enhance the competitiveness of Europe's net-zero industry and support the fast transition to climate neutrality. Subsidies would include tax breaks to businesses investing in net-zero technologies, faster permit issuances for green projects and loosening of aid rules that would allow EU member states to match the aid offered by a third country for initial investments into sectors relevant to the net-zero transition.
First Hydrogen recently expanded its European activities to identify and sign-up fleets for future European trials of the Company's light commercial vans ("LCV"). Green hydrogen production and sourcing opportunities will also be identified and developed to support the TEN-T Core and Comprehensive Networks for the broad-based use of zero emission LCVs. The Company's hydrogen-as-a-service model plans to provide zero-emission ecosystem solutions that will benefit from the EU's move to decarbonize.
Balraj Mann, Chairman & CEO of First Hydrogen Corp., said: "The European Union needed to match the subsidies made by the United States and China. The proposed Green Deal Industrial Plan will provide more support of manufacturing for net-zero products, such as our light-commercial vehicle and green hydrogen service thru faster access to funding and simpler regulatory frameworks."
Robert Campbell, CEO of First Hydrogen Energy, said: "The European Green Deal announced in 2019, set the goal of making Europe the first climate-neutral continent by 2050. The new Green Deal Industrial Plan will allow the EU to stay competitive with other countries which have green subsidies in place. We anticipate an overall acceleration of decarbonization initiatives in Europe with this bold plan set forth by the European Union."
The Company is also pleased to announce that it has entered into an amendment agreement (the "Amendment Agreement") dated February 2, 2023, to amend the terms of its Engagement Agreement with Canaccord Genuity Corp. (“CGC”). Under the terms of the Amendment Agreement, the parties have agreed to amend the exercise price of CGC’s Agent Warrant from $4.50 to the greater of $4.50 or the market price of the Company’s common shares on the closing date of the Early Warrant Exercise Program. For more information about the Company’s Engagement Agreement with CGC, please refer to the Company’s news release dated January 31, 2023.
