Dear Shareholders,
This month showcases our progress on multiple fronts as we work towards becoming a leading hydrogen-vehicle producer. With key milestones including the rights issue shortfall offer, an Australian roadshow, and a strategic visit to Toyota in Japan, we are pushing forward at an accelerated pace. As we move closer to an IPO and scale production, our vision of transforming the future of transport is steadily becoming a reality. Here’s how we are making it happen.
Rights Issue Shortfall
I would like to thank all shareholders who have already participated in the rights issue shortfall. I encourage both existing and new investors to consider this unique opportunity to invest in H2X as we enter our next phase of growth. The recent addition of Georg Zembacher, Toyota’s European Chief Innovation Officer of their Solutions Division, to our Board has further bolstered our capacity to scale production and meet the rising demand for hydrogen-powered solutions.
If you have any questions about the shortfall offer, please feel free to contact H2X or our lead manager, Barclay Pearce Capital (BPC).
Roadshow with Barclay Pearce Capital
This week marks the beginning of our Australian roadshow in partnership with BPC. Over the next eight days, we will meet with both current and prospective investors in Sydney, followed by visits to Melbourne and Brisbane. This roadshow provides an invaluable opportunity to engage directly with our investors, and I look forward to connecting with many of you throughout this exciting tour. If you would like more information on how to participate, please reach out to BPC or H2X.
Recognition: AFR BOSS Most Innovative Companies Award
H2X Global was recently awarded the 2024 AFR BOSS Most Innovative Companies Award in the Property, Construction, and Transport category. It was fitting that this recognition coincided with the tenth World Hydrogen Day on 8 October 2024. This award celebrates the hard work that brought the Warrego to life—the world’s only hydrogen-powered 4×4—and firmly positions H2X as one of Australia’s most forward-thinking companies.
Operational Updates: Warrego and Future Builds
We are approaching the final stages of roadworthiness and compliance testing for the Warrego 4×4. While we have made significant progress, there have been a few unexpected delays. Our Electromagnetic Compatibility (EMC) testing, initially scheduled for 18 November, was cancelled due to a double booking at the testing facility. We are currently working with Kiwa to expedite the rescheduling and are exploring alternative sites to prevent further delays.
Additionally, the RDW (Dutch roadworthiness accreditation body) experienced reduced capacity in August, creating a backlog when operations resumed. The transition to the latest Warrego model—which includes enhanced futureproofing and performance improvements—required more time for integration and coding than originally planned. Compounding the delays, the unavailability of a suitable battery pack that met our specifications led us to develop a custom solution, which further extended the production timeline.
Updated Timeline for Warrego Final Stages:
1 November 2024 Road and compliance testing at G71 Engineering
4–13 November 2024 Vehicle available for driver and maintenance training
14 November 2024 Test drive with potential customers
18 November 2024 Original EMC testing (cancelled, rescheduling in progress)
20 November 2024 (Estimated) Full vehicle road and compliance testing at Lelystad, including acceleration, braking, and other performance tests
Looking ahead, we are optimistic about the production timeline for future vehicles, as we have now developed a plug-and-play coding system that will streamline the process. Additionally, we expect improvements in RDW processing times. As H2X moves toward full production, we are well-positioned to meet the growing demand for hydrogen-powered solutions.
Partnership with Toyota: Insights from Our Japan Visit
After rigorous testing of various technologies, H2X moved to integrate Toyota’s fuel cells into our vehicles due to their unrivalled reliability and ability to swiftly respond to power demands. The fuel cells allow us to optimise battery pack size, reducing costs by requiring only a small battery to assist with system start-up and provide extra power during acceleration or hill climbs. Toyota’s fuel cells are also highly adaptable, performing consistently across a wide range of temperatures and humidity levels. This partnership has been key to advancing our hydrogen-powered vehicle solutions, and Toyota’s technical support has been invaluable.
Last week, I had the privilege of visiting Toyota’s advanced hydrogen fuel cell facility in Japan, alongside our Chair, James Walker. H2X is one of only two companies to have been granted access to this cutting-edge facility, and the level of innovation we witnessed was remarkable. Having grown up with Toyota as a trusted family vehicle, I am particularly proud to now be partnering with such a respected global leader in the automotive industry.
Third AGM Scheduled
Our third Annual General Meeting (AGM) is scheduled for the last week of November. This will be a significant opportunity for shareholders to engage with the Board, ask questions, and contribute to the company’s future direction. I strongly encourage all shareholders to attend and participate.
Closing Remarks
H2X Global is on an exciting trajectory, but to fully realise our strategy and next phase of vehicle production and IPO, we need to close this funding gap.
Thank you once again for your trust and ongoing support.
Sincerely,
Antony Tolfts
CEO, H2X Global Limited
About H2X Global
Zero emissions, extended driving ranges, and under 5-minute refuelling times—H2X Fuel Cell Electric Vehicles set the standard for commercial transportation. As the world’s only hydrogen-powered 4×4, H2X is leading the way in the future of transportation.