14.03.2023, Author: Stefan Feulner

Stock news: First Hydrogen - The road is clear — Test drives to begin soon

  • hydrogen
  • transportation
  • fuelcell

The conversion of the transport sector from diesel engines to alternative drives is both a major challenge for manufacturers of light commercial vehicles and an opportunity of the century. The volume is gigantic. The global light commercial vehicle (LCV) market is expected to reach USD 751.86 billion by 2030, growing at an average annual rate of 5.1% over the next eight years. In addition to established manufacturers, hydrogen company First Hydrogen is gaining more attention. With major partners such as AVL Powertrain, Ballard Power, and EDAG Group, the Vancouver and London-based company is designing zero-emission, latest-generation hydrogen-powered vehicles with a range of over 500 km. The experienced management team has proclaimed market leadership as the goal. Once again, an important milestone has been reached.

The two first-generation prototypes at AVL Powertrain's plant. Source: First Hydrogen Corp.

Everything on track

The next decisive step towards commercialization is imminent. From the end of March, conditional on approval by the Vehicle Certification Agency, the UK's vehicle licensing authority for road transport in the UK, test drives are to be carried out with customers in real-world use on the road. There has been enormous interest in the two Generation I light commercial vehicles. A total of 15 major fleet operators have signed up to participate as part of the UK's Aggregated Hydrogen Freight Consortium. In doing so, the test drives give commercial operators in industries such as food and express delivery, utilities, and roadside assistance the opportunity to test electric vehicles with hydrogen-powered fuel cells alongside their existing fleets and compare different technologies.

Ballard Power with dress rehearsal

Before the maturity testing begins on real road conditions, one of the premium partners, Ballard Power, which alongside AVL, has been involved in developing the hydrogen-powered LCVs from the start, tested them at AVL Powertrain's technical centre in Basildon. The first-generation vans, for which the MAN eTGE serves as a so-called "donor vehicle," are equipped with the latest generation of Ballard FCgen-LCS fuel cells, which are expected to give the vehicles a range of over 500 km. The two prototypes are still undergoing vehicle evaluation and mileage measurement to optimize the vehicles' efficiency. The data collected will allow First Hydrogen to more accurately calculate fuel consumption and vehicle range under various driving conditions, which will be incorporated into future vehicle development. Importantly for the testing fleet companies, data on total cost of ownership can also be analyzed as a result.

First Hydrogen released new sketches illustrating the vision of its Generation II concept vehicle. Source: First Hydrogen Corp.

Generation II on the way

In parallel with testing the two Generation I prototypes, which serve as proofs of concept and whose data and feedback will be incorporated into the design and construction for further development, work is already underway to develop Generation II. With the EDAG Group as a design partner, another market leader has been won. EDAG is the world's largest independent service provider for the international mobility industry. Initial silhouette images and front and rear views have already been released. The Generation II vehicles, which will be available with either fuel cell or battery electric propulsion, are modular in design and can be adapted to operational use for express delivery, grocery stores, construction and utility work or emergency services as needed.

The sketch above shows the overall shape of the vehicle in greater detail, highlighting some of the van's technical advantages. In addition to the vertical taillights and the brand's signature daytime running lights, which were unveiled earlier this year, the new illustrations show the aerodynamic body. Also visible are the solid and dynamic fenders and the large radiator grille with First Hydrogen branding, intended to provide the necessary ventilation for the fuel cell at the front of the vehicle.

Chart picture brightens significantly

After a consolidation phase that has lasted since the beginning of January, the First Hydrogen share was able to successfully defend the upward trend formed since May 2021 at CAD 3.35 and, in the countermovement, even overcome the short-term downward trend that has existed since the end of the year at currently CAD 3.70. In addition, the trend-following indicator MACD was able to generate a buy signal on a low basis. The relative strength indicator is still in the neutral range, so there should still be further air to the upside. In addition to the vertical resistance at CAD 4.02, the next target is the downward trend at CAD 4.81, formed in August.

After a consolidation since the beginning of the year, the share price of First Hydrogen is moving north again. Source: Refinitiv Eikon, as of 03/13/2023

Interim conclusion

First Hydrogen remains well on track and is expected to begin road testing the two Generation I vehicles in late March. In addition, design work on the next generation is already underway. In parallel, the Canadians are pushing their "Hydrogen-as-a-Service" model, which is intended to cover the entire value chain in the hydrogen sector. Here, a joint venture has been established with FEV Consulting GmbH to develop a prototype for a customized refuelling system for the hydrogen mobility market. Furthermore, the Company, which currently has a market capitalization of CAD 189.21 million, plans to produce and distribute green hydrogen in-house in North America, Europe and the UK.

The update is based on the initial report 07/2022

Conflict of interest

Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as "Relevant Persons") may hold shares or other financial instruments of the aforementioned companies in the future or may bet on rising or falling prices and thus a conflict of interest may arise in the future. The Relevant Persons reserve the right to buy or sell shares or other financial instruments of the Company at any time (hereinafter each a "Transaction"). Transactions may, under certain circumstances, influence the respective price of the shares or other financial instruments of the Company.

In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual relationships.

For this reason, there is a concrete conflict of interest.

The above information on existing conflicts of interest applies to all types and forms of publication used by Apaton Finance GmbH for publications on companies.

Risk notice

Apaton Finance GmbH offers editors, agencies and companies the opportunity to publish commentaries, interviews, summaries, news and the like on These contents are exclusively for the information of the readers and do not represent any call to action or recommendations, neither explicitly nor implicitly they are to be understood as an assurance of possible price developments. The contents do not replace individual expert investment advice and do not constitute an offer to sell the discussed share(s) or other financial instruments, nor an invitation to buy or sell such.

The content is expressly not a financial analysis, but a journalistic or advertising text. Readers or users who make investment decisions or carry out transactions on the basis of the information provided here do so entirely at their own risk. No contractual relationship is established between Apaton Finance GmbH and its readers or the users of its offers, as our information only refers to the company and not to the investment decision of the reader or user.

The acquisition of financial instruments involves high risks, which can lead to the total loss of the invested capital. The information published by Apaton Finance GmbH and its authors is based on careful research. Nevertheless, no liability is assumed for financial losses or a content-related guarantee for the topicality, correctness, appropriateness and completeness of the content provided here. Please also note our Terms of use.