Dear Fellow H2X Shareholder,
Next week marks an important milestone for H2X Global.
On 30 June 2026, H2X will celebrate five years since incorporation.
Like many emerging technology companies, our journey has not been linear. We have experienced periods of rapid growth, significant challenges, changing markets, evolving technology and the realities of building a global hydrogen business with limited capital.
As I reflect on the past two years, I am struck by the progress the Company has made through a disciplined focus on capital efficiency, strategic partnerships and commercial execution. Building on the vision established by H2X’s founders and the work of many people who have contributed to the business over its first five years, we have a roadworthy platform, advanced proprietary systems technology, strengthened our international partnerships, secured customer programs, expanded our global footprint and built a shareholder register spanning multiple continents.
Most importantly, I believe the business has now stabilised and is beginning to come together.
The foundations have largely been built.
The next phase is execution.
The next phase is sales and delivery.
Remembering Brendan Norman
Before discussing Company progress, I would like to acknowledge the passing of H2X co-founder Brendan Norman.
Brendan passed away unexpectedly earlier this month at only 54 years of age.
Many of our shareholders knew Brendan personally. Others may only know him through his contribution to H2X. Regardless, Brendan was instrumental in helping establish the vision that ultimately became H2X Global.
His passing has been deeply felt by the H2X team, Board and wider shareholder community.
On behalf of everyone at H2X, I extend our sincere condolences to Brendan’s family, friends and colleagues.
Brendan’s legacy lives on through the Company he helped create and the technology we continue to develop.
Walking the Talk
Over the past two years H2X has focused heavily on right-sizing the business.
This has not always been glamorous.
In many cases it meant reducing activities, delaying projects, consolidating operations and making difficult decisions about where to invest scarce capital.
However, these decisions have positioned H2X to become significantly more capital efficient.
Today H2X operates with a much leaner structure than many comparable companies.
We continue to leverage international partnerships rather than attempting to vertically integrate every activity ourselves.
This philosophy remains central to our strategy.
As shareholders know, H2X has consistently sought to “walk the talk” when it comes to capital discipline.
Every dollar remains important.
Major Listing Milestone Achieved
I am pleased to report that H2X has successfully completed its In-Principle Listing Application process.
The exchange has formally confirmed that H2X may proceed toward listing, subject to completion of the remaining listing requirements.
This represents a significant milestone for the Company.
Over the past two years substantial work has been undertaken to strengthen governance, compliance, reporting, capital structure and operational readiness.
While there remains work ahead, shareholders should recognise the significance of reaching this stage.
There is a meaningful difference between saying a company intends to list and having successfully completed a formal exchange review process.
Product Update
Yarra: Medium Vehicle Platform
H2X now has a roadworthy vehicle operating through licensing arrangements incorporating H2X technology and intellectual property.
This is a significant milestone and provides an important platform for commercial deployment.
Our focus has now shifted from engineering toward fleet deployment and customer projects.
Rather than simply demonstrating hydrogen technology, we are increasingly working alongside experienced industry participants to place vehicles into real-world operations.
Paroo: Light Commercial Vehicle Platform
The Paroo program continues through detailed design.
The coming weeks represent an important period for the project.
We continue to believe the Paroo addresses an attractive segment of Europe’s approximately 29 million light commercial vehicle market, where hydrogen offers operational advantages over battery-only solutions, particularly for high utilisation fleets operating in colder climates.
Hydrogen Storage Systems
Our hydrogen storage tank business continues to build momentum.
Following our initial commercial sales, H2X hydrogen tank systems are now being deployed and operated by H2X customers in Germany, providing real-world validation of the technology and an important reference point for future sales. The transition from engineering development to customer deployment is a significant milestone for the business.
We believe our tank systems are genuinely best-in-class, combining industry-leading specifications, a 15-year service life and a compelling value proposition for OEMs and fleet operators.
The opportunity ahead is therefore less about further product development and more about commercial execution.
