Dear H2X Shareholder,
Your company has entered the next phase of its journey with clarity, confidence, and discipline. Our mission remains to commercialise clean transport solutions powered by hydrogen fuel cell and electric powertrain technologies.
This update outlines progress across governance, innovation, delivery execution, and our path to becoming a publicly listed company.
Strengthening Governance and Global Leadership
I am pleased to formally welcome Stefan Müller as the new Chair of H2X Global. Stefan serves as Chief Executive Officer of DGWA, Germany’s leading investment banking boutique for international small and medium-sized enterprises. He brings over three decades of experience in capital markets, governance, and investment across global markets. DGWA’s team has participated in over 250 financial markets transactions in the last decade.
Stefan has held senior roles at Dresdner Kleinwort Benson, Sal Oppenheim, and Partner at Swiss asset management firm Proprietary Partners, and has served on the boards of multiple public and private companies worldwide. His appointment marks a strategic milestone for H2X and reinforces our shared objective of completing a global listing by the end of 2025.
We extend our sincere gratitude to James Walker, our outgoing Chair, for his leadership and steady guidance, and wish him well in his future endeavours.
We are also pleased to welcome Mr Danny Bernstein to the H2X Board. Danny is a hydrogen and fuel cell technology expert with an international track record in applied research and innovation. He leads operations at Hycel, Deakin University’s hydrogen innovation hub, and has held senior roles across Australia and Europe. His knowledge and commitment to practical, scalable hydrogen solutions will be invaluable to our product and infrastructure programs.
These appointments reflect our sharpened focus on execution and our belief in collaboration between industry, research institutions, and capital markets.
R&D Driven Innovation Backed by the Australian Government
Innovation sits at the heart of H2X’s mission to deliver advanced commercial transport solutions—including hydrogen fuel cell and battery electric vehicles, and critical infrastructure such as storage tanks and refuelling systems.
We have successfully completed a comprehensive review under the Australian Government’s Research and Development Tax Incentive program, resulting in an initial rebate of AUD $986,083, with a further tranche of at least AUD $559,941 expected in the coming month. H2X remains pre-approved for eligible R&D activities through to 30 June 2026.
This non-dilutive funding delivers more than financial benefit—it validates the innovation and engineering depth within H2X and effectively multiplies every dollar invested in R&D. This multiplier effect accelerates product development, testing, and deployment without increasing cost to shareholders, strengthening our competitive advantage in the global market.
We are grateful for this continued government support and the opportunity it provides to scale faster.
Path to Public Listing
From his first day as Chair, Stefan has made it clear that listing H2X Global is a strategic priority. We are now formalising our working timetable, and shareholders can expect to receive materials for review and voting as part of the Annual General Meeting (AGM) pack in October or November this year.
Your company is finalising its annual financial statements and preparing for external audit—key steps in supporting the listing application.
The upcoming AGM will offer shareholders the opportunity to hear directly from the Board, meet our new Chair, and review our strategy. A virtual attendance option should again be provided.
We also note that Pure Hydrogen Corporation, H2X’s largest shareholder, is dual-quoted on the Frankfurt Open Market (ticker:7NL:FRA), improving visibility and liquidity among European investors and providing a useful reference point for H2X.
Commercial Progress – Launch of Hydrogen Storage Tanks
In June, we soft-launched our hydrogen storage tank product line—an essential step in our commercialisation strategy. July marked the start of our first commercial sales, with tanks manufactured in South Korea, globally certified, and already demonstrating profitability. These early transactions validate both our pricing and product-market fit.
Vehicle Platform Progress
- Yarra (18-tonne Heavy Vehicle): Finalising details of a distribution agreement with a German manufacturer. The first H2X-branded Yarra truck is expected to be available for delivery by the end of this year, with production capacity of up to 100 vehicles per annum.
- Paroo (3.5-tonne Light Truck): Updated donor platforms are under review, with final design to be completed shortly. Early engineering work is already underway.
- Warrego (Utility Vehicle): Recent time in the Netherlands has clarified key program questions. While no final decisions have been made, shareholders will be kept fully informed.
Shareholder Options
Several shareholders hold options expiring over the next six months, beginning in September 2025. Exercising these options provides an efficient opportunity to increase your shareholding in H2X Global.
For those who choose to exercise, your capital directly strengthens our balance sheet and enables further investment into key programs. Importantly, thanks to the R&D Tax Incentive, a portion of this capital is effectively multiplied through non-dilutive funding—further amplifying its impact.
We thank shareholders who have already exercised their options and reaffirmed their support for H2X’s long-term vision. If you are eligible and wish to exercise, or have any questions about the process, please contact us directly.
Industry Engagement – Hydrogen Technology World Expo
I look forward to representing H2X Global at the Hydrogen Technology World Expo in Hamburg, Germany, from 21–23 October 2025. This premier event brings together the full hydrogen value chain to showcase solutions for a low-carbon future. It will be an important opportunity to connect with industry partners, government stakeholders, and investors.
Closing Remarks
This month has marked meaningful momentum:
- Appointment of a new Chair with international capital markets leadership
- First commercial transaction from hydrogen tanks
- Tangible progress across all key vehicle programs
We are building a stronger team, sharpening our execution, and delivering—vehicle by vehicle, deal by deal—on the promise of zero-emission transport.
As we move toward a public listing, we value the essential role of our shareholders and look forward to your participation in our AGM.
Antony Tolfts
Chief Executive Officer
H2X Global Limited
About H2X Global
H2X Global is a leader in zero-emission hydrogen fuel cell vehicles, setting new standards for commercial transportation with extended driving ranges and fast refuelling times. From the world’s only hydrogen-powered 4×4, the Warrego, to our innovative retrofit strategy and upcoming Paroo truck, H2X is driving the future of clean, sustainable transportation.
