Third Letter From The CEO

Dear Investors, Colleagues, Customers and Partners,

Friday 5th April, marks two months since I assumed the role of CEO at H2X. In that short period, I am encouraged by the immediate positive changes we’ve made in refocusing our business. Our priority is now directed towards achieving a significant milestone: becoming the pioneer in producing the world’s first hydrogen-powered 4×4, the “Warrego.” I am particularly pleased by the board’s recent decision to elect James Walker as Chair of H2X. James’s 30 plus years of executive and board experience adds a wealth of knowledge in scaling businesses and in LSE IPOs given his experience as CFO of Seeing Machines Ltd (LSE:SEE) in their London public market debut.

H2X is also grateful for continued government support from Australia, the Netherlands, and Sweden, who are assisting in the commercialization of hydrogen vehicles. As you may be aware, H2X already has an order book totaling a max. of AUD $48.5 million. Our technology and team are ready to fulfil these orders in a timely and efficient manner. In anticipation of Warrego’s EU homologation, we are
in the process of reconfiguring our website to enable the acceptance of vehicle deposits, enhancing accessibility for further orders.
To facilitate these immediate milestones, we have launched a small capital raise with our corporate advisor, Barclay Pearce Capital (BPC). This funding will complete accreditation for Warrego for road use in Europe and the UK, a significant moment for H2X. Any Wholesale investors seeking further information on this current investment opportunity, please contact BPC or myself. I wanted to bring to your attention that the current offer is scheduled to close on 12 April (this Friday). However, due to high demand, there is a likelihood it will close early. If you are interested in participating, I advise you not to wait until the deadline Inside the business, our Dutch engineering site recently hosted a global Toyota fuel cell team. Our partnership with Toyota Motor Corporation remains pivotal as we collaborate on the powertrain design of hydrogen Fuel Cell Electric Vehicles (FCEVs) and allow H2X access to the best fuel cell in the world, without the
development cost. During this meeting, we unveiled our new product portfolio= plans, including the Warrego, Paroo, and Yarra models, outlining our long-term volume projections, and showcased our proprietary technology that scales across our models, significantly our unique H2 tanks. The Toyota team was enthusiastic about our plans and will remain a close partner moving forward.

For our London-based shareholders, H2X’s CTO, Ian Thompson, will be speaking at the Smart Manufacturing for Automotive Europe 2024 conference. Ian will present on how H2X’s Micro Factory achieves flexibility and efficiency in producing customised vehicles. Ian has vast automotive experience, including the: Opel Speedster, Proton Satria GTI, famously representing Lotus and designing and retrofitting the first 1,300+ Tesla Roadsters and now the H2X Warrego. Finally, for those interested in hearing a bit more about hydrogen as a commercial fuel and H2X’s place in the value chain, I highly recommend you listen to the BPC Corporate Showcase podcast. As battery-powered solutions encounter limitations, particularly in applications such as 4x4s, Vans, and Trucks, hydrogen emerges as a compelling alternative. Our vehicles offer unparalleled reliability across a wide temperature range, swift refueling times, and superior haulage capacity, positioning H2X as the preferred choice for various commercial driving applications.For existing shareholders, I invite you to a company update at 11am (Sydney time) on Tuesday, 9 April. I look forward to providing you with an update on recent progress, upcoming milestones, and our overall strategic direction.

Thank you for your continued support for H2X.

Warm regards,
Antony Tolfts
Chief Executive Officer,
H2X Global

The Hydrogen Future.

Our world is constantly changing, and at H2X Global, we don’t anyone left behind in our quest to leave more behind for our future generations. Our goal is simple, to provide you with a cleaner, more efficient vehicle to keep you and your family doing the things they love now, and into the distant future.

The Problem
Transportation accounts for 24% of global CO2 emissions annually. Finding a new zero solution is vital to limit global warning.

Why is this a problem?
Whilst corporations make up the vast majority of emissions harming our planet, we can make an impact too by switching to environmentally conscious fuel sources. With everyone owning a personal vehicle and opting to use it over public transport, the numbers add up quickly.

How does Hydrogen change that?
Taking the power of combustion and replacing the fuel source from gasoline to Hydrogen provides one major important change in addition to several smaller beneficial ones and that major one is output. The output from a combustion reaction involving hydrogen results in a clean emission of H20.

Government Response
The Paris Agreement commits to net zero carbon emissions by 2050. Individual countries have legislated various plans to achieve this target.

Battery EVs
Provide a zero emission transport solution but possess significant drawbacks curtailing universal adoption.

Why is this a problem?
The main issue with EV’s is the same thing that makes them attractive. The battery. These batteries hold a limited charge and eventually live out their usefulness needing to be replaced. The batteries themselves are made with lithium which whilst powerful, has a detrimental effect on the environment when they must eventually be put to landfill. Furthermore, the battery is only as green as the source that powers it. So if the powerbank is getting their power from burning fossil fuels in the first place, we have merely put petrol in our care by proxy.

How does Hydrogen change that?
By switching to hydrogen, the engine remains permanently and the hydrogen can be nearly endless refilled to provide power to the engine. No excess emissions required and merely h20 as a byproduct.
Superior Energy Density
Hydrogen is the most energy dense molecule in the universe at 147 MJ/kg in comparison lithium batteries hold 0.5 MJ/kg. This enables lighter vehicles and higher haulage capacity.

How will that assist the environment and transport?
The air to fuel ratio created by this density is much more efficient than the standard. The highest ratio in a gasoline engine sits at 37.1:1. When compared with an Air to Fuel ratio of 180:1, it is easy to see why the engines start quicker and have an increased fuel efficiency.

Faster Refueling
Hydrogen vehicles can be refuelled materially quicker than BEVs making them more suitable for commercial applications where high asset utilisation is important. How is this convenient? By now most people are used to filling up at a tank. With hydrogen engines, we need not switch or methodolgy and thinking to having to charge avehicle for a set amount of time. Instead, the hydrogen is pumped in much the same as you would already pump petrol into your car.

Lower Mineral Intensity
Hydrogen fuel cells are less mineral intensive than batteries resulting in less critical mineral mining, a materially longer useful life, and simpler recyclability.

How is this convenient?
Hydrogen Fuel cells are not only made from less mineral intensive materials in regards to environmental impact, but are also powered through non-harmful renewable power generators such as solar , geo-thermal and wind turbines.

When looking to the future the answer is as clear as our byproduct. A hydrogen vehicle or fleet of hyrogen vehicles will lighten each of our footprints and help to preserve the Earth for our future generations, whilst protecting and providing for our current ones.