Dear Shareholders, Investors, Colleagues, Customers, and Partners,

I am pleased to release my sixth CEO letter, outlining H2X’s progress towards delivering the world’s best hydrogen-powered commercial vehicles through our retrofit and micro-factory strategy.

First Hydrogen-Powered 4×4 Driving

At 10 am on 18 July 2024, H2X achieved the significant milestone by driving our first production hydrogen-powered 4×4. This follows the successful showcase of our concept vehicle at last year’s Rotterdam World Hydrogen Show. I enjoyed the drive, particularly the Warrego’s near-silent powertrain and exceptional torque. I encourage you to watch the video. The Warrego is now in production and available for order at h2xglobal.com.

The vehicle will undergo a final two to three weeks of internal testing and calibration, followed by certification with the Netherlands Vehicle Authority (RDW) to ensure safety, sustainability, and compliance. We eagerly anticipate handing over the vehicles to Renova once the roadworthy certification is complete.

This transition from concept to production marks a pivotal achievement for H2X, with our focus now on execution and delivery.

 

Engaging with London’s Capital Markets

We presented the H2X opportunity to the London capital markets and participated in the Australian Investment Summit, hosted by the London Stock Exchange. H2X presented immediately after the welcome by London Stock Exchange Deputy CEO, Charlie Walker. H2X also contributed to a panel discussion on “Innovative Strategies for Capital Raising and Governance in a Global Economy.” Thank you to Bird & Bird for sponsoring the event and to BBC News Presenter Samantha Simmonds, who expertly facilitated the proceedings.

The summit was a fantastic platform to showcase H2X’s innovative approach to hydrogen technology and its potential impact on global transportation. The insights from the London analysts were invaluable, and the discussions further strengthened our strategic vision.

While abroad, I was particularly grateful for the continued support from the Australian Government. I had the pleasure of meeting with our team at various AusTrade offices and enjoyed afternoon tea with the Australian Ambassador to the Netherlands, Dr Greg French.

In Sweden, we engaged with the Research Institute of Sweden (RISE) and are excited to announce H2X’s inclusion in the From Fossil to Electromobility (Ff2E) consortium within RISE, financed by Swedish Energy. This initiative, which studies the retrofit and upgrade of existing vehicles, aligns seamlessly with our mission to drive the transition to zero-emission vehicles and reinforces our commitment to innovation and sustainability.

Strategic Focus and Future Plans

Our primary focus remains on the Warrego and our retrofit division to ensure we bring hydrogen vehicles to market efficiently and effectively. As we look ahead, we are preparing for an Initial Public Offering (IPO) on a global exchange. This move will strengthen our balance sheet and build greater confidence in the H2X brand among customers and investors. The IPO represents a critical step in our journey towards becoming a global leader in hydrogen-powered transportation.

Second AGM

Your board and management were pleased to welcome shareholders to our second AGM on 29 June 2024. This meeting allowed shareholders to engage with our vision and discuss our recent achievements and future plans.

The past year has been transitional for H2X Global Limited. We have refocused our strategy, enhanced operational efficiencies, and positioned ourselves for growth. Our key milestones include:

• Building the Warrego: Leading the market as the world’s first, production hydrogen-powered 4×4.
• Financial Growth: Increasing our net asset value fourfold, reducing current liabilities by nearly half, and cutting operational expenses by over 60%.
• Strengthening Operations: Consolidating our engineering operations in the Netherlands and improving investor relations.

If any shareholders were unable to attend the AGM, please contact us, and we will arrange to provide a recording of the meeting. We always value the opportunity to connect with shareholders.

Closing Remarks

I am grateful for your continued support and trust. Thank you for being a part of our journey.

Sincerely,
Antony Tolfts
CEO, H2X Global

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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 H2X is at the forefront of the future of transportation. 

H2X – Improve Earth.

Magnus Olsson, Director of R&D & Collaboration at H2X Global Limited

Magnus Olsson is a seasoned professional with a diverse background, bringing extensive experience and innovative thinking to his role as Director of R&D & Collaboration at H2X Global Limited. His career journey spans various leadership positions in the automotive industry, consultancy, and research sectors, making him a valuable asset to H2X.

