Vancouver, British Columbia–(Newsfile Corp. – November 4, 2022) – First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") is pleased with Canada's Finance Minister Chrystia Freeland's fall economic announcement to keep pace with United State's Inflation Reduction Act ("IRA") which authorizes $369 billion (U.S.) in spending on energy and climate change.
The Canadian Government will be implementing two new tax credits to promote investment. The first incentive will be a refundable tax credit equal to 30 percent of the capital cost of investments in clean energy technology including zero-emission industrial vehicles. The second incentive will be an investment tax credit to support investments in clean hydrogen production.
First Hydrogen's two demonstrator vehicles will be undergoing customer trials on public roads commencing January 2023 for a period of 24 months during which the Company expects to collect significant proprietary data from fleet owners and to capture high-level interest for future orders. The vans will be trialled in real-world conditions with major fleet operators initially in the UK and enable the Company to publicly showcase its leading design and accelerate the adoption by light commercial vehicle owners of fuel cell-powered vehicles to replace aging diesel fleets. A total of 14 fleet operators in various industries including telecoms, utilities, infrastructure, delivery, grocery and healthcare have signed up to participate in the trials.
First Hydrogen is also working in parallel to arrange green hydrogen generation and distribution under its "Hydrogen as a Service" (HASS) program to provide a holistic solution to the market. First Hydrogen's plans are underway in the UK, Europe, and North America to provide this solution. The North American focus will initially be on Canada with its enormous resources of renewable energy (hydropower, solar and wind) that can be used to produce green hydrogen…
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