Dear H2X Shareholder,

It has been one year since I joined H2X Global as your CEO, and recent developments reaffirm the strong potential of your business, and while the path to our IPO is clear, securing the necessary funding is a vital next step to capitalise on the momentum we have created.

Over the past year, your company has made significant strides, refining our focus on the European retrofit market and achieving important financial improvements. These strategic moves have created a solid platform to profitability and demonstrated ability to scale our hydrogen-powered solutions efficiently. The current funding round will be pivotal in accelerating this progress and unlocking the full potential of our upcoming projects, including our long-term “hero” vehicle, the Paroo Hydrogen Fuel Cell Light Truck.

The Paroo Light Truck: Our Hero Vehicle

While the Warrego, the world’s only available hydrogen-powered 4×4, marked our proof of concept, the Paroo 3.5-Tonne Hydrogen Fuel Cell Light Truck is poised to become a cornerstone of our longer-term product lineup. It will showcase the versatility of our modular technology and fuel cell (FC) systems. The donor vehicle’s “Retrofit Ready” design, arriving without an engine, transmission, or fuel system—allows us to seamlessly integrate our hydrogen powertrain, bringing H2X closer to producing fully proprietary vehicles.

This current funding round will enable us to begin production and delivery of the first Paroo vehicle, marking a significant milestone as we extend our hydrogen solutions to new vehicle models and classes.

Warrego Progress and Certification: Overcoming Challenges

We fully acknowledge the Warrego, our flagship hydrogen-powered 4×4, has experienced delays in its completion. Despite these challenges, we remain committed to delivering to customers, starting with Renova.

These delays are exacerbated by operational funding constraints, impacting our ability to complete certification and delivery. This is not a capability issue—it is a capital issue; our biggest challenges are not due to an inability to execute and engineering but rather a lack of capital to fund the next steps.

Operational Efficiency: A Platform Ready for Scale

The financial year 2024 saw a significant reduction in operational expenses—down over 60%. This reflects our commitment to streamlining costs and making H2X a lean, capital-efficient operation. Moreover, our current forecast to June 2025 (unaudited) projects a further 52% reduction in operational expenses compared to FY24. The business is now operationally efficient, and the platform is ready. We have built a strong foundation that allows us to scale as soon as the required capital is secured.

Strategic Transition and Leadership Update

As we continue our transition towards becoming a listed company, I would like to acknowledge the contributions of John Forder, Non-Executive Director, who has decided this is the right time to step down and focus on other executive commitments. John has been a valued member of the H2X Board since the end of 2021 and remains a supportive and committed shareholder. We deeply appreciate his leadership and the instrumental role he played in helping H2X refine its strategy.

The Role of Funding in Driving Growth

The next phase of our growth is within reach, but closing this funding round is essential to delivering on our current projects and achieving key operational milestones. The capital raised will allow us to:

• Complete certification and delivery of the first Warrego
• Begin production and first deliveries of the Paroo
• Move forward with substantial tenders already secured
• Cover initial IPO costs

We want to be clear with our shareholders: operational delays are now directly tied to a lack of funding. The reality is that our technical and operational platform is ready, but we need capital to complete our projects and accelerate towards profitability.

I would like to extend my sincere thanks to those investors who have already participated in this funding round. Your support is critical to our success, and we are excited about the progress we are making together. For those who have not yet taken part, the offer remains open, and I encourage you to contact our corporate advisor, Barclay Pearce Capital (BPC), or reach out to me directly.

Government Support and Strategic Restructuring

Alongside our fundraising efforts, we continue to work closely with the Australian Government to secure R&D rebates that will further strengthen our financial position. Our focus on retrofitting vehicles in Europe has proven to be a sound strategy, allowing us to deliver zero-emission solutions efficiently while reducing costs.

This strategic restructuring, combined with government support, positions H2X to accelerate towards profitability.

Looking Ahead: A Bright Future for your company

In closing, I remain extremely optimistic about the future of H2X. We have laid a solid foundation for growth and innovation, and with your continued support, we are on the verge of delivering on our vision for hydrogen-powered transportation.

