VANCOUVER, COLUMBIA – First Hydrogen Corp. (“FIRST HYDROGEN” or the “Company”) has signed a term sheet with EV Technologies Inc. (“EVT”) to sign a term sheet. (“EVT”) for the development of an advanced, high power cell specifically designed for hydrogen fuel cell vehicles. First Hydrogen and EVT will jointly prepare a commercial collaboration agreement. Detailing technical requirements and investment. First Hydrogen will own all intellectual property rights for the duration of and in connection with the collaboration. It will use solely for the manufacture of the cell.
The company’s engineering team and automotive partners determined that the new battery system developed and designed will improve the efficiency and performance of hydrogen fuel cell vehicles (FCEVs). And the new battery design will integrate with a hydrogen fuel cell for use in the hydrogen fuel cell vehicle market (FCEV).First Hydrogen evaluated the latest battery technologies offered globally. The final choice was Quebec-based EVT, a recognized leader in the development of innovative, reliable and high-performance traction battery systems. Previously, First Hydrogen was unable to find a battery company that met the company’s stringent requirements.
First Hydrogen’s hydrogen fuel cell vehicles (FCEVs) have been tested. This includes road tests with UK vehicle owners, operator RIVUS and utility company SSE plc. Accumulating over 10,000 kilometers. However these FCEVs have demonstrated a range of 630 kilometers on a single fill, easily doubling the range of a light-duty electric commercial vehicle (240 kilometers). And First Hydrogen committed to continually improving the quality of its products and the performance of its vehicle powertrains.
The global market research report reveals that the light commercial vehicle market exceeds USD 7.8 trillion by 2022. And projected to grow at a CAGR of 9% from 2023 to 2032 to USD 19.9 trillion. And Driving the demand for new and advanced commercial vehicles mainly attributed to the increase in vehicle emission regulations, and advancements in vehicle safety, introduction of Advanced Driver Assistance Systems (ADAS) in vehicles, and rapid growth in the retail and e-commerce industry. Then the logistics and e-commerce industry is expanding rapidly, driving the demand in the industry.
EVT CEO Vincent Darlix said, “Today is an important milestone in our journey towards a sustainable future. And EVT Batteries is grateful for the opportunity to provide First Hydrogen with innovative batteries. Then this partnership assures EVT Batteries’ commitment to being the highest performing and safest product available.”
Balraj Mann, Chief Executive Officer of First Hydrogen Group, commented. Therefore “Building a strong supply chain with regional and local partners is important as we work towards the development of a hydrogen production facility and automotive manufacturing plant in Shawinigan. And partnering with Quebec supplier EVT has been a key factor in our growth and development.”