First Hydrogen expands LOI with Exodus

Executive Summary

• First Hydrogen Corp. has amended and expanded a binding letter of intent with Exodus Actuation Solutions Inc. (RoboticsCo) to secure exclusive worldwide rights to develop and commercialize a patented mobile AI-driven robotic unmanned ground vehicle (UGV).
• The UGV is a hybrid platform powered by solar, battery, and hydrogen fuel cells, featuring a modular chassis with eight articulated semi-robotic legs for enhanced terrain navigation.
• First Hydrogen will bear all development costs and retain 100% of the intellectual property, with exclusive commercialization rights contingent upon completing a two-year development milestone, subject to a 1% royalty on gross sales.

Key Details

• Agreement Structure: Amendment and expansion of a binding letter of intent with Exodus Actuation Solutions Inc. (RoboticsCo).
• Rights Granted: Exclusive worldwide rights to develop, advance, and commercialize the patented mobile robotic UGV.
• Product Specifications:
  • Power Source: Hybrid design utilizing solar, battery, and hydrogen fuel cells for extended runtime, low-noise operation, and zero emissions.
  • Chassis: Durable modular chassis usable in any terrain.
  • Mobility: Eight articulated semi-robotic legs with integrated leg-wheel assemblies; allows efficient rolling on smooth surfaces while maintaining four-point contact stability on uneven terrain.
  • Payload: Modular cargo platform with interchangeable functions for military field support (drone launch/refueling, transport, security, tools, emergency packages).
  • Operating Modes: Supports autonomous operation, user-assisted following, remote control, and predetermined route navigation.
• Commercialization Terms:
  • Development Milestone: First Hydrogen has a two-year period to develop a viable commercial design and defined application.
  • IP Ownership: First Hydroton bears all development costs and owns 100% of all intellectual property, inventions, software, designs, and work product created.
  • Royalty: Upon successful completion of the development milestone, First Hydrogen retains exclusive worldwide rights for the remaining life of the UGV patent, subject to a 1% royalty on gross sales of products incorporating the UGV patent.
• Market Context: The release cites Precedence Research data valuing the current drone services market at $20.2 billion (U.S.) with a projected CAGR of 24.04% to reach $142.2 billion by 2035.
• Strategic Alignment: The move supports First Hydrogen's "hydrogen-as-service" business model and expands into the "drones as a service" (DaaS) sector.

Notable Quotes

• "We believe hybrid robotic mobility platforms represent an emerging category within the broader robotics and automation sector, enabling new applications in logistics, infrastructure maintenance, and industrial and defence operations. The UGV drone strategy of drones as a service builds on the company's hydrogen-as-service business model." — Balraj Mann, Chief Executive Officer of First Hydrogen