First Hydrogen Applauds UK £500 Million Hydrogen Initiative

First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("First Hydrogen" or the "Company") is encouraged with the recent announcement by incoming UK Prime Minister Sir Keir Starmer pledging to implement an agenda centered on renewable energy and green initiatives. The new government has earmarked £500 million to support the development of the UK's green hydrogen sector, aiming to enhance the country's capacity to produce green hydrogen and position the UK as a leader in the global hydrogen economy. 


A recent study by Berlin-based think tanks Agora Energiewende and Agora Industrie, Germany would need to import upto 100 terawatt hours (TWh) of green hydrogen annually by the mid-2030s, covering a significant portion of its projected energy demand. In order to meet demand, as domestic production is expected to fall short, Germany will need to import green hydrogen from neighbouring countries and from countries such as Canada. 

Hydrogen-as-a-Service (HAAS)

The Company has completed four successful trials of its hydrogen-powered fuel cell light commercial vehicle (FCEV). The FCEV demonstrated its' capability for demanding duties, such as carrying heavier payloads, towing and powering auxiliary equipment (onboard power). There has been no decrease in vehicle performance or range when operating in colder temperatures. Drivers from the trials noted the FCEV's drivability ease, quick refueling, and range (630 km / 390 mi, on a single refueling). 

First Hydrogen has established a hydrogen ecosystem, partnering with various providers for refuelling and green hydrogen delivery and being the first and only road-legal FCEV. The Company is in a position to capitalize on Europe's transition to green hydrogen. Our "ready-to-go" hydrogen ecosystem demonstrates hydrogen mobility is possible for fleet operators. 

Private placement

The Company is also please to announce that further to its news release dated June 28, 2024, it has closed the first tranche of its private placement of convertible debenture units for gross proceeds of $540,000 (the "Offering"). Each debenture unit consists of $1,000 in principal and is convertible into 1,851.85 common shares and 1,851.55 share purchase warrants, with each share purchase warrant exercisable to acquire one additional common share at an exercise of $0.80 per warrant share for a period of two years from the closing date of the Offering.

The debentures will mature on the second anniversary of the date of issuance and bear interest at a rate of 8.00% per annum, commencing on the date of issuance. The debentures are unsecured. The debentures will not be listed or posted for trading on any stock exchange. All securities issued in connection with the Offering will be subject to a statutory resale restriction for four months and one day from the closing date of the Offering.

In connection with the Offering, the Company paid Canaccord Genuity Corp. (the "Finder") a fee of $43,200 and issued 80,000 warrants (the "Finder's Warrants"). Each Finder's Warrant provides that such Finder may acquire common shares of the Company (each a "Finder's Warrant Share") at a price of $0.54 per Finder's Warrant Share until July 9, 2026.

The Company intends to use the net proceeds from the offering for working capital and general corporate purposes.

First Hydrogen |