Career Highlights

Early Career and Education:

• Education: Magnus holds a Master of Science degree in Industrial Design Engineering from Luleå University of Technology and a military degree from the Swedish Armed Forces.
• Saab Automobile AB: Starting his career in 1995, Magnus held various leadership roles at Saab, GM Europe, and the GM Group. His responsibilities ranged from managing research collaborations to leading the Driver Ergonomics organization and initiating Saab’s first BEV project.

Notable Contributions to the Automotive Industry:

• Saab and GM: Magnus managed research collaborations, led the Driver Ergonomics organization, and co-started the Saab Innovation Center. He played a pivotal role in Saab’s first official BEV project.
• RISE: As Business Area Manager for Transport-related business, Magnus contributed significantly to the global transition from fossil fuels to environmentally friendly transport sectors.
• AFRY: At AFRY, he established a new team of software developers, led Nordic Way 3, and coordinated major projects such as the EU project Hi-Drive.

Current Role at H2X: Since joining H2X in September 2022, Magnus has been instrumental in leading R&D and collaboration efforts. Based in Sweden, he is responsible for strategic tender submissions, research applications, and managing technical projects with partners. His role also involves global design and production coordination, business strategy development, and fostering customer and supplier relationships.

Vision and Expertise

Magnus’s extensive expertise in automotive technology, organizational structures, and competence building, combined with his strong management and leadership skills, positions him as a driving force behind H2X’s innovation and growth. His dedication to advancing hydrogen fuel cell technology and sustainable transportation solutions aligns perfectly with H2X’s mission.

Personal Interests

Outside of his professional life, Magnus enjoys spending time with his family at their summer house on the Swedish West coast. A passionate sports enthusiast, he engages in activities such as volleyball, football, cross-country skiing, running, sailing, and golf.

 

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Quotes

From Magnus Olsson: “ Collaboration is at the heart of everything we do, enabling us to achieve extraordinary milestones, at H2X I am surrounded by a team that shares my passion for innovation and sustainability. Together, we are making a real impact in the automotive industry.“

From Antony Tolfts, H2X CEO: “Magnus’s comprehensive experience and commitment to sustainable transport solutions are invaluable to H2X. His leadership in R&D and collaboration efforts ensures we stay at the forefront of hydrogen technology advancements.”

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About H2X Global Driven by the vision of our founders, H2X Global Limited designs and builds zero-emission hydrogen vehicles. Transitioning from prototype to production, we aim to get vehicles on the road efficiently, leveraging our integrated hydrogen management technology in collaboration with established vehicle manufacturers.

Market-Ready Innovation The opening for pre-orders of the Warrego marks a significant step forward for H2X as we move from concept to production. This milestone demonstrates our commitment to delivering on our promises and advancing the hydrogen mobility revolution.

Contact Information For more information, please contact: [email protected]

At H2X Global Limited, we’re proud to expand our zero-emission vehicle lineup with the Yarra, our latest innovation in hydrogen fuel cell electric vehicles (FCEVs). Building on the success of the Warrego 4×4 and our light trucks, the Yarra series marks our entry into the heavier weight classes, offering a range of models from 16T to 44T.

Versatility and Reliability for Professional Mobility

The Yarra is designed for the professional mobility market, excelling in applications where vehicles need to operate for long durations with minimal downtime. Ideal for heavy-duty tasks like garbage collection and cement transportation, the Yarra handles stop/start usage efficiently, thanks to our advanced energy recapture technology. This makes the Yarra not only a powerful and reliable option but also a highly efficient one.

Flexible Production and Retrofit Options

The Yarra can be produced from new glider chassis or retrofitted from existing vehicles. Our flexible approach allows us to customize each truck to meet specific operational needs, providing significant benefits over traditional internal combustion engine (ICE) vehicles and battery electric vehicles (BEVs).

Superior Performance Metrics

The H2X system is designed for scalability, allowing us to meet varying power and range requirements. By combining multiple fuel cell units, we can provide the necessary power for larger heavy vehicles while maintaining a lighter weight compared to BEV setups.

