Dear Stakeholders,

As we reflect on 2024, I am proud to highlight the progress H2X Global has made in reshaping our business and accelerating our vision to transform commercial vehicles with zero-emission hydrogen power. This has been a year of strategic realignment, financial discipline, and results, all of which have laid a strong foundation for 2025 to also be an incredible year.

2024: A Year of Strategic Focus and Operational Efficiency

At the beginning of the year, we made the pivotal decision to shift our focus and pause the development of the Darling Van to concentrate on immediate deliverables: the Warrego and our retrofit strategy. By consolidating our engineering site, we have achieved cost savings while accelerating development and operational improvements across the board.

This strategic refocus has already delivered measurable financial improvements:

• Expense Reduction of $2.8M (41% decrease): Through workforce adjustments and targeted cost-saving initiatives, we reduced employment costs by $2.2M (50% decrease), optimising our operations and enhancing efficiency.
• Reduction in Professional Fees and IT Costs (30% decrease): By reassessing our advisory relationships, we have streamlined services and reduced related expenses.
• Net Asset Growth of Over $1.5M (200% increase): Our restructuring efforts have directly contributed to this growth, strengthening our financial position.
• Liability Reduction of Over $2M (40% decrease): We have actively addressed outstanding debts, enhancing financial stability and liquidity, positioning H2X for future expansion.

These financial improvements reflect our commitment to maintaining a lean, focused operation and building a more efficient business.

Warrego Development and Strategic Partnerships

The Warrego, the world’s only hydrogen-powered 4×4, has already garnered global attention, ranking #12 on TopSpeed’s “15 Hydrogen Cars to Look Out For.” With the first Warrego now in the final stages of roadworthiness testing, we are on the cusp of delivering a truly innovative, zero-emission vehicle to the market.

The addition of James Walker to the H2X Board has been instrumental in refining our strategy and preparing the company for an eventual public listing. His decades of experience in scaling high-growth businesses, IPOs, and M&A transactions has already been invaluable.

In 2024, we also welcomed Georg Zembacher, European Chief Innovation Officer at Toyota’s Innovation and Solutions Division, as a Non-Executive Director. His expertise in hydrogen and electrification solutions, drawn from his experience at Toyota, Siemens, and AVL, aligns perfectly with our mission to transition from diesel to zero-emission technologies. Georg’s insights will be critical in advancing H2X’s growth trajectory.

Challenges and Adaptation

While 2024 has been a year of progress, it has not been without its challenges. The stalled funding deal with Verde Mobility required us to adapt quickly, leading to tough but necessary decisions to maintain momentum. By focusing on the Warrego and retrofit opportunities, we have created immediate value and solidified our market position. Our agility and resilience will continue to define H2X as we transition into full vehicle production.

Looking Ahead to 2025

As we move into 2025, our primary focus is scaling production and fulfilling our commitments. With the Warrego nearing roadworthy completion, we are preparing for deliveries and ramping up production.

Additionally, the development of the Paroo truck is underway, further demonstrating our ability to scale hydrogen-powered solutions across multiple vehicle classes. Retrofitting remains a cornerstone of H2X’s phased business plan, allowing us to accelerate market entry while avoiding the substantial capital and time investments required for full-scale manufacturing from the ground up. This approach provides a proof of concept for our hydrogen-electric vehicles, instilling market confidence and laying the groundwork for future growth.

The Paroo truck’s “Retrofit Ready” design, arriving without an engine, transmission, or fuel system, allows us to seamlessly integrate our hydrogen powertrain technology. This brings us closer to producing fully proprietary vehicles and solidifies our technical leadership in the hydrogen vehicle sector.

 

IPO and Funding Requirements

As we prepare for H2X’s IPO on the AIM market of the London Stock Exchange in 2025, we continue to lay the groundwork for this significant milestone. We have engaged leading intermediaries, including auditors, legal experts, and Nomad advisors, to ensure a smooth and successful listing.

The IPO will provide H2X with access to capital, enabling us to scale our operations, optimise inventory ordering, and increase gross margins. Meeting the disclosure and governance standards required of a listed company will further strengthen our reputation and appeal to customers and partners worldwide.

