Dear Shareholders, Investors, Colleagues, Customers, and Partners,
Opening of Rights Issue
This week, H2X Global launched a rights issue to raise up to AUD $5.3 million. This raise is an important part of our strategic plan to complete production of our next wave of vehicles: the second Warrego, the first Paroo, and two Yarra 18-tonne trucks. In addition, these funds will support our associated IPO costs.
We appreciate the trust and confidence our shareholders have placed in H2X. By commencing this round with a rights issue, we are intentionally prioritising our existing shareholders before considering any shortfall placements. We encourage shareholders to consider this investment opportunity.
To provide further insights into our plans and answer any questions, we would like to invite you to an investor update at 1 pm (Sydney time) on Friday, 6 September 2024. Please email Michelle Reynolds at [email protected] for the call details.
For more detailed information on the rights issue, please refer to the offer material and consult with your financial adviser.
Delivering on Our Promises
Our previous capital raise enabled H2X to build the first production Warrego, the world’s only available hydrogen-powered 4×4. This vehicle is now in the final stages of roadworthy accreditation with the Netherlands Vehicle Authority (RDW) and we anticipate delivery to Renova this month.
The current capital raise is designed to fund the retrofit of the remaining vehicles under our initial contract with Renova. The donor vehicles are ready and, subject to funding, we aim to accelerate production by retrofitting vehicles in parallel. We want to have all three of H2X’s current models on the road by the end of this calendar year.
Preparing for the Future
Another significant portion of the funds raised will be allocated to cover associated IPO costs. Listing on a global exchange would further strengthen our financial foundation and allow our ordering inventory in more economic order quantities, ultimately increasing gross margin. Additionally, H2X’s meeting the rigorous disclosure and governance requirements of a listed company would serve as a quality stamp on the H2X brand in the eyes of potential customers.
Over the past seven months, the board and I have been diligently preparing H2X to operate as a publicly listed company. We have implemented governance practices and strengthened our corporate culture to align with the standards expected of a listed company.
Our commitment to transparency and communication was demonstrated at our last AGM, and we are dedicated to maintaining this standard in our investor relations. The next AGM pack, which will include our audited financials up to 30 June 2024, is scheduled for distribution later this month. H2X Global’s third AGM, expected to be held next month, will provide an important platform for shareholders to engage with our vision. I encourage all shareholders to participate, either by attending or voting—I look forward to welcoming you to this meeting.
Looking Ahead
To further enhance our strategic positioning, we are considering the addition of a new board member with European automotive experience, we will keep shareholders informed about our progress.
Closing Remarks
I would like to continue to express my gratitude for our investor support and trust as we develop H2X into a global leader in hydrogen-powered transportation.
Sincerely,
Antony Tolfts
CEO, H2X Global
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.