Dear Investors, Colleagues, Customers, and Partners,
As I reflect on my first three months as your CEO, I am pleased to report the significant progress H2X Global has made through our refocused strategy of accelerating vehicles to market via the more cost-effective and faster retrofit approach. With every day, I am more confident H2X Global will become a successful hydrogen-powered vehicle manufacturer, contributing to the decarbonization of commercial transport.
Recent Capital Raise
In my previous CEO letter, I highlighted our capital-raising efforts to advance the production of the world’s first hydrogen-powered 4×4, the Warrego. I am delighted to confirm that the H2X Offer, led by Barclay Pearce Capital (BPC) was oversubscribed. We are grateful to our new and returning investors for your trust and support. This funding ensures we have the necessary resources to complete the Warrego build and obtain roadworthy accreditation for the European and the UK markets.
Focused Operations
To enhance our operational efficiencies, we have decided to concentrate our immediate efforts on our Dutch facility, which continues to be a hub of activity. In April, we welcomed the Toyota Global Fuel Cell team on site, followed by a visit from Jack Colreavy of BPC in May. In June, Renova will tour our facility to observe their vehicles in production. In July, I will be onsite to oversee the Warrego’s accreditation process for European and UK roads.
The Australian Investment Summit
In an effort to gain exposure to new investors, H2X Global will join a group of Australian companies at the Australian Investment Summit (AIS) in London during the second week of July 2024. Hosted by BPC in partnership with the London Stock Exchange (LSE), this summit will showcase selected Australian companies in the renewable energy, mining, and technology sectors. By participating in the AIS, H2X will have a platform to engage with investors, stock exchanges, brokers, and other stakeholders, offering valuable insights.
Your Board and Management of H2X Global have always seen public markets as the best pathway to maximising shareholder value and providing access to deep pools of capital. Becoming a listed company will not only provide additional capital but also affirm H2X’s robustness and long-term viability, demonstrating our capacity to handle rigorous disclosure and scrutiny. The timing of the AIS coincides with an important period for H2X, including a major tender with a UK State-Owned Enterprise, the completion of the Warrego build, and the commencement of road accreditation for Europe and the UK.
Strengthening Investor Communication
Transparent and open communication with our stakeholders is a fundamental priority for H2X Global. Our FY2023 materials are finalised, and I look forward to engaging with our investors at our AGM on 27 June 2024. Following our recent investor update webinar, we plan to host another session just before our AGM to discuss our strategic direction and progress.
We are also eagerly anticipating the results of several European State-Owned Enterprise tenders, with the first major tender outcomes expected at the end of May 2024. Success in any of these tenders would be a significant milestone for the H2X Global team especially as we ramp up production activities to create economies of scale to maximise margins and profitability.
Additionally, we have enhanced our website, www.h2xglobal.com, to better reflect our focused strategy, resulting in improved online engagement. Our website now operates approximately 50% faster thanks to a new hosting service. I encourage you to visit our updated website and share your feedback.
The Australian Federal Budget for 2023-24 includes significant investments in the hydrogen sector, underscoring the government’s commitment to renewable energy. Notably, the $2 billion Hydrogen Head start program aims to accelerate renewable hydrogen production. We are collaborating with RSM Australia to provide a detailed analysis of the 2024 Australian budget and its implications for the hydrogen industry. Look out for this review soon.
Thank you again for your continued support and engagement.
Sincerely,
Antony Tolfts
CEO, H2X Global
Media Contact: [email protected]
About H2X Global
Zero emissions, extended driving ranges, and 5-minute refuelling times—H2X Fuel Cell Electric Vehicles set the standard for commercial transportation. Offering the world’s only hydrogen-powered 4×4 and a proprietary battery-free power system, H2X drives the future.
H2X – Improve Earth.
About Antony Tolfts
Antony Tolfts recently joined H2X Global as CEO, bringing extensive experience from his previous role as CEO of Blu Horseshoe, where he developed a digital capital raising platform. His background includes senior roles at the Sydney Stock Exchange, overseeing Listing, Market Operations, and Admission & Compliance. Antony holds an MBA in Corporate Finance and a BCom, along with certifications as a Project Management Professional (PMP). He also serves on the board of the UCT Trust Australia.
Antony is dedicated to sustainable business practices and has driven significant environmental, social, and governance (ESG) initiatives. At the Sydney Stock Exchange, he was instrumental in establishing the world’s first ESG board for qualifying companies and played a key role in the bid to establish an Australian Carbon Exchange. He partnered with the United Nations on projects such as the “Ring the Bell” campaign for gender equality and the Sustainable Stock Exchanges Initiative. Antony has also contributed to important publications, including the UN’s paper on advancing gender equality through exchanges.
Additionally, Antony won Computershare’s inaugural Green Oscar competition, enhancing productivity, reducing costs, and maintaining audit support. His diverse experiences and commitment to ESG principles continue to drive positive change in the corporate world.