- First Hydrogen Corp. (FHYD) is accelerating its green hydrogen plans for the US market
- The company has established First Hydrogen Energy (USA) Inc. and First Hydrogen Automotive (USA) Inc.
- First Hydrogen offers a zero-emission solution by producing and supplying green hydrogen, refueling stations and hydrogen-powered fuel-cell light to medium commercial vehicles
- First Hydrogen Corp is a designer and manufacturer of zero-emission, long-range hydrogen-powered utility vehicles in the UK, EU, and North America
- First Hydrogen Corp. (FHYD) opened trading at C$5.15
First Hydrogen Corp. (FHYD) is accelerating its green hydrogen plans for the US market.
In response to the recently passed Inflation Reduction Act, the company has established First Hydrogen Energy (USA) Inc. and First Hydrogen Automotive (USA) Inc.
The Act authorizes US$369 billion in spending on energy and climate change. The company will begin to offer its hydrogen-fuel-cell powered vehicles to fleet customers in the United States.
The Inflation Reduction Act will result in the industrialization of a number of technologies including the generation of green hydrogen. Green hydrogen is a clean energy source that only emits water vapour and leaves no residue in the air. It is produced when an electric current is passed through water separating hydrogen from oxygen. The production of hydrogen is green or zero emission when the electricity used is obtained from a renewable source (hydropower, wind, solar).
First Hydrogen offers a zero-emission solution by producing and supplying green hydrogen, refueling stations and hydrogen-powered fuel-cell light to medium commercial vehicles.
The company’s two hydrogen demonstrator vans are being prepared for road testing. The company is developing four green production facilities in the UK and has initiated scoping studies for the development of green hydrogen sites in Canada.
Balraj Mann, CEO of First Hydrogen, commented on the news.
“The new US policy support is very consistent with the US Department of Energy’s Hydrogen Energy Earthshot or Hydrogen Shot goal announced in 2021. This goal seeks to reduce the cost of clean hydrogen by 80% to $1 per kilogram in 1 decade (“1 1 1″). In fact, the subsidy support within the Act should result in achieving this goal sooner. This support will truly transform the US market to become a global leader in the production of green hydrogen.”
Rob Campbell, Director and CEO of First Hydrogen Energy, added,
“The Act is exactly what the market needs, and we will do our best to accelerate the overall production and distribution of green hydrogen in order to drive affordable zero-emission transportation. We believe packaged good fleets will be the first movers in using green hydrogen and we will also be commencing work to develop North American fleet customers for First Hydrogen’s fuel cell commercial fleet vehicles that are now in development.”
First Hydrogen is focused on zero-emission vehicles, green hydrogen production and distribution and supercritical carbon dioxide extractor systems.
First Hydrogen Corp. (FHYD) opened trading at C$5.15.