Securing this funding will allow us to:

• Complete our current vehicle orders
• Commence production of the Paroo truck
• Drive the next wave of clean energy solutions

Thank you once again for your ongoing support. I look forward to keeping you updated on our progress as we work towards achieving our shared goals.

Sincerely,

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.

H2X CEO Letter 10:

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, 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.

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, 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.

H2X Global Supports Estonian Solaride Team in the Bridgestone World Solar Challenge Across Australia

H2X Global is pleased to announce our strategic support for the Solaride team from Estonia as they participate in the 2024/2025 Bridgestone World Solar Challenge across Australia. As the solar-powered vehicle competes across Australia from Darwin to Adelaide, H2X is proud to provide essential support vehicles, backing a team that exemplifies innovation and the drive for sustainable transportation.

As an Australian automotive company, H2X Global is committed to supporting initiatives that align with our mission of advancing non-fossil fuel transportation and harnessing the vast potential of renewable energy. Our collaboration with Solaride underscores this shared vision and our dedication to pioneering zero emission transport solutions.

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At H2X Global, we are inspired by projects that challenge conventional technologies and foster a passion for engineering in the next generation. As a Bronze Sponsor of the Solaride team, we view this partnership not just as a sponsorship, but as an investment in the future of engineering and clean transport. Solaride’s commitment to addressing the decline in engineering interest by providing students with high-tech skills and hands-on experience is a cause we wholeheartedly support. Through this collaboration, we aim to bridge nations and cultures, inspiring young engineers to lead the future of sustainable transportation innovation.

Our CEO, Antony Tolfts, stated, “Supporting the Solaride 2024/2025 project is an opportunity to inspire the next generation of engineers. We’re passionate about nurturing young talent and supporting their ambitions to create sustainable and eco-friendly transport solutions. We look forward to welcoming future innovators from initiatives like Solaride into the H2X Global family.”

For over 30 years, the Bridgestone World Solar Challenge has united the brightest minds globally to advance technological innovation. As a leader in hydrogen-electric vehicles, H2X is proud to contribute to the journey towards a cleaner and more sustainable future.

We invite you to stay updated as we follow Solaride’s progress through the Australian outback. Together, let’s celebrate the innovation and determination that will shape the future of global transportation.

For more on Solaride: https://solaride.ee/

#Solaride #BridgestoneWorldSolarChallenge #CleanTransport #Sustainability

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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.

Dear Shareholders, Investors, Colleagues, Customers, and Partners,

Opening of Rights Issue

This week, H2X Global launched a rights issue to raise up to AUD $5.3 million. This raise is an important part of our strategic plan to complete production of our next wave of vehicles: the second Warrego, the first Paroo, and two Yarra 18-tonne trucks. In addition, these funds will support our associated IPO costs.

We appreciate the trust and confidence our shareholders have placed in H2X. By commencing this round with a rights issue, we are intentionally prioritising our existing shareholders before considering any shortfall placements. We encourage shareholders to consider this investment opportunity.

To provide further insights into our plans and answer any questions, we would like to invite you to an investor update at 1 pm (Sydney time) on Friday, 6 September 2024. Please email Michelle Reynolds at [email protected] for the call details.

For more detailed information on the rights issue, please refer to the offer material and consult with your financial adviser.

Delivering on Our Promises

Our previous capital raise enabled H2X to build the first production Warrego, the world’s only available hydrogen-powered 4×4. This vehicle is now in the final stages of roadworthy accreditation with the Netherlands Vehicle Authority (RDW) and we anticipate delivery to Renova this month.

The current capital raise is designed to fund the retrofit of the remaining vehicles under our initial contract with Renova. The donor vehicles are ready and, subject to funding, we aim to accelerate production by retrofitting vehicles in parallel. We want to have all three of H2X’s current models on the road by the end of this calendar year.