In the meantime, we are raising funds to support the retrofit of our next wave of ordered vehicles and to cover the initial IPO costs. Securing additional funding now is critical to maintaining the momentum we have built. We sincerely thank our existing investors for their support thus far. Qualifying investors who wish to participate in this round, please contact H2X or our lead manager, Barclay Pearce Capital (BPC). Your continued support is essential to enabling us to execute our strategy and lead the global shift to hydrogen-powered transportation.

Recognition

We were honoured to receive the 2024 AFR BOSS Most Innovative Companies Award in the “Property, Construction, and Transport” category, coinciding with World Hydrogen Day. This recognition is a testament to the innovative work behind the Warrego’s development and reinforces H2X’s position as a leader in the hydrogen vehicle market.

Additionally, I had the privilege of visiting Toyota’s hydrogen fuel cell facility in Japan with our Chair, James Walker. This visit strengthened our partnership with Toyota and underscored the crucial role their technology plays in advancing H2X’s vehicles.

Conclusion

2024 has been a transformative year for H2X, marked by strategic decisions, financial discipline, and tangible progress. Our foundation is strong, our vision is ambitious, and with your continued support, we are poised to lead the global transition to hydrogen-powered transportation.

Thank you for being part of this journey.

Warm regards,
Antony Tolfts
CEO, H2X Global Limited

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

 

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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.

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.

How Strategic Collaborations Drive H2X’s Growth

At H2X, we have recognised from the outset the multiplier effect of collaboration. When H2X technology and expertise align with the right mix of private and government partnerships, our ambitious goals of delivering world-leading hydrogen powered electric vehicles not only become possible but accelerated.

H2X’s strategic alliances with industry leaders across Australia, the Netherlands, Sweden, Norway, the United Kingdom, Spain, South Korea, and other countries have enabled us to transition into producing zero-emission vehicles far more quickly and at reduced costs than we could achieve on our own.

Investor and Government Networks

Barclay Pearce Capital have helped us establish a strong presence in the Australian investor community. Participation in events like the Australian Investment Summit in London, combined with support from Austrade, the Netherlands Enterprise Agency, Business Sweden, and Business Region Gothenburg, continue to amplify H2X’s voice on a global platform.

Technology and Business Partnerships

Our success is built on the strength of our products, made possible through strategic partnerships with technology leaders. Toyota, for example, is a key partner, providing not just fuel cells but also a shared vision for a sustainable future. Together, we are expanding the hydrogen electric market and pushing the boundaries of what is possible in zero emission transportation.

Advancing Engineering and Production

H2X’s strategic alignment with leading engineers in the Netherlands has been crucial, particularly in the development of our Hydrogen powered Warrego 4x4x and other 3.5 and 18-ton trucks, the Paroo and Yarra. This collaboration also underscores our micro-factory approach, focusing on low-volume production that scales as demand grows, enabling H2X to enter production faster and more cost-effectively.

Research Collaborations

Collaboration is at the heart of innovation. H2X proudly participates in groundbreaking research initiatives such as the “From Fossil to Electromobility (Ff2E)” project with the Swedish institute RISE. These partnerships provide platforms for sharing knowledge, fostering innovation, and achieving results that would be impossible without cooperation.

Developing New Platforms for the Future

Innovation is about preparing for the future. Through our collaboration with KTM Technologies in Austria, we have designed the next generation of hydrogen electric vehicles, focusing on sustainability from the ground up, with a hydrogen drivetrain and minimal environmental impact during production. Additionally, our manufacturing partnership with a leading South Korean hydrogen tank manufacturer ensures access to the highest quality components, further enhancing our technological edge.

Committed to a Collaborative Future

H2X is continually seeking new collaborations and partnerships to accelerate zero emission vehicles to the market. We recognise that adopting new technologies is a journey that requires both innovation and collaboration. This is why we place such high value on our strategic partnerships and remain committed to exploring new opportunities to drive progress.

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CEO’s Insight

“H2X’s vision for the future is clear, and our partnerships are the driving force behind it. By working together with our partners, we achieve what seemed impossible alone.” Antony Tolfts, Chief Executive Officer of H2X Global Limited.

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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.

