First Hydrogen (FHYD.V) starts trials with major European fleet consortium

First Hydrogen (FHYD.V), a Vancouver and London UK-based company focused on zero-emission vehicles, green hydrogen production and distribution as well as supercritical carbon dioxide extractor systems, announced today that it had accepted into the UK Aggregated Hydrogen Freight Consortium (AHFC).

AHFC, led by Element Energy, is made up of leading members of the hydrogen industry, including Air Products, Anglo American, Hyundai, Toyota, and BOC. The group acts as an accelerator for the commercial rollout of fuel cell vans and trucks as well as the expansion of the hydrogen fueling infrastructure.

First Hydrogen has already received notice of interest from ten fleet operators to trial the company’s two demonstrator hydrogen fuel cell-powered light commercial vehicles.

The trials will take place across multiple UK locations from London to Aberdeen performing in sectors ranging from express delivery to national utilities.

As a result, operators will get a taste of real-world operations by gauging the range and operational flexibility benefits of hydrogen.

First Hydrogen’s two demonstrator hydrogen fuel cell light commercial vehicles (LCVs) are scheduled for testing and on-road commissioning later this month in the UK. The vehicles are expected to be road worthy in Q4 2022 allowing for trial start dates in early 2023.

The two LCVs are a result of agreements inked with AVL Powertrain and Ballard Power Systems. The vehicles are expected to have a range of over 500 kilometres.

Steve Gill, CEO of First Hydrogen Automotive, commented, “Our proposal has received quite a response. We are excited to work with Element Energy and to bring our technology directly to fleet companies, demonstrating the benefits of fuel cell powered light commercial vehicles. It is a great opportunity for us to generate customer interest in our vehicles and gain first-hand knowledge and driver feedback to contribute to our bespoke vehicle development program.”

First Hydrogen has also launched its bespoke vehicle design phase to develop its fleet of proprietary zero emission vehicles.

The company is also developing refueling capability working FEV Consulting, the automotive consultancy of FEV Group of Aachen, Germany.

The global hydrogen fuel cell vehicle market is estimated to be $710.71 million USD in 2002 and is expected to reach $1.51 billion by 2027, at a CAGR of 16.21% per year.

First Hydrogen hasn’t filed financial statements since the end of February where it recorded $5.4 million CAD in cash as of December 31, 2021. The company reported a net loss of $6.85 million for the nine months leading up to December 31, 2021.

At the end of April, the company announced it had arranged a non-brokered private placement of up to $6.0 million.

Currently First Hydrogen trades at $2.57 per share for a market cap of $127.63 million.