Preparing for the Future

Another significant portion of the funds raised will be allocated to cover associated IPO costs. Listing on a global exchange would further strengthen our financial foundation and allow our ordering inventory in more economic order quantities, ultimately increasing gross margin. Additionally, H2X’s meeting the rigorous disclosure and governance requirements of a listed company would serve as a quality stamp on the H2X brand in the eyes of potential customers.

Over the past seven months, the board and I have been diligently preparing H2X to operate as a publicly listed company. We have implemented governance practices and strengthened our corporate culture to align with the standards expected of a listed company.

Our commitment to transparency and communication was demonstrated at our last AGM, and we are dedicated to maintaining this standard in our investor relations. The next AGM pack, which will include our audited financials up to 30 June 2024, is scheduled for distribution later this month. H2X Global’s third AGM, expected to be held next month, will provide an important platform for shareholders to engage with our vision. I encourage all shareholders to participate, either by attending or voting—I look forward to welcoming you to this meeting.

Looking Ahead

To further enhance our strategic positioning, we are considering the addition of a new board member with European automotive experience, we will keep shareholders informed about our progress.

Closing Remarks

I would like to continue to express my gratitude for our investor support and trust as we develop H2X into a global leader in hydrogen-powered transportation.

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.

• 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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At H2X Global Limited, we’re proud to expand our zero-emission vehicle lineup with the Yarra, our latest innovation in hydrogen fuel cell electric vehicles (FCEVs). Building on the success of the Warrego 4×4 and our light trucks, the Yarra series marks our entry into the heavier weight classes, offering a range of models from 16T to 44T.

Versatility and Reliability for Professional Mobility

The Yarra is designed for the professional mobility market, excelling in applications where vehicles need to operate for long durations with minimal downtime. Ideal for heavy-duty tasks like garbage collection and cement transportation, the Yarra handles stop/start usage efficiently, thanks to our advanced energy recapture technology. This makes the Yarra not only a powerful and reliable option but also a highly efficient one.

Flexible Production and Retrofit Options

The Yarra can be produced from new glider chassis or retrofitted from existing vehicles. Our flexible approach allows us to customize each truck to meet specific operational needs, providing significant benefits over traditional internal combustion engine (ICE) vehicles and battery electric vehicles (BEVs).

Superior Performance Metrics

The H2X system is designed for scalability, allowing us to meet varying power and range requirements. By combining multiple fuel cell units, we can provide the necessary power for larger heavy vehicles while maintaining a lighter weight compared to BEV setups.

Key Advantages

• Zero Emissions: Environmentally friendly, with the only byproduct being water.
• Fast Refuelling: Hydrogen fuel cells enable quick refuelling, ensuring minimal downtime.
• Operational Efficiency: Comparable weight to ICE vehicles, allowing for similar load capacities and operational times.

The Yarra: Named for Sustainability

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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Why Choose the Yarra?

The Yarra offers a compelling alternative to traditional heavy-duty vehicles. With its lower carbon footprint, cost-effective production, and superior operational efficiency, the Yarra is an attractive choice for businesses looking to transition to sustainable transportation solutions.

Discover the Future of Heavy Transport with H2X

Explore the Yarra and other innovative hydrogen vehicles on the H2X website and join us in the zero-emission mobility revolution. For more information and to get in touch, visit www.h2xglobal.com.

 

H2X Global Announces Strategic Leadership Transition

H2X Global is announcing that Brendan Scott Norman has decided to resign from his position on the Board of Directors. While this was a difficult decision, it comes at a pivotal moment as the company restructures ahead of an anticipated IPO on a global exchange. Brendan will remain a major shareholder and a committed supporter of H2X, continuing to champion the company’s vision and mission.

Brendan expressed his sentiments about the decision:
“The decision to move on was difficult, but it was the right time as the company restructures ahead of an expected IPO on a global exchange. In moving on from H2X, I am happy much important work has already been completed in setting up the business and getting it moving. I would like to thank the Board and shareholders for their continued support.”

