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RETRANSMISSION: First Hydrogen Engages Sacre-Davey for Green Hydrogen Production Facility and Hydrogen Vehicle Assembly Factory
Delivery Van's Priority Vancouver, British Columbia--(Newsfile Corp. - July 10, 2023) - First Hy...
About this update from First Hydrogen Corp
[{"type":"text","content":"RETRANSMISSION: First Hydrogen Engages Sacre-Davey for Green Hydrogen Production Facility and Hydrogen Vehicle Assembly FactoryDelivery Van's PriorityVancouver, British Columbia--(Newsfile Corp. - July 10, 2023) - First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) (\"FIRST HYDROGEN\" or the \"Company\") has signed a feasibility study agreement with Sacré-Davey for the development of a 35MW green hydrogen production facility and vehicle assembly factory in Shawinigan, Quebec. The purpose of the feasibility study is to establish the technical and markets analysis, engineering review, analysis of grid and water constraints, permitting requirements, environmental constraints and a review of distribution and operations. The overarching theme throughout the study is to recognize the combined aim to create a zero-emissions hydrogen ecosystem.The production facility will use advanced electrolysis and supply the Company's hydrogen-fuel-cell-powered vehicles (FCEV), as well as support other hydrogen-fuelled vehicles and applications in the Montreal-Quebec City region. The Company's planned FCEV assembly factory will be designed for annual production of 25,000 vehicles per year when at full capacity and, will represent a major boost to green technology jobs in the region. The distribution of First Hydrogen's FCEV, throughout North America will be in combination with the Company's Hydrogen as a Service product offering. The green hydrogen market was valued at USD 676 million in 2022 and is projected to reach USD 7,314 million by 2027, growing at a CAGR of 61% from 2022 to 2027. The market's growth is attributed to the lowering cost of producing renewable energy by all sources, the development of electrolysis technologies and high demand from FCEVs and the power industry.(1) Balraj Mann, Chairman & CEO of First Hydrogen stated, \"We are very happy to be partnering with Sacré-Davey in delivering this green hydrogen and FCEV projects in Shawinigan. For more than 35 years, Sacré-Davey has been at the forefront of hydrogen technology innovation and the implementation infrastructure work.\"Denis Thibodeau, Executive Directeur of Sacré-Davey stated, \"Sacré-Davey is pleased to team up with First Hydrogen to develop this structuring project related to the decarbonization of transport. Solid from our experien...