First Hydrogen Corp. entered into a letter of intent ("LOI") with the Universit du Qubec Trois-Rivires ("UQTR") Hydrogen Research Institute ("HRI") partnering to establish the sustainable energy transition development in the Province of Quebec. Under the LOI, the Company will provide one of its hybrid fuel cell power trains, including the fuel cell module, to HRI, allowing the institute to conduct comprehensive testing to collect valuable data and improve various components, mechanisms, and the design of the power train.

Also, HRI will collaborate with First Hydrogen to develop a training program, tools, and protocols for engineers and technicians. This partnership aims to support the maintenance of hydrogen-powered vehicles once they are on the road, potentially resulting in a specific certification, the terms of which shall be further defined in a definitive agreement. The Company recently announced the purchase of two plots of land in the City of Shawinigan, where the Company plans to produce up to 35 megawatts of green hydrogen using advanced electrolysis technology and distribute the hydrogen within the Montreal-Quebec City corridor.

The Company LCVs are planned to be assembled in Shawinigan for distribution throughout North America. The assembly factory will be designed for an annual production of 25,000 vehicles per year when at full capacity. The Company and HRI will jointly seek various funding opportunities from federal, provincial, and other sources to support the research and development efforts of this partnership.

The collaboration between First Hydrogen and HRI signifies a major step towards a greener and more sustainable future in transportation, as the two organizations work together to drive innovation in hydrogen fuel cell technology. The partnership will bring together the industry expertise of First Hydrogen and the research capabilities of HRI, further solidifying Qubec's position as a leader in hydrogen fuel cell development.