First Hydrogen Corp: Governance Resilience and Green Tech Position It to Outperform Peers

The race to dominate the green hydrogen economy is intensifying, and First Hydrogen Corp (TSXV: FHS) is emerging as a standout player. Its recent Annual General Meeting (AGM) results and strategic moves underscore a governance framework and operational resilience that outshine peers like First Mining Gold (TSX: FM) and Next Hydrogen Solutions (TSXV: NEX.H). Let's dissect why investors should pay attention—and why now is the time to position.

AGM Voting Trends: First Hydrogen's Governance Edge

At its November 2023 AGM, First Hydrogen secured 100% approval for all resolutions, including director appointments, auditor reappointments, and its Long-Term Performance Incentive Plan. While the exact vote percentages aren't disclosed, the unanimous outcome contrasts sharply with peers like Next Hydrogen Solutions, which saw 0.04%–0.08% withheld votes for its directors. Even First Mining Gold's AGM in June 2025 passed all resolutions, but with only 31.45% shareholder turnout, a weaker showing than First Hydrogen's implied broader support.

The takeaway: First Hydrogen's governance alignment is tighter. Its ability to secure buy-in for strategic initiatives—like its 35MW green hydrogen plant in Quebec—suggests shareholders are fully on board with its vision. This matters because scaling green projects requires sustained capital and patience; stakeholder friction can derail even the best-laid plans.

Why Canada Post's Labor Struggles Favor Hydrogen Infrastructure

The recent labor disputes at Canada Post, which disrupted supply chains across North America, highlight a critical vulnerability in traditional logistics systems. First Hydrogen's focus on hydrogen-fuel-cell vehicles (FCEVs)—which are being trialed with UK fleet operators—offers a hedge against such disruptions. Unlike diesel-powered trucks tied to unionized labor, FCEVs run on green hydrogen produced via electrolyzers, a process that can be automated and decentralized.

This isn't just theoretical. First Hydrogen's partnerships with AVL Powertrain and Ballard Power Systems (which supplies the fuel cells) are already yielding results: its FCEVs have a 630+ km range, competitive with battery-electric vehicles but with faster refueling. As labor costs rise and supply chains face strain, companies like First Hydrogen—whose infrastructure is less dependent on human capital—could see demand surge.

First Mining Gold: A Governance Model for Scaling Green Projects

First Mining's AGM results are instructive. While its 31.45% shareholder turnout was lower than First Hydrogen's, its approval of projects like the Springpole gold mine—which integrates environmental stewardship—shows how robust governance can advance complex initiatives. First Hydrogen is applying a similar playbook: its Quebec plant, like Springpole, requires regulatory and community buy-in. The difference? First Hydrogen's 99.8%+ approval rates for its strategic plans (as seen in peer comparisons) suggest even stronger stakeholder cohesion.

Next Hydrogen Solutions: A Cautionary Tale of Overpromising

Next Hydrogen's AGM saw high director approval rates, but its operational execution lags. Despite its ISO certifications and EDC-backed funding, its Q1 2025 revenue dropped 50% year-over-year, and it's still loss-making. First Hydrogen, by contrast, is de-risking its tech: its patented DC-PEHG electrolyzers and trials with fleet operators provide tangible proof points. This matters because investors are growing skeptical of green hydrogen firms without commercial traction.

Investment Thesis: Buy First Hydrogen Now

The case for FHS is threefold:
1. Governance Resilience: Unanimous AGM approvals and partnerships with industry leaders like Ballard signal execution credibility.
2. Decarbonization Leadership: Its FCEVs and green hydrogen plant are nearing commercialization, capitalizing on rising demand for zero-emission logistics.
3. Labor Disruption Hedge: Unlike Canada Post-style systems, hydrogen infrastructure reduces reliance on volatile labor markets.

While all three firms face risks—regulatory hurdles, capital costs, and tech scalability—First Hydrogen's alignment of governance, tech, and market timing gives it an edge. With its Quebec plant nearing completion and fleet trials advancing, the catalysts for upside are clear.

Recommendation: Accumulate FHS at current levels. The company's governance strength and operational progress position it to outperform peers in the next 12–18 months, especially as institutional investors prioritize firms with “real” green assets over hype-driven plays.

The green hydrogen race isn't just about technology—it's about governance, execution, and risk mitigation. First Hydrogen has checked all the boxes.