Co.'s Hydrogen-Powered Vehicle Completes Trial With Delivery Co.

First Hydrogen Corp. (FHYD:TSX; FHYDF:OTC; FIT:FSE) announced its hydrogen-powered-fuel-cell vehicle (FCEV) has completed a successful trial with drivers from a prominent package delivery company in London.

"As a result of trials to date, improvements in design and predictive behavior (AI) will be implemented to maximize payload and performance," First Hydrogen said in a release. "Building on the success of the real-world trials and showcasing our hydrogen-as-a-service model (HASS), through partnerships, the company will expand its trials to Europe and North America."

Three earlier trials of the FCEVs were done in real-world conditions in London, Scotland, and Wales & West Utilities (WWU).

Two members of WWU's emergency and metering services team drove First Hydrogen's hydrogen fuel cell-powered van while performing their job duties with bulky equipment on board for making repairs. During some of South Wales' coldest weather, the first call operatives drove a total of 2,000 kilometers, or 1,200 miles, the longest distance of any of First Hydrogen's vehicle trials to date. 

"The fact you can quickly refuel rather than charge up overnight is a massive advantage for us," said one of the drivers in the Wales trial, Alun Jones.

Vancouver-based First Hydrogen said it is working to help decarbonize the transportation sector in Europe and North America by manufacturing hydrogen FCEVs and producing and distributing the clean power on which they will run. This closed-loop solution to the vehicle emissions problem addresses supply and demand, the company said.

The Catalyst: Energy With Only Water, Heat

Pure hydrogen, while it is the universe's most common element, is rare on Earth as it is almost always found with other elements.

It is a "uniquely versatile energy carrier," according to a report by the Hydrogen Council. "It can be produced using different energy inputs and different production technologies. It can also be converted to different forms and distributed through different routes — from compressed gas hydrogen in pipelines through liquid hydrogen on ships, trains or trucks, to synthesized fuel routes."

The parcel delivery vehicle market is also growing and is projected to surpass US$210 billion by 2032, according to Global Market Insights. 

First Hydrogen noted that companies using hydrogen fuel cells can significantly reduce their carbon footprint since they emit only water and heat.

"When utilized with green hydrogen, the FCEVs will be completely greenhouse gas emission-free," First Hydrogen said. "FCEVs produce no harmful tailpipe emissions, with the only byproduct being water. This is a stark contrast to gasoline and diesel vehicles, which emit tailpipe pollutants such as nitrogen oxides, hydrocarbons, and particulate matter."

Some of its main advantages include energy efficiency, longer ranges compared to electric vehicles (EVs), scalability, versatility, and reduced dependence on fossil fuels.

The global hydrogen generation market size was estimated at US$170.14 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 9.3% from 2024 to 2030, Grand View Research reported.

"Hydrogen is an effective energy carrier, and this attribute is expected to contribute significantly to its further penetration into newer markets," the firm's researchers noted.

The parcel delivery vehicle market is also growing and is projected to surpass US$210 billion by 2032, according to Global Market Insights. 

The global hydrogen generation market size was estimated at US$170.14 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 9.3% from 2024 to 2030, Grand View Research reported.

Stellar Market Research also noted the parcel delivery market was poised to jump from US$486.47 billion in 2023 to US$648.84 billion by 2030.

"Consumers are ordering more online due to e-commerce expansion and the COVID-19 epidemic, which is fueling the parcel delivery sector," Stellar analysts noted. "This resulted in a 37% increase in volume, with 20 billion parcels carried in the United States, and a 29% increase in income, reaching US$171 billion in 2020."

As for ownership, according to the company, two insiders hold 3.49%, or 2.53 million (2.53M) shares, of First Hydrogen. From most to least interest held, these insiders are Chairman, Chief Executive Officer Balraj Mann with 2.26% or 1.64M shares, and Chief Financial Officer Edward Low with 1.23% or 0.89M shares (based on SEDI.CA insider filings).

Ownership and Share Structure

One institutional owner, Fuchs & Associés Finance SA, holds 0.01% or 0.01 million shares.

Retail investors own the remaining. 

Regarding the share structure, First Hydrogen has 72.43M outstanding shares and 67.36M free float traded shares.

Its market cap is CA$64.11 million. Its stock has traded between CA$0.84 and CA$3.30 per share over the past 52 weeks.

Important Disclosures:

1. First Hydrogen Corp. has a consulting relationship with an affiliate of Streetwise Reports, and pays a monthly consulting fee between US$8,000 and US$20,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of First Hydrogen Corp.
3. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
4.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

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