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
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.