• Vehicle Production at H2X Global

H2X Global is redefining the automotive landscape with a forward-thinking production strategy designed to capitalise on the opportunities presented by our scale-up phase. By embracing micro factories and retrofit solutions, H2X is charting a path that differentiates us from the constraints faced by traditional large-scale OEMs. Our commitment to agile, lower-volume production not only ensures a more direct and efficient path to market but also upholds the highest standards of safety and quality.

• Retrofit Strategy Accelerating Market Entry & Lower CapEx

One of our most compelling advantages lies in our retrofit strategy, which allows us to enhance existing vehicle platforms with cutting-edge hydrogen powertrains. This approach slashes both time to market and capital expenditure, with retrofit projects typically taking 8 months to 2 years—far quicker than the 4 to 9 years needed to develop a new vehicle from the ground up. The cost efficiency is equally impressive, with retrofit projects ranging from £2 million to £50 million, compared to the £500 million to £3 billion often required for new vehicle development.

This retrofit strategy not only accelerates our market entry but also provides the flexibility to meet specific customer requirements, enabling us to remain agile and responsive in a dynamic market. By having a current focus on retrofitting, H2X transforms prototype vehicles into commercial products at an unparalleled pace, ensuring we stay ahead of the market.

• Micro Factory Model The Future of Agile Manufacturing

Complementing our retrofit approach, H2X’s micro factory model represents a revolution in automotive production. Unlike traditional manufacturing plants, which demand significant investment and infrastructure, micro factories are designed for low-volume production and can be easily scaled or replicated across various locations. This model not only lowers the barrier to entry but also provides the flexibility needed to adapt to shifting market demands.

Our micro factories operate on three core pillars: teardown, build, and test. This lean and focused approach facilitates high levels of customisation, allowing us to tailor vehicles to the unique needs of our customers. Moreover, by prioritising manual processes over full automation, micro factories foster local job creation and skill development in high-tech manufacturing, further embedding H2X within the communities we serve.

The H2X Advantage

The sustainability benefits of our micro factory model extend beyond mere cost savings. These facilities require less land, fewer resources, and minimal utilities, making them an environmentally friendly option for vehicle production. As demand for our vehicles increases, we can seamlessly scale our operations by replicating micro factories in new locations, thereby aligning production capacity with market needs while minimising our environmental footprint.

• A Winning Strategy for Scale-Ups

At H2X Global, our innovative approach to low-volume production through retrofitting and micro factories is more than just a tactical decision—it is the current cornerstone of our growth strategy. These methods empower us to innovate without the constraints faced by larger OEMs, enabling us to adapt swiftly to market shifts and customer demands. As we continue to expand, our commitment to safety, sustainability, and innovation will ensure H2X Global remains a leader in the competitive automotive industry, delivering high-quality, road-legal vehicles that meet the evolving needs of our customers and the global market.

 

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Commercial Coming Soon

The Paroo

Sustainability in commercial transportation. The truck’s innovative design and H2X proprietary technology reflect the ingenuity and resourcefulness of the communities within the Paroo catchment, catering to a wide range of applications from last-mile delivery to medical transport.

 The Yarra

Named after the Yarra River in Victoria, one of the cleanest rivers flowing through a capital city, the Yarra truck symbolizes our commitment to clean and sustainable transport. Just as the river sustains its environment, the Yarra truck supports efficient and eco-friendly logistics.

 

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The Warrego 4WD Open to Pre-orders

Get yours today!

If you want to pre-order your Warrego click the order now link below to
provide your details and submit your interest.

We will be in touch with you as soon as possible.

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We are proud to highlight Amber Wright, H2X’s Marketing and Social Media Expert, whose exceptional is critical to advance H2X Global’s brand and market presence. With a proven track record of elevating over 150 brands across various industries, Amber brings a wealth of experience and strategic insight to H2X.

Amber’s expertise in marketing, coupled with her talent for transforming creative visions into measurable outcomes, has been integral to shaping H2X’s marketing. Her experience, spans: brand development, digital strategy, and creative execution, equips her with the vital skills needed as H2X continues its global expansion and solidifies its leadership in hydrogen-powered vehicles.