Our immediate priority is to expand our sales capability and place our proven product in front of more customers, strategic partners and vehicle manufacturers. Every new customer engagement has the potential to create repeat orders, long-term supply agreements and recurring revenue streams independent of vehicle sales.
As H2X enters its next phase, our focus is clear: we have a proven product with strong differentiators; now we need to accelerate market awareness, convert our growing pipeline into orders and establish H2X as a leading supplier of hydrogen storage systems in Europe and beyond.
European Commercial Momentum
Following discussions facilitated through the Australian Government hydrogen delegation program, H2X has recently reached agreement in principle on a new European strategic cooperation framework focused on accelerating hydrogen-powered commercial vehicle deployment.
While final execution formalities are still being completed, we expect to make a formal announcement within the coming days.
Importantly, the initiative has been structured with a practical commercial focus, bringing together complementary organisations across hydrogen ecosystem development, vehicle integration and deployment.
The objective is simple: Move beyond discussions and place hydrogen-powered commercial vehicles into funded projects and fleet operations.
I believe this reflects the broader maturation of the hydrogen industry.
Customers are increasingly asking not whether hydrogen works, but how quickly it can be deployed commercially.
Europe and the World Hydrogen Summit
I had the privilege of participating in the Australian Government’s hydrogen delegation program surrounding the World Hydrogen Summit in Rotterdam.
I would like to thank Austrade for the opportunity and for their ongoing support of Australian hydrogen companies operating internationally.
The program provided direct engagement with government agencies, infrastructure operators, industrial hydrogen users, ports, developers and investors from across Europe.
Importantly, AusTrade were able to use their network to introduce H2X to governments and fleet owners that would be otherwise impossible to access, the baton now is back with H2X to follow-up and commercialise the opportunities.
The trip reinforced two observations:
- First, hydrogen remains a global industry.
- Second, commercial deployment and economics are increasingly replacing conceptual discussions.
This aligns well with H2X’s practical approach.
Australian Opportunities
I was also pleased to catch up with several fellow H2X Shareholders and meet the Woodside team in Perth regarding hydrogen refuelling infrastructure developments.
As an Australian company, H2X continues to seek commercially supported opportunities to bring additional activity back to Australia.
While our engineering and manufacturing partnerships remain centred in Germany and South Korea, we continue to see opportunities for Australian assembly and deployment as market conditions mature.
Industry Recognition
I am pleased to report that H2X continues to receive industry recognition.
Recently H2X has progressed through to the final stages of both the:
- Australian Financial Review Most Innovative Companies Awards; and
- Australian Technologies Competition.
Recognition alone does not create shareholder value.
However, it is encouraging to see independent organisations continuing to recognise the work undertaken by the H2X team.
Horizon Europe Opens New Opportunities
One particularly encouraging development for Australian innovation companies has been the successful conclusion of negotiations for Australia’s association with Horizon Europe.
Horizon Europe is the European Union’s €93.5 billion research and innovation funding program.
From January 2027, Australian organisations will gain substantially improved access to funding opportunities and collaborative research programs.
For companies like H2X, operating across both Australia and Europe, this represents a potentially significant opportunity over the coming years.
We will continue monitoring developments closely and actively evaluating opportunities where government support can accelerate commercial deployment.
Looking Forward
While progress is rarely as fast as any of us would like, I believe H2X is entering a fundamentally different phase of its development.
- Your business is leaner.
- Our governance framework is stronger.
- Our product roadmap is clearer.
- Our listing pathway is advancing.
- Our international partnerships continue to expand.
Most importantly, we are increasingly focused on converting years of engineering and development into commercial outcomes.
Five years after incorporation, I believe H2X is better positioned than at any point in its history.
There is still much to do, but for the first time in several years, I feel we are seeing the various pieces of the H2X strategy align into a coherent platform for a commercial business.
I look forward to updating shareholders again next month.
Kind Regards
Antony Tolfts
Chief Executive Officer
H2X Global Limited
M: +61 437 353 908
E: [email protected]
W: www.h2xglobal.com