Vancouver, British Columbia--(Newsfile Corp. - February 8, 2023) - First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") is anticipating the approval of the proposed €250 billion green subsidies announced by European Commission President Ursula von der Leyen which will enhance the competitiveness of Europe's net-zero industry and support the fast transition to climate neutrality. Subsidies would include tax breaks to businesses investing in net-zero technologies, faster permit issuances for green projects and loosening of aid rules that would allow EU member states to match the aid offered by a third country for initial investments into sectors relevant to the net-zero transition.

First Hydrogen recently expanded its European activities to identify and sign-up fleets for future European trials of the Company's light commercial vans ("LCV"). Green hydrogen production and sourcing opportunities will also be identified and developed to support the TEN-T Core and Comprehensive Networks for the broad-based use of zero emission LCVs. The Company's hydrogen-as-a-service model plans to provide zero-emission ecosystem solutions that will benefit from the EU's move to decarbonize.

Balraj Mann, Chairman & CEO of First Hydrogen Corp., said: "The European Union needed to match the subsidies made by the United States and China. The proposed Green Deal Industrial Plan will provide more support of manufacturing for net-zero products, such as our light-commercial vehicle and green hydrogen service thru faster access to funding and simpler regulatory frameworks."

Robert Campbell, CEO of First Hydrogen Energy, said: "The European Green Deal announced in 2019, set the goal of making Europe the first climate-neutral continent by 2050. The new Green Deal Industrial Plan will allow the EU to stay competitive with other countries which have green subsidies in place. We anticipate an overall acceleration of decarbonization initiatives in Europe with this bold plan set forth by the European Union."

The Company is also pleased to announce that it has entered into an amendment agreement (the "Amendment Agreement") dated February 2, 2023, to amend the terms of its Engagement Agreement with Canaccord Genuity Corp. (“CGC”). Under the terms of the Amendment Agreement, the parties have agreed to amend the exercise price of CGC’s Agent Warrant from $4.50 to the greater of $4.50 or the market price of the Company’s common shares on the closing date of the Early Warrant Exercise Program. For more information about the Company’s Engagement Agreement with CGC, please refer to the Company’s news release dated January 31, 2023.

About First Hydrogen Corp. (FirstHydrogen.com)

First Hydrogen Corp. is a Vancouver and London UK-based company focused on zero-emission vehicles, green hydrogen production and distribution and supercritical carbon dioxide extractor systems. The Company is designing and building hydrogen-fuel-cell-powered light commercial demonstrator vehicles ("LCV") under two agreements with AVL Powertrain and Ballard Power Systems Inc. The LCV will have a range of 500+ kilometres. At the same time, the Company has launched its bespoke vehicle design phase which will develop its fleet of proprietary zero-emission vehicles. First Hydrogen is also developing refueling capability working with FEV Consulting GmbH, the automotive consultancy of FEV Group of Aachen Germany. The Company is also pursuing opportunities in green hydrogen production and distribution in the UK, EU and North America.

On behalf of the Board of Directors of

FIRST HYDROGEN CORP.
"Balraj Mann"
Chairman & Chief Executive Officer

Contact:
Balraj Mann
First Hydrogen Corp.
604-601-2018
investors@firsthydrogen.com

Cautionary Note Regarding Forward-Looking Statements. This news release contains information or statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.

Forward-looking information may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, milestones, strategies and outlook of First Hydrogen, and includes statements about, among other things, future developments and the future operations, strengths and strategies of First Hydrogen. Forward-looking information is provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements should not be read as guarantees of future performance or results.

The forward-looking statements made in this news release are based on management's assumptions and analysis and other factors that may be drawn upon by management to form conclusions and make forecasts or projections, including management's experience and assessments of historical trends, current conditions and expected future developments. Although management believes that these assumptions, analyses and assessments are reasonable at the time the statements contained in this news release are made, actual results may differ materially from those projected in any forward-looking statements. Examples of risks and factors that could cause actual results to materially differ from forward-looking statements may include: the timing and unpredictability of regulatory actions; regulatory, legislative, legal or other developments with respect to its operations or business; limited marketing and sales capabilities; early stage of the industry and product development; limited products; reliance on third parties; unfavourable publicity or consumer perception; general economic conditions and financial markets; the impact of increasing competition; the loss of key management personnel; capital requirements and liquidity; access to capital; the timing and amount of capital expenditures; the impact of COVID-19; shifts in the demand for First Hydrogen's products and the size of the market; patent law reform; patent litigation and intellectual property; conflicts of interest; and general market and economic conditions.

The forward-looking information contained in this news release represents the expectations of First Hydrogen as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. First Hydrogen undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

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