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First Hydrogen Canadian Plans Supported by New Canadian Green Economy Budget
Vancouver, British Columbia--(Newsfile Corp. - March 30, 2023) - First Hydrogen Corp. (TSXV: FHYD...
About this update from First Hydrogen Corp
[{"type":"text","content":"First Hydrogen Canadian Plans Supported by New Canadian Green Economy BudgetVancouver, British Columbia--(Newsfile Corp. - March 30, 2023) - First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) (\"FIRST HYDROGEN\" or the \"Company\") applauds the recently announced Canadian Federal budget and its strong support for clean economy investments. The 2023 Canadian budget contains several new initiatives focused on fighting climate change, helping to retool the Canadian economy and supporting the creation of the net-zero industries of tomorrow. The new federal initiatives include a set of clear and predictable investment tax credits, low-cost strategic financing, and targeted investments and programming, where necessary to respond to the unique needs of sectors or projects of national economic significance.The Federal programs supporting First Hydrogen include Investment Tax Credits for Clean Hydrogen ($17.7 billion) and Zero Emission Technology Manufacturing ($11.1 billion) as well as lower tax rates for Zero Emission Technology Manufactures ($1.3 billion). The Federal incentives are in addition to incentive programs offered by the Province of Quebec, which the Company has picked for its first green hydrogen eco-system. Development sites for the local production of green hydrogen and the assembly of First Hydrogen's zero-emission commercial vehicles are being assessed in the City of Shawinigan. First Hydrogen offers a zero-emission solution via producing and supplying green hydrogen, refueling stations and next-generation hydrogen-powered fuel-cell light to medium commercial vehicles. The Company's two hydrogen demonstrator vans are moving into commercial service trails in the UK, as well as additional green hydrogen production sites are being evaluated in the UK, the United States and Manitoba. Balraj Mann, CEO of First Hydrogen, says: \"The new policy support will help ensure a clean Canadian economy that delivers prosperity, jobs, and more vibrant communities across Canada. It should also boost investor confidence for the Canadian cleantech sector with critical investments in manufacturing and infrastructure.\" Rob Campbell, Director and CEO of First Hydrogen Energy, comments: \"The New Canadian policies are very timely given our Canadian project plans for both green hydrogen and zero emission vehicles in Canada. We welc...