First Hydrogen Signs LOI With German Automaker That Will Enable Hydrogen-Powered Fleet Sales
First Hydrogen Corp (TSXV: FHYD) is on the verge of offering fleet sales of hydrogen-powered vehicles. The company this morning indicated it has signed a non-binding letter of intent to secure a supply of e-vans that will be retrofitted with the firms hydrogen fuel cell powertrain.
The non-binding LOI is said to be with a “large German multinational automotive manufacturer,” with the hydrogen-based powertrain to be integrated with the German-branded vans. The retrofit into the e-vans notably will come with access to the manufacturers engineering, technicians, support, and certification, a key component of the transaction.
The transaction will enable First Hydrogen to offer fleet sales in the near term that will include its hydrogen fuel cell technology.
“This collaboration will provide us access to acquire vehicles, integration capabilities and technical support to bring our FCEVs to the North American market. We were the first to the market with our two original FCEVs which now have completed four successful trials in the U.K. The company continues to receive interest to trial the FCEVs with strong interest from North America,” commented First Hydrogen CEO Balraj Mann.
The proposed arrangement follows First Hydrogen extensively testing its tech with a logistics company in London, UK, where its tech was utilized in delivery vehicles for over eight hours a day. The tech has achieved peak range of 630 kilometres on a single refueling, with outputs of 60kW in transient accelerations.
The transaction remains subject to the completion of a definitive agreement.
First Hydrogen last traded at $0.95 on the TSX Venture.
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