H2X Global is plotting its course to a major exchange listing and is pushing into new markets in a bid to establish itself as a global premium hydrogen vehicle manufacturer.
The company, which is undertaking a small initial capital raising, is planning to roll out a series of products in the coming months that will show new ways of working with hydrogen and bring clean energy to many different applications in cities.
One of H2X’s products is a light duty (30-75 kilowatts) optimised hydrogen fuel cell hybrid powertrain aimed at drastically reducing the refuelling time, improving efficiency and increasing the driving range of a vehicle.
A hydrogen fuel cell is a device that generates electrical power by a chemical reaction via conversion of fuel (hydrogen) into electricity.
Fuel cells allow a vehicle to be refuelled in a similar way and speed to traditional petrol-run vehicles.
H2X’s initial target market is high-use vehicles for commercial and sharing purposes where the availability of the vehicle is key.
The company says a fuel cell vehicle is more convenient and effective than a battery electric vehicle because it significantly reduces the time a vehicle is off the road for refuelling, which is crucial for commercial vehicles.
Explaining H2X’s approach to market, CEO Brendan Norman said the company worked with hydrogen infrastructure providers to establish ecosystems that were cost effective from the start.
“We look to offer multiple applications of vehicles to make it easy to reach a critical mass in one location,” he said. “This supports not only the refuelling exercise, but also allows us to establish high-quality after sales operations in all locations that our customers will be using hydrogen.
“Hydrogen ecosystems require a minimum volume to hit the market – our products focus on this market.”
H2X is also developing multiple light vehicles using the H2X powertrain system – a common chassis using sophisticated localised and renewable biocomposite materials.
The company has developed a modular power concept that enables the fitting of H2X power systems to existing and new heavy equipment, allowing for faster development of the hydrogen economy.
Hydrogen fuel cells in the spotlight
Hydrogen fuel cells have become a more mainstream focus for those in the industry, given the technology advancements that have enabled fuel cell electric vehicles (FCEVs) to refuel more quickly and travel longer distances.
Market researcher Research and Markets predicts the hydrogen fuel cell vehicle market will grow from around $US16bn in 2020 to nearly $US27bn by the end of 2025 at a compound annual growth rate of 11.23%.
Hydrogen technology is attracting significant investment from not only those developing the tech but retail and institutional investors as well.
Case in point is the recent strong investor support Pilot Energy (ASX:PGY) received for its capital raising, which attracted firm commitments from sophisticated, institutional and professional investors totalling $8m.
Pilot recently announced its expansion into the hydrogen and renewables space.
Decades of automotive experience
The team behind H2X has decades of experience in vehicle development, starting with CEO Brendan Norman who has spent nearly 30 years in top management with major car makers predominantly BMW and Audi/Volkswagen.
During his time at Volkswagen Group, including leading Asia Pacific regional strategy saw the growth of the Group in the region grow into 4-digit percentage territory over a 10-year period.
H2X head of design vice president Chris Reitz has 27 years of design experience, including as head of design for, Fiat and Nissan Europe and significant roles with Audi/Volkswagen.
“Our approach on the vehicles is a complete redesign of the concept of how we build it,” Reitz said.
“The production of vehicles can be optimised significantly with clean energy powertrains because of the shape and integration of the powertrains.
H2X’s Fuel Cell Team has more than 20 years’ experience, several different models of passenger cars, trucks and buses developed for other manufacturers, of which thousands of units have been delivered.
The company’s chief technology officer, Ian Thompson, also has an impressive CV that details a long career working on projects for big names like Tesla, Bentley, Aston Martin, Volvo and Maserati.
“One of our city focused vehicles will have a different hybrid battery solution to a city vehicle, where we are working with more dynamic technologies to maximise retention of Kinetic Energy, which is our focus,” Norman said.
Source: This article has originally published on Stockhead.