James Walker, Chair of H2X Global, commented:
“We understand and respect Brendan’s decision to resign. On behalf of the Board, we sincerely wish him all the best for the future.”
Brendan has already commenced his handover, ensuring a smooth transition. Antony Tolfts, H2X CEO, will cover Brendan’s Board position on an interim basis until the right board member can be appointed ahead of the IPO.

Brendan Norman’s legacy at H2X includes significant contributions to the company’s strategic direction and development. His automotive background, with experience at BMW, VW, and Audi in Australia and Asia, has been invaluable.

Reflecting on his journey, Brendan shared:
” I started with BMW in Australia and then moved into Asia with BMW, Audi, and Volkswagen. I was working in Asia for a long time, including Japan, Korea, Southeast Asia, Singapore, China, and later Europe. My experience with hydrogen vehicles goes back to 2008, working as an advisor and setting up another hydrogen company. The development group I’ve been part of has put several thousand hydrogen vehicles on the road in China, specializing in buses and trucks. This background has given H2X a great foundation in hydrogen fuel cell technology.”

Antony Tolfts, H2X CEO, stated:
“Brendan’s departure marks a significant moment for H2X. His dedication and vision have been instrumental in bringing the company to where it is today. We are now well-positioned to focus on our core business activities and drive sustainable revenue and growth. I would like to express my gratitude to Brendan for his contributions and look forward to continuing the journey with the support of our shareholders and board.”

H2X Board and Management have always seen public markets as the best pathway to maximising shareholder value and providing access to deep pools of capital. Becoming a listed company will not only provide additional capital but also affirm H2X’s robustness and long-term viability, demonstrating our capacity to handle rigorous disclosure and scrutiny.

H2X Global remains committed to its mission of developing and deploying Hydrogen Fuel Cell Electric Vehicles (FCEVs) for “back to base” logistic vehicle fleets, including Buses, Trucks, Delivery Vans, and Taxis. Our focus on zero-emission vehicles and quick refuelling technology positions us at the forefront of the hydrogen mobility revolution.
For more information, please contact: [email protected]

Sincerely,

Antony Tolfts 

CEO, H2X Global

Media Contact: [email protected] 

 

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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 and a proprietary battery-free power system, H2X drives the future.

H2X – Improve Earth.

 

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About Antony Tolfts 

Antony Tolfts recently joined H2X Global as CEO, bringing extensive experience from his previous role as CEO of Blu Horseshoe, where he developed a digital capital raising platform. His background includes senior roles at the Sydney Stock Exchange, overseeing Listing, Market Operations, and Admission & Compliance. Antony holds an MBA in Corporate Finance and a BCom, along with certifications as a Project Management Professional (PMP). He also serves on the board of the UCT Trust Australia.

Antony is dedicated to sustainable business practices and has driven significant environmental, social, and governance (ESG) initiatives. At the Sydney Stock Exchange, he was instrumental in establishing the world’s first ESG board for qualifying companies and played a key role in the bid to establish an Australian Carbon Exchange. He partnered with the United Nations on projects such as the “Ring the Bell” campaign for gender equality and the Sustainable Stock Exchanges Initiative. Antony has also contributed to important publications, including the UN’s paper on advancing gender equality through exchanges.

Additionally, Antony won Computershare’s inaugural Green Oscar competition, enhancing productivity, reducing costs, and maintaining audit support. His diverse experiences and commitment to ESG principles continue to drive positive change in the corporate world.

Dear Investors, Colleagues, Customers, and Partners,

As I reflect on my first three months as your CEO, I am pleased to report the significant progress H2X Global has made through our refocused strategy of accelerating vehicles to market via the more cost-effective and faster retrofit approach. With every day, I am more confident H2X Global will become a successful hydrogen-powered vehicle manufacturer, contributing to the decarbonization of commercial transport.

Recent Capital Raise 

In my previous CEO letter, I highlighted our capital-raising efforts to advance the production of the world’s first hydrogen-powered 4×4, the Warrego. I am delighted to confirm that the H2X Offer, led by Barclay Pearce Capital (BPC) was oversubscribed. We are grateful to our new and returning investors for your trust and support. This funding ensures we have the necessary resources to complete the Warrego build and obtain roadworthy accreditation for the European and the UK markets.

