First Hydrogen Corp. (FHYD:TSX; FHYDF:OTC; FIT:FSE) has announced that SSE PLC, the largest energy infrastructure company in the U.K., was pleased with its hydrogen fuel cell powered delivery van vehicle (FCEV). The FCEV has been used by SSE's drivers for daily tasks in Aberdeen, Scotland, and drivers have praised the FCEV for its range of over 500km, and easy, smooth drivability.
Will Hannaford, who drives for SSE, commented, "First Hydrogen's van is very pleasing to drive and is much smoother than my diesel vehicles. The zero-emission van will obviously improve the environmental impact of our day-to-day operations, but it has the additional benefit of performing well in city driving and recharging its battery during use, which gives it an impressive range."
First Hydrogen's FCEV is more efficient than equivalent battery electric vehicles (BEV) on a single charge, and can carry heavier loads without compromising its range. Quick refueling also allows the vehicle to spend more time driving its routes.
"First Hydrogen is at the very beginning of its growth cycle. It will have revenues from selling FCEVs that have now reached acceptance and I expect will soon see major purchase orders."
SSE, which operates one of the largest fleets in the U.K., has pledged to switch 2,500 of its vehicles to electric and install charging points. Its vehicles operate within a variety of roles and conditions, throughout central southern England and the north of Scotland. Steve Gill, the CEO of First Hydrogen Automotive, said, "We see the future of zero emissions transport as a mix of technologies to suit different vehicle types and usage, with fleets comprising hydrogen fuel cell and battery electric vehicles. We are thrilled to be operating in Aberdeen, which is already championing hydrogen use and is establishing good infrastructure. Trialing the van in the northeast of Scotland will help us to demonstrate how hydrogen vehicles can carry larger payloads and to compare operational performance in scenarios where BEVs are currently used. Data collected during the trial will help us to optimize the vehicle, demonstrate its capabilities for future customers and inform further development."
Going the Distance
Demand for emissions-free vehicles is extremely high. According to Utility Dive, 30 million to 42 million EVs are slated to hit American roads in 2030. The infrastructure needed to host that many battery powered EVs would be intense, requiring roughly 26.8 million ports in residential locations, and 182,000 public direct fast chargers and a further 1 million level 2 public chargers near offices and other public locations. Hydrogen powered vehicles offer a less intensive solution, especially when it comes to commercial vehicles with high mileage.
Outracing Tesla
Ron Struthers of the Struthers' Resource Stock Report compared the company favorably to Tesla, on the basis that battery powered EVs "are fine for commuters and those driving low daily mileage, but where they fail big time is higher mileage like the transport industry." Struthers rated First Hydrogen favorably: "First Hydrogen is at the very beginning of its growth cycle. It will have revenues from selling FCEVs that have now reached acceptance and I expect will soon see major purchase orders."
First Hydrogen was placed at number eight of the top ten hydrogen companies by energydigital.com. According to Energy Digital, "First Hydrogen is also working on plans to provide customers with a ‘Hydrogen-as-a-Service’ model, consisting of clean green hydrogen fuel, technologically advanced refuelling stations, and zero-emission commercial vehicles to help accelerate the creation of zero-emission ecosystem solutions."
First Hydrogen is removing adoption barriers for zero-emission commercial fleets with its full integrated, green hydrogen-centric solution. The FCEV proof of concept for light duty vehicles has been completed, and successful testing completed in April of 2023. Of the U.K.'s largest fleet operators, 16 have registered to trial the company's FCEV in the coming months.
Ownership and Share Structure
Nicholas Wrigley owns 6.04% of the company with 3 million shares, Balraj S. Mann owns 1.43% with 0.71 million shares, Barry Hartley owns 0.20% with 0.10 million shares, Alicia Milne owns 0.20% with 0.10.
Van Eck Associates Corporation owns 1.02% of the company with 0.51 million shares.
First Hydrogen has CA$2 million in the bank with CA$8.8 million warrants in the money. The company has a monthly burn rate of CA$600K.
The company has a number of warrants, including 2,173,800 valued at CA$2.00 set to expire on August 30, 2023, another 2,245,222 valued at CA$3.70 set to expire on April 29, 2024, a further 60,688 valued at CA$4.50 set to expire on October 31, 2024. 120,520 warrants valued at CA$4.50 are set to expire on December 30, 2024.
There are 49.66 million shares outstanding, and 45.75 million free float traded shares. The company has a market cap of CA$113.86 million. It trades in the 52-week period between $2.24 and $5.30.
Important Disclosures:
- 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.
- 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.
- Amanda Duvall wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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