- First Hydrogen (TSXV:FHYD), a market-beating EV stock, has launched its new hydrogen-powered-fuel-cell vehicle program in North America
- The new market entry, focused on Quebec, coincides with imminent Canadian EV sales regulations to ensure 100 per cent zero-emission vehicle sales by 2035
- First Hydrogen is dedicated to producing and distributing green hydrogen and zero-emission vehicles
- The Canadian EV stock (TSXV:FHYD) has given up 64.85 per cent year-over-year, but remains up by 460 per cent since 2020, well ahead of the TSX’s 32.67 per cent return over the period
First Hydrogen (TSXV:FHYD), a market-beating EV stock, has launched its new hydrogen-powered-fuel-cell vehicle (FCEV) program in North America.
The company will leverage Quebec’s mature hydrogen ecosystem to develop two demonstrator FCEVs to court North American fleet customers. First Hydrogen’s FCEV has a range of more than 630 kilometres and was designed in partnership with AVL Powertrain and Ballard Power Systems (TSX:BLDP).
The news follows a successful trial program in the United Kingdom and E.U. with numerous fleet operators.
First Hydrogen views hydrogen power as an essential component of global electrification because of its ability to “meet the critical range, payload towing and fast refueling capabilities required by fleet operators in sectors such as grocery, parcel delivery, mining and utilities which cannot be met by battery-electric vehicles,” according to Monday’s news release.
The company hopes to parlay its North American demonstrator program into enough interest to build a 35 MW vehicle assembly facility and green hydrogen production plant in Shawinigan, Quebec. The assembly facility will be built for annual production of up to 25,000 vehicles.
The program will be led by Stéphane Gagnon as lead engineer. He previously served as chief engineer at Novabus, a division of Volvo Group, and program manager for the development of the Airbus A220 (C-Series) at Bombardier.
“I truly believe that First Hydrogen’s FCEVs can have a tremendous impact on the transport sector’s decarbonization,” Gagnon said in a statement. “Looking at the success the company has reached in the U.K. with the hydrogen technology and the customer experience really motivates me to implement such a program in North America.”
A reason for investor optimism after a rough 2023
First Hydrogen shares have endured a 64.85 per cent loss year-over-year because its pre-revenue operations and constant net losses make it a tough hold for investors dealing with persistently high inflation.
However, the stock continues to reflect the promise of electric vehicles’ (EVs) US$340 billion global tailwind with a 460 per cent return since inception in June 2020. The TSX is up by only 32.67 per cent over the period.
The company might resume its long-term, high-returning ways beginning Tuesday, when the Government of Canada is expected to unveil new EV sales regulations designed to reach 100 per cent zero-emission vehicle sales by 2035.
Manufacturers will have to meet yearly targets beginning in 2026 and escalating until 2035, saving Canadians and the planet from the fallout of an estimated 430 million tonnes of greenhouse gas emissions.
First Hydrogen is dedicated to producing and distributing green hydrogen and zero-emission vehicles.
The Canadian EV stock (TSXV:FHYD) last traded at C$1.68 per share.
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