Infrastructure Ecosystem Established to Support Hydrogen Fuel Cell Vehicles in Wales

Source: Streetwise Reports 02/23/2024

First Hydrogen has partnered with Protium Green Solutions and Hyppo Hydrogen Solutions to create a network of support for its hydrogen fuel cell powered vehicles. Read on to see what analysts are saying about this company’s stock.

First Hydrogen Corp. (FHYD:TSX; FHYDF:OTC; FIT:FSE) announced in a press release on February 20, 2024, that the company had established a network of partnerships with Wales & West Utilities (WWU), Protium Green Solutions (Protium), and Hyppo Hydrogen Solutions (Hyppo).

The Executive Director of Automotive for First Hydrogen, Steve Gill, commented, “This trial shows fleet operators that hydrogen is a viable zero-emission solution for them, even if they don’t have access to fixed refueling infrastructure. Working with partners, we can offer fleet operators a full hydrogen-as-a-service solution. In South Wales, the solution is a hydrogen vehicle ecosystem.”

The company has stated that it intends to establish a support ecosystem for its hydrogen-powered fuel-cell vehicle (FCEV), a major milestone in making commercial operations viable and expanding to other locations. According to what the company outlined for the trial, Hyppo will provide hydrogen refueling infrastructure, while Protium will provide the hydrogen.

Protium’s COO, Jon Constable, commented, “We believe that implementing a rapid trial approach to scaled adoption offers the best approach for fleet operators to decarbonize with hydrogen. Working in partnership to create a local ecosystem reduces risk and lays the foundation for a robust value chain.”

Chris Foxall, CEO of Hyppo, commented on the project’s extended connections, “Hyppo is helping build a hydrogen ecosystem in the Swansea Bay City region, and it is already working with partners such as Bay Studios, Swansea University, University of South Wales, Protium and Fuel Cell Systems.”

28% Expected Annual Growth

Grand Market Insights estimated that the market size for hydrogen vehicles is expected to grow by 28% annually from US$2.8 billion in 2022 to US$33.2 billion in 2032.

The report identified the global push to meet green energy goals and find alternatives for fossil fuels as a driver of demand for hydrogen-powered vehicles. Increased demand from an increasingly environmentally conscious public has also been a factor in the rise of hydrogen-powered vehicles.

The company stated that Skyquest estimates that the market for FCEVs will grow by 68.52% between 2024 and 2031 to a size of US$132.63.

Skyquest commented on the factors driving the market upwards, “The government incentives, environmental regulations, rising demand for clean energy, increasing awareness of climate change, advancements in hydrogen fuel cell technology, expanding hydrogen refueling infrastructure, reducing greenhouse gas emissions, improving energy efficiency, automakers’ focus on sustainability, and global efforts to transition to clean transportation is fueling the market’s growth.”

At the Beginning of a Growth Cycle

In July of 2023, Technical Analyst Clive Maund rated the company as a “Buy,” and spoke positively about the company’s stock.

He commented, “There has been no shortage of positive news from the company in recent weeks and months, and if this continues, it could drive the stock price higher, which is what is suggested by the strong upside volume in the recent past.” He noted that the company’s dip in the U.S. O.T.C. market could make it more available for American investors.

Ron Struthers of Struthers Resource Stock Report also reviewed the company positively in July of 2023 and compared First Hydrogen favorably to Tesla.[OWNERSHIP_CHART-10890]

Struthers stated, “First Hydrogen is at the very beginning of its growth cycle. It will have revenues from selling F.C.E.V.s that have now reached acceptance, and I expect we will soon see major purchase orders.”

The company’s investor presentation reports that it expects to roll out its first generation of vehicles in 2026 and its large vehicles in 2028.

Ownership and Share Structure

Refinitiv provided a breakdown of the company’s ownership and share structure, where management and insiders own approximately 7.47%. According to Refinitiv, Head of Strategy Nicholas Wrigley owns 6.04% of the company with 3.00 million shares, and CEO Balraj S. Mann owns 1.43% of the company with 0.71 million shares.

Refinitiv reports that institutions in the form of Fuchs & Associes Finance S.A. own 0.01% of the company with 0.01 million shares.

There are 70.92 million shares outstanding with 67.11 million free float traded shares, while the company has a market cap of CA$55.97 million and trades in the 52-week period between CA$1.40 and CA$4.00.

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Important Disclosures:

1. First Hydrogen has a consulting relationship with an affiliate of Streetwise Reports, and pays a monthly consulting fee between US$8,000 and US$20,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of First Hydrogen.
3. Amanda Duvall wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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( Companies Mentioned: FHYD:TSX; FHYDF:OTC; FIT:FSE, )