Amber’s Expertise and Achievements

• Marketing Leadership: Amber’s comprehensive knowledge across multiple marketing disciplines, including brand development, digital strategy, and creative execution, positions her as a key contributor to H2X’s emergence as a leader in sustainable transportation.
• Brand Growth: With a successful track record of marketing over 150 brands in industries ranging from beauty and fitness to automotive, Amber’s ability to navigate complex market dynamics aligns perfectly with H2X’s need for targeted, impactful marketing strategies.
• Digital and Print Marketing: Her extensive experience in managing digital campaigns and designing print materials ensures that H2X’s marketing efforts are both innovative and cohesive.
• Website Development and Social Media Mastery: Having developed 32 websites and crafted over 2,590 social media templates, Amber’s digital expertise is crucial in enhancing H2X’s online presence and engaging a global audience.
• Content Creation and Campaign Management: From producing high-quality content to managing 104 ad campaigns, Amber’s wide-ranging skill set supports H2X’s mission to revolutionize the transportation industry through effective communication.

 

The Right Fit for H2X

Amber’s deep expertise in brand growth and digital marketing makes her the ideal fit for H2X. As the company moves forward in its mission to deliver zero-emission vehicles, Amber’s expertise is to articulate our vision and deliver to our target audience.

Amber’s expertise is a driving force behind H2X’s growth. Her innovative approach and dedication to excellence are key components in our journey to redefine the future of transportation. We are proud to have her as part of our team, leading the way in marketing our vision of a sustainable tomorrow.

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Quotes

Amber Wright on Her Role at H2X: “I’m thrilled to bring my strategic marketing background to H2X, a company that’s not only pushing the boundaries of innovation but also making a real difference in the world. Working with a team dedicated to sustainable transportation is a unique and exciting opportunity. Together, we’re not just promoting a brand—we’re championing a movement towards a better, cleaner future.”

Antony Tolfts, CEO of H2X, comments on Amber’s contribution: “Amber’s ability to scale brands and execute strategies that resonate with diverse audiences is exactly what H2X needs as we strengthen our market presence. Her role at H2X is about more than just marketing; it’s about leading our brand into a future where sustainability and innovation are at the forefront.”

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About H2X Global Driven by the vision of our founders, H2X Global Limited designs and builds zero-emission hydrogen vehicles. Transitioning from prototype to production, we aim to get vehicles on the road efficiently, leveraging our integrated hydrogen management technology in collaboration with established vehicle manufacturers.

Market-Ready Innovation The opening for pre-orders of the Warrego marks a significant step forward for H2X as we move from concept to production. This milestone demonstrates our commitment to delivering on our promises and advancing the hydrogen mobility revolution.

Contact Information For more information, please contact: [email protected]

 

Michelle Reynolds, Chief Financial Officer at H2X Global Limited

Michelle Reynolds is a seasoned finance professional with over 18 years of experience in financial services, property, construction, and transportation. As the Chief Financial Officer at H2X Global Limited, Michelle’s strategic financial acumen and leadership skills are integral to supporting the company’s growth and innovation in hydrogen technology.

H2X Global Limited is undergoing a significant transformation. Following the groundbreaking launch of the world’s first hydrogen-powered 4×4, the Warrego, the company is now shifting from prototype development to full-scale production. With bold plans to scale up and delve into larger commercial vehicles, H2X is concentrating on retrofitting existing vehicle platforms to minimize capital expenditure and accelerate market entry. Michelle’s vast experience in scaling companies, from start-up’s to established enterprises, aligns seamlessly with H2X’s strategic goals in the hydrogen vehicle industry.

Education: Certified Practicing Accountant (CPA Australia), Bachelor of Commerce – Accounting Major

Career Highlights/Experience

Rail First Asset Management: Head of Finance, Michelle led the finance team, streamlining financial activities and consolidating business structures to support scalability. Her strategic oversight ensured alignment with private equity goals, directly contributing to increased profitability and operational efficiency. This experience honed her ability to drive financial strategies that support growth and sustainability.