Focused Operations

To enhance our operational efficiencies, we have decided to concentrate our immediate efforts on our Dutch facility, which continues to be a hub of activity. In April, we welcomed the Toyota Global Fuel Cell team on site, followed by a visit from Jack Colreavy of BPC in May. In June, Renova will tour our facility to observe their vehicles in production. In July, I will be onsite to oversee the Warrego’s accreditation process for European and UK roads.

The Australian Investment Summit

In an effort to gain exposure to new investors, H2X Global will join a group of Australian companies at the Australian Investment Summit (AIS) in London during the second week of July 2024. Hosted by BPC in partnership with the London Stock Exchange (LSE), this summit will showcase selected Australian companies in the renewable energy, mining, and technology sectors. By participating in the AIS, H2X will have a platform to engage with investors, stock exchanges, brokers, and other stakeholders, offering valuable insights.

Your Board and Management of H2X Global have always seen public markets as the best pathway to maximising shareholder value and providing access to deep pools of capital. Becoming a listed company will not only provide additional capital but also affirm H2X’s robustness and long-term viability, demonstrating our capacity to handle rigorous disclosure and scrutiny. The timing of the AIS coincides with an important period for H2X, including a major tender with a UK State-Owned Enterprise, the completion of the Warrego build, and the commencement of road accreditation for Europe and the UK.

Strengthening Investor Communication 

Transparent and open communication with our stakeholders is a fundamental priority for H2X Global. Our FY2023 materials are finalised, and I look forward to engaging with our investors at our AGM on 27 June 2024. Following our recent investor update webinar, we plan to host another session just before our AGM to discuss our strategic direction and progress. 

We are also eagerly anticipating the results of several European State-Owned Enterprise tenders, with the first major tender outcomes expected at the end of May 2024. Success in any of these tenders would be a significant milestone for the H2X Global team especially as we ramp up production activities to create economies of scale to maximise margins and profitability.

Additionally, we have enhanced our website, www.h2xglobal.com, to better reflect our focused strategy, resulting in improved online engagement. Our website now operates approximately 50% faster thanks to a new hosting service. I encourage you to visit our updated website and share your feedback.

The Australian Federal Budget for 2023-24 includes significant investments in the hydrogen sector, underscoring the government’s commitment to renewable energy. Notably, the $2 billion Hydrogen Head start program aims to accelerate renewable hydrogen production. We are collaborating with RSM Australia to provide a detailed analysis of the 2024 Australian budget and its implications for the hydrogen industry. Look out for this review soon.

 Thank you again for your continued support and engagement. 

 

Sincerely,

Antony Tolfts 

CEO, H2X Global

Media Contact: [email protected] 

 

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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 and a proprietary battery-free power system, H2X drives the future.

H2X – Improve Earth.

 

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About Antony Tolfts 

Antony Tolfts recently joined H2X Global as CEO, bringing extensive experience from his previous role as CEO of Blu Horseshoe, where he developed a digital capital raising platform. His background includes senior roles at the Sydney Stock Exchange, overseeing Listing, Market Operations, and Admission & Compliance. Antony holds an MBA in Corporate Finance and a BCom, along with certifications as a Project Management Professional (PMP). He also serves on the board of the UCT Trust Australia.

Antony is dedicated to sustainable business practices and has driven significant environmental, social, and governance (ESG) initiatives. At the Sydney Stock Exchange, he was instrumental in establishing the world’s first ESG board for qualifying companies and played a key role in the bid to establish an Australian Carbon Exchange. He partnered with the United Nations on projects such as the “Ring the Bell” campaign for gender equality and the Sustainable Stock Exchanges Initiative. Antony has also contributed to important publications, including the UN’s paper on advancing gender equality through exchanges.

Additionally, Antony won Computershare’s inaugural Green Oscar competition, enhancing productivity, reducing costs, and maintaining audit support. His diverse experiences and commitment to ESG principles continue to drive positive change in the corporate world.