Vancouver, British Columbia – (Newsfile Corp. – November 4, 2022) – First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "company") welcomes Canada’s Treasury Secretary Chrystia Freeland’s economic announcement to keep pace with the US Inflation Reduction Act ("IRA"), approving $369 billion in spending on energy and climate change.
The Canadian government will introduce two new tax credits to encourage investment. The first stimulus will be a refundable tax credit equal to 30 percent of the capital cost of investments in clean energy technologies, including zero-emission industrial vehicles. The second stimulus will be an investment tax credit to support investment in clean hydrogen production.
First Hydrogen’s two demonstrator vehicles will undergo customer testing on public roads for a period of 24 months beginning in January 2023, during which the company expects to collect significant proprietary data from fleet owners and generate high-level interest for future orders. The vans will first be tested under real-world conditions in the UK with major fleet operators, enabling the company to publicly showcase its leading design and accelerate the adoption of fuel cell-powered vehicles by light commercial vehicle owners to replace aging diesel fleets. A total of 14 fleet operators from various industries including telecom, utilities, infrastructure, delivery, food and healthcare have signed up to participate in the trials.
In parallel, First Hydrogen is working to arrange the production and distribution of green hydrogen "Hydrogen as a service" (HASS) program to offer the market a holistic solution. First Hydrogen’s plans to deploy this solution are underway in the UK, Europe and North America. The North American focus is initially on Canada with its vast resources of renewable energy (hydro, solar and wind) that can be used to produce green hydrogen…