Rawson Group: Finance Manager, Michelle played a crucial role in transforming the company from a family-run business into a well-structured, medium-sized corporation. Her leadership in financial planning and corporate governance facilitated significant transactions, including a $200 million development project and the acquisition by Daiwa House Industries. She managed a team of over ten staff and was instrumental in enhancing financial stability and supporting long-term growth initiatives.

Suncorp: Senior Leader in Operations, Michelle managed a diverse team, handling treaties, claims, and compliance to demonstrate her ability to support company growth through effective risk management.

Vision and Expertise

Michelle’s extensive experience in finance and operations, combined with her strong leadership skills, positions her as a key driver of H2X’s growth. Her ability to manage challenging situations and communicate effectively with executives and board members ensures the company’s financial health and strategic advancement.

Personal Interests

Outside of her professional life, Michelle enjoys spending time with her family and is passionate about fitness and outdoor activities. Her diverse interests reflect her dynamic personality and dedication to both personal and professional excellence.

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Quotes

Michelle Reynolds: ” At H2X, I am excited to bring my diverse experience to the table, driving financial strategies that align with our innovative goals, I am committed to enhancing our financial health and supporting our ambitious growth plans.

Working with a team that is dedicated to pioneering sustainable transportation solutions is truly a privilege. Together, we are pushing the boundaries of innovation and sustainability, creating a positive impact on the environment and paving the way for the future of transportation.”

Antony Tolfts, H2X CEO: “Michelle’s comprehensive experience and strategic insight are crucial to H2X’s success. Her financial leadership ensures our focus on remaining financially robust and capable of achieving our ambitious goals.”

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About H2X Global Driven by the vision of our founders, H2X Global Limited designs and builds zero-emission hydrogen vehicles. Transitioning from prototype to production, we aim to get vehicles on the road efficiently, leveraging our integrated hydrogen management technology in collaboration with established vehicle manufacturers.

Market-Ready Innovation The opening for pre-orders of the Warrego marks a significant step forward for H2X as we move from concept to production. This milestone demonstrates our commitment to delivering on our promises and advancing the hydrogen mobility revolution.

Contact Information For more information, please contact: [email protected]

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

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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.

Magnus Olsson, Director of R&D & Collaboration at H2X Global Limited

Magnus Olsson is a seasoned professional with a diverse background, bringing extensive experience and innovative thinking to his role as Director of R&D & Collaboration at H2X Global Limited. His career journey spans various leadership positions in the automotive industry, consultancy, and research sectors, making him a valuable asset to H2X.

Career Highlights

Early Career and Education:

• Education: Magnus holds a Master of Science degree in Industrial Design Engineering from Luleå University of Technology and a military degree from the Swedish Armed Forces.
• Saab Automobile AB: Starting his career in 1995, Magnus held various leadership roles at Saab, GM Europe, and the GM Group. His responsibilities ranged from managing research collaborations to leading the Driver Ergonomics organization and initiating Saab’s first BEV project.

Notable Contributions to the Automotive Industry:

• Saab and GM: Magnus managed research collaborations, led the Driver Ergonomics organization, and co-started the Saab Innovation Center. He played a pivotal role in Saab’s first official BEV project.
• RISE: As Business Area Manager for Transport-related business, Magnus contributed significantly to the global transition from fossil fuels to environmentally friendly transport sectors.
• AFRY: At AFRY, he established a new team of software developers, led Nordic Way 3, and coordinated major projects such as the EU project Hi-Drive.

Current Role at H2X: Since joining H2X in September 2022, Magnus has been instrumental in leading R&D and collaboration efforts. Based in Sweden, he is responsible for strategic tender submissions, research applications, and managing technical projects with partners. His role also involves global design and production coordination, business strategy development, and fostering customer and supplier relationships.

Vision and Expertise

Magnus’s extensive expertise in automotive technology, organizational structures, and competence building, combined with his strong management and leadership skills, positions him as a driving force behind H2X’s innovation and growth. His dedication to advancing hydrogen fuel cell technology and sustainable transportation solutions aligns perfectly with H2X’s mission.

Personal Interests

Outside of his professional life, Magnus enjoys spending time with his family at their summer house on the Swedish West coast. A passionate sports enthusiast, he engages in activities such as volleyball, football, cross-country skiing, running, sailing, and golf.

