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Hydrogen Vehicle Company Praised by Report

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Source: Streetwise Reports (9/11/23)

First Hydrogen has released the results of a report by Rivus, in which its vehicles were reviewed positively. Read on to see why analysts like this company's stock.

First Hydrogen Corp. (FHYD:TSX; FHYDF:OTC; FIT:FSE) has reported in a press release that the company has received a positive review from Rivus, a fleet management company, which can be found in full on First Hydrogen's website. According to the press release, the company reviewed First Hydrogen's hydrogen fuel cell powered vehicle (FCEV), and remarked that "overall, the vehicle performed very well during testing, appearing much more robust than BEV [battery electric vehicles] in terms of how vehicle efficiency was affected by different load factors."

The press release stated that the report was conducted by comparing First Hydrogen's FCEVs against BEVs, as well as standard gas and diesel powered vehicles. First Hydrogen reports that its vehicles can run off of both the hydrogen fuel cell and a battery, giving it versatility in both urban environments and on sustained journeys.

According to the company, in addition to its FCEVs efficiency compared to regular gas and diesel powered vehicles, fast refueling allows the vehicles to return to the delivery route sooner.

Hydrogen Part of Decarbonization Efforts

According to the International Energy Agency, the demand for hydrogen has been growing since 1975, and the use of hydrogen as a form of green energy has been encouraged by governments around the world. Markets and Markets reports that as nations around the world aim for a net zero carbon footprint by 2050, hydrogen fuel may account for 6.5% of reduction measures. The Department of Energy reports that its long term research goal (achievable within the next ten years) is to bring the cost of producing clean hydrogen down to US$1/kg.

No Shortage of Positive News

Technical analyst Clive Maund rated First Hydrogen as a "buy" for potential investors. Maund commented that "there has been no shortage of positive news from the company in recent weeks, and if this continues, it could drive the stock price higher, which what is suggested by the strong upside volume in recent past."

Analyst Ron Struthers compared the company to Tesla, and highlighted the company's trials in the United Kingdom. Struthers commented "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."

Ownership and Share Structure

Streetwise Ownership Overview*

First Hydrogen Corp. (FHYD:TSX; FHYDF:OTC; FIT:FSE)

^*Share Structure as of 7/28/2023

Source: Thomson Reuters

Reuters provided a breakdown of the company's ownership and share structure, where management and insiders own 7.87% of the company. According to Reuters, Nicholas Wrigley owns 6.04% of the company with 3.00 million shares, Balraj S Mann owns 1.43% with 0.71 million shares, Barry Hartley owns 0.20% with 0.10 million shares, and Alicia Milne owns 0.20% with 0.10 million shares.

According to Reuters, institutions in the form of Van Eck Associates Corporation own 1.03% with 0.51 million shares.

According to Reuters, there are 49.66 million outstanding shares, and 45.75 million free float traded shares. Reuters reports that the company has a market cap of CA$92.57 million, and trades in the 52-week period between CA$2.24 and CA$5.06.

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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.
Amanda Duvall wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for 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. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

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