Key Advantages

• Zero Emissions: Environmentally friendly, with the only byproduct being water.
• Fast Refuelling: Hydrogen fuel cells enable quick refuelling, ensuring minimal downtime.
• Operational Efficiency: Comparable weight to ICE vehicles, allowing for similar load capacities and operational times.

The Yarra: Named for Sustainability

Named after the Yarra River in Victoria, one of the cleanest rivers flowing through a capital city, the Yarra truck symbolizes our commitment to clean and sustainable transport. Just as the river sustains its environment, the Yarra truck supports efficient and eco-friendly logistics.

 

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Why Choose the Yarra?

The Yarra offers a compelling alternative to traditional heavy-duty vehicles. With its lower carbon footprint, cost-effective production, and superior operational efficiency, the Yarra is an attractive choice for businesses looking to transition to sustainable transportation solutions.

Discover the Future of Heavy Transport with H2X

Explore the Yarra and other innovative hydrogen vehicles on the H2X website and join us in the zero-emission mobility revolution. For more information and to get in touch, visit www.h2xglobal.com.

 

Ian Thompson, our Chief Technology Officer, brings over three decades of unparalleled experience and innovation in the automotive industry to H2X Global Limited. His career has been marked by significant contributions to vehicle design, development, and cutting-edge technology, positioning him as a leading figure in the field.

Career Highlights:

• Lotus and Opel: Ian’s illustrious journey began with pivotal roles in projects like the Opel Speedster, Elise 2, and Aston Martin Vanquish. His expertise in developing exterior body panels and interiors has set new standards in both aesthetic and functional design.
  
• Tesla Roadster: Ian’s design and retrofitting work on the first 1,300+ Tesla Roadsters solidified his reputation as a pioneer in electric vehicle technology.
  
• Volvo Trucks USA: As Lead Design Engineer for the VN2000 Series class 8 trucks, Ian’s influence extended across the USA, South America, and Australian markets, showcasing his versatility in managing diverse automotive projects.
  
• Maserati and Alfa Romeo: At Maserati, Ian led interior design and engineering for the Alfa Romeo Giulia, Stelvio, and Maserati Levante. He later advanced to Head of Innovation and Benchmarking, driving technological advancements for both brands.
  
• Karma Automotive: Ian managed the design and engineering of interiors for the Karma Revero GT, GS 6, and GS e6, reinforcing his expertise in luxury and electric vehicles.
  

• Grove Hydrogen FCEV China: As Chief Engineer, Ian oversaw the complete vehicle engineering design and development of all FCEV models, leading innovation and new technology initiatives.

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Current Role at H2X:

Since joining H2X in June 2020, Ian has been instrumental in leading the engineering team for the H2X Warrego. His responsibilities include directing vehicle development, prototype creation, and production facilities. Ian ensures full vehicle compliance and type approval for global markets, develops the technology roadmap, and fosters strategic business and technology relationships aligned with H2X’s goals.

Vision and Expertise:

Ian’s dedication to the automotive industry is reflected in his relentless pursuit of innovation and excellence. His comprehensive expertise spans full vehicle design, development, production, type approval, intellectual property, and innovation. Under Ian’s leadership, H2X is poised to revolutionize the automotive industry with sustainable and advanced hydrogen fuel cell technology.

Quote from Ian: “I have been very lucky in my career to work on some great products and in some great companies with great talented people. My main drive is to push the boundaries of technology and support the move to sustainable and environmentally friendly vehicles. When you enjoy what you do then your job never feels just like work it becomes part of you, the biggest high for me is getting to see what I have worked on out in the market with customers”

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About H2X Global:

Driven by the vision of our founders, H2X Global Limited has designed and built an exceptional range of products that offer best-in-class, zero-emission hydrogen vehicles to our customers. As we transition from prototype to production, our aim is to efficiently get vehicles on the road, leveraging our integrated hydrogen management technology in collaboration with established vehicle manufacturers.

Market-Ready Innovation:

The opening for pre-orders of the Warrego marks a significant step forward for H2X as we move from concept to production. This milestone demonstrates our commitment to delivering on our promises and advancing the hydrogen mobility revolution.

For more information, please contact: [email protected]