 

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Quotes

From Magnus Olsson: “ Collaboration is at the heart of everything we do, enabling us to achieve extraordinary milestones, at H2X I am surrounded by a team that shares my passion for innovation and sustainability. Together, we are making a real impact in the automotive industry.“

From Antony Tolfts, H2X CEO: “Magnus’s comprehensive experience and commitment to sustainable transport solutions are invaluable to H2X. His leadership in R&D and collaboration efforts ensures we stay at the forefront of hydrogen technology advancements.”

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About H2X Global Driven by the vision of our founders, H2X Global Limited designs and builds zero-emission hydrogen vehicles. Transitioning from prototype to production, we aim to get vehicles on the road efficiently, leveraging our integrated hydrogen management technology in collaboration with established vehicle manufacturers.

Market-Ready Innovation The opening for pre-orders of the Warrego marks a significant step forward for H2X as we move from concept to production. This milestone demonstrates our commitment to delivering on our promises and advancing the hydrogen mobility revolution.

Contact Information For more information, please contact: [email protected]

Ian Thompson, our Chief Technology Officer, brings over three decades of unparalleled experience and innovation in the automotive industry to H2X Global Limited. His career has been marked by significant contributions to vehicle design, development, and cutting-edge technology, positioning him as a leading figure in the field.

Career Highlights:

• Lotus and Opel: Ian’s illustrious journey began with pivotal roles in projects like the Opel Speedster, Elise 2, and Aston Martin Vanquish. His expertise in developing exterior body panels and interiors has set new standards in both aesthetic and functional design.
  
• Tesla Roadster: Ian’s design and retrofitting work on the first 1,300+ Tesla Roadsters solidified his reputation as a pioneer in electric vehicle technology.
  
• Volvo Trucks USA: As Lead Design Engineer for the VN2000 Series class 8 trucks, Ian’s influence extended across the USA, South America, and Australian markets, showcasing his versatility in managing diverse automotive projects.
  
• Maserati and Alfa Romeo: At Maserati, Ian led interior design and engineering for the Alfa Romeo Giulia, Stelvio, and Maserati Levante. He later advanced to Head of Innovation and Benchmarking, driving technological advancements for both brands.
  
• Karma Automotive: Ian managed the design and engineering of interiors for the Karma Revero GT, GS 6, and GS e6, reinforcing his expertise in luxury and electric vehicles.
  

• Grove Hydrogen FCEV China: As Chief Engineer, Ian oversaw the complete vehicle engineering design and development of all FCEV models, leading innovation and new technology initiatives.

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Current Role at H2X:

Since joining H2X in June 2020, Ian has been instrumental in leading the engineering team for the H2X Warrego. His responsibilities include directing vehicle development, prototype creation, and production facilities. Ian ensures full vehicle compliance and type approval for global markets, develops the technology roadmap, and fosters strategic business and technology relationships aligned with H2X’s goals.

Vision and Expertise:

Ian’s dedication to the automotive industry is reflected in his relentless pursuit of innovation and excellence. His comprehensive expertise spans full vehicle design, development, production, type approval, intellectual property, and innovation. Under Ian’s leadership, H2X is poised to revolutionize the automotive industry with sustainable and advanced hydrogen fuel cell technology.

Quote from Ian: “I have been very lucky in my career to work on some great products and in some great companies with great talented people. My main drive is to push the boundaries of technology and support the move to sustainable and environmentally friendly vehicles. When you enjoy what you do then your job never feels just like work it becomes part of you, the biggest high for me is getting to see what I have worked on out in the market with customers”

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About H2X Global:

Driven by the vision of our founders, H2X Global Limited has designed and built an exceptional range of products that offer best-in-class, zero-emission hydrogen vehicles to our customers. As we transition from prototype to production, our aim is to efficiently get vehicles on the road, leveraging our integrated hydrogen management technology in collaboration with established vehicle manufacturers.

Market-Ready Innovation:

The opening for pre-orders of the Warrego marks a significant step forward for H2X as we move from concept to production. This milestone demonstrates our commitment to delivering on our promises and advancing the hydrogen mobility revolution.

For more information, please contact: [email protected]