Dear Shareholders, Investors, and Partners,
Rights Issue Shortfall
Firstly, I would like to personally thank every H2X shareholder who participated in our entitlement offer, which officially closed last Monday.
For those who may have missed this initial opportunity, the shortfall is now available to both new and existing investors. Swiftly closing this funding gap is important to allow H2X to build on our current momentum with our delivery plans, ensuring a smooth path toward our IPO without any unnecessary delays.
This Shortfall Offer represents a fantastic opportunity to support H2X Global as we approach our inflection point.
Welcoming Georg Zembacher to the Board
In this critical phase, I am pleased to announce that Georg Zembacher, who serves as the European Chief Innovation Officer at Toyota Innovation and Solutions Division, has joined the H2X Board as a Non-Executive Director.
Georg brings extensive leadership experience from his roles at Toyota, Siemens, Continental, and AVL, making him a highly strategic addition to our team. His expertise is particularly aligned with H2X’s mission, as he has supported Toyota’s transformative efforts in Europe, focusing on hydrogen and electrification solutions and advancing the transition from diesel to zero-emission technologies.
During his time at Toyota, Georg has been instrumental in steering the company towards sustainable alternatives such as hydrogen and electrification, reducing reliance on diesel-powered solutions. His leadership in implementing Industry 4.0 technologies has enabled Toyota to optimise operations, lower costs, and scale innovative solutions in response to the global demand for sustainable transportation.
At H2X, we are proud to use Toyota’s fuel cell system in our hydrogen-powered vehicles. After extensive testing of various fuel cell systems, electric motors, and inverters, H2X’s data showed that Toyota’s fuel cell outperformed all others in terms of efficiency and performance. Our partnership with Toyota remains pivotal as we collaborate on the powertrain design of our hydrogen Fuel Cell Electric Vehicles (FCEVs). This relationship provides H2X with access to the best fuel cell in the world, without the significant development costs.
Georg’s wealth of experience will also be crucial in scaling our production capabilities, forming key partnerships with Tier One automotive suppliers, and identifying new market opportunities. His in-depth understanding of digital ecosystems and smart mobility systems will strengthen H2X’s position as a leader in hydrogen commercial transport.
Furthermore, Georg’s appointment deepens our ties with Toyota. In mid-October, our Chair, James Walker, and I look forward to joining Georg in Japan to explore further collaboration opportunities.
IPO Venue
Your board and I have selected the AIM market of the London Stock Exchange (LSE) for H2X’s IPO. The LSE has already reserved the ticker “H2X” for our listing. While H2X is proudly an Australian automotive company, Europe and Scandinavia currently present the largest opportunities for our hydrogen vehicle market.
That said, H2X remains committed to returning vehicle manufacturing to Australia as the local hydrogen market continues to mature. The release of Australia’s 2024 National Hydrogen Strategy, led by the Hon Chris Bowen MP, outlines a bold vision for the nation to become a global leader in hydrogen, particularly in reducing transport emissions. We are optimistic that this will create the right conditions for H2X to reintegrate Australia into our vehicle production plans soon.
Subject to funding and market conditions, we have set a target to complete our IPO within the next 6 to 12 months, Swiftly securing the necessary funding to cover the initial IPO costs is important. Support from the shortfall offering, along with other funding efforts, is essential to keep us on track.
This IPO represents a significant step forward for H2X, providing us with greater visibility on the global stage, access to new capital, and the ability to accelerate the delivery of our hydrogen-powered solutions.
Closing Remarks
In closing, H2X is well-positioned for the next phase of its growth, and with the addition of Georg Zembacher to the board, we are more equipped than ever to navigate this crucial stage. Our Londin Stock Exchange AIM IPO and the rights issue shortfall are key components of our strategy, which will support the completion of our Renova order and cover the initial IPO costs.
For those who have not yet participated in the Shortfall Offer, I encourage you to take advantage of this opportunity soon.
Thank you once again for your trust and support of H2X.