First Hydrogen Corp. ("FIRST HYDROGEN" or the "Company") is reviewing various projects in effort to expand its hydrogen-as-a-service ("HAAS") offering. The Company is exploring the potential of producing green hydrogen using power supplied by Small Modular Nuclear Reactors (SMRs). Power grids are not able to keep up with increasing energy demand, notably several firms have entered into agreement to expand nuclear power capacity to support the operation of their data centers used to run and train generative AI models.
SMRs are compact, efficient nuclear energy systems that offer a scalable and low-carbon alternative to traditional energy sources. SMRS are much smaller than large-scale traditional nuclear reactor facilities, in some cases as small as 1/10th the size of traditional nuclear reactors (VanEck, November 6, 2024). Nuclear energy is widely recognized as a green energy source by international bodies due to its ability to produce large amounts of electricity with minimal greenhouse gas emissions. First Hydrogen seeks to install these SMRs in areas where grid power is limited or non-existent to produce hydrogen for refueling stations.
SMR-powered hydrogen production aligns with First Hydrogen's commitment to delivering innovative and sustainable energy solutions. These advancements further support the global energy transition and First Hydrogen's mission to play a pivotal role in the clean energy ecosystem.
Balraj Mann, CEO at First Hydrogen commented: "Nuclear energy provides a consistent power source for the production of hydrogen unlike solar or wind power. The cost of electricity from a SMR would be about $36/MWh (3.6 cents per kWh). Large tech companies have seen the need to secure low-cost energy for the foreseeable future and, recently, have made significant investments in nuclear energy."
