First Hydrogen cheers fast-tracking of Darlington

Executive Summary

• First Hydrogen Corp. welcomes the Canadian federal government's decision to fast-track the Darlington Small Modular Reactor (SMR) project, viewing it as strong validation of the company's SMR green energy strategy.
• The company launched a dedicated subsidiary, First Nuclear Corp., in March 2025, to integrate SMR power with electrolysis for green hydrogen production, targeting off-grid, remote, and industrial sites.
• The release highlights the growing energy demand from AI data centers and grid infrastructure, citing Goldman Sachs forecasts of significant power demand increases and grid spending needs through 2030.

Key Details

• Government Alignment: The Darlington SMR project is among the first to be fast-tracked under Canada's new Major Projects Office, with Prime Minister Mark Carney highlighting it as a nation-building priority.
• Project Scope: The first of four planned SMRs at Darlington is designed to provide enough energy to power 300,000 homes.
• Subsidiary Launch: First Nuclear Corp. was established in March 2025 to commercialize advanced clean energy solutions, specifically green hydrogen produced via SMRs.
• Strategic Partnerships: First Hydrogen is collaborating with Prof. Muhammad Taha Manzoor from the University of Alberta on SMR design, design optimization, and reactor fuel materials.
• Market Context: The strategy aligns with forecasts that global power demand from data centers will increase by 50% by 2027 and up to 165% by the end of the decade, with an estimated $720 billion (U.S.) in grid spending needed through 2030.
• CEO Commentary: Chairman and CEO Balraj Mann noted that SMRs use simpler, low-power, low-pressure designs with passive safety features, making them an attractive source of green energy.

Notable Quotes

• "Building on Canada's Candu legacy, SMRs are positioned to become a part of the country's power infrastructure," said Balraj Mann, chairman and chief executive officer of First Hydrogen. "SMRs use simpler, low-power, low-pressure designs with passive safety (no human or external power needed to shut down) and use less fuel, making them a highly attractive source of green energy."