Hydrogen car manufacturer H2X Global ‘stepping on the gas’ with eyes set on IPO

One of Australia’s leading hydrogen fuel cell vehicle manufacturers, H2X Global (H2X), is gearing up for a stellar year with the launch of its extended-range hydrogen-powered Warrego ute during the next quarter.

Securing more than $50 million in pre-orders from enthusiastic early adopters, the Warrego can drive 750 kilometres before needing to refuel its 220KW motor, can reach speeds of 150kph, and accelerates to 100kph in eight seconds.

Demonstrating that ‘clean fuel cells’, H2X recently expanded its operations in Scandinavia after signing an agreement with one of Sweden’s major municipal waste companies Renova.

The Sydney-headquartered company will provide hydrogen fuel cell-powered trucks and light vehicles to the city of Gothenburg, in a deal that H2X believes will pave the way for it to develop and produce vehicles for the wider Scandinavian transport industry in the future.

“It’s a really good deal; it provides us with a starting point to build a couple of vehicles for their garbage facilities, but it also introduces us to a lot of different activities that we’ll do with them,” founding team leader and CEO Brendan Norman tells Business News Australia.

“They’ve got quite a large fleet of vehicles behind them, and there are more than 500 vehicles, so it’s a matter of us doing the job properly and making the right sort of relationship with them, so we can then go ahead and invest in growing that business very strongly.

“Our team has worked on some garbage trucks on behalf of other companies before; however, this one is on a different power level than the previous. But if we increase the power levels, that’ll give us a great opportunity to show what we can do and then really push forward to see what can happen when we do these jobs.”

H2X will provide Renova with five commercial vehicles from the H2X range, including an 18-tonne back loader truck, a 28-tonne demountable truck and three 3.5-tonne tail-lift vehicles.

With manufacturing bases in Australia, India, Malaysia, and Scandinavia, the business is quickly moving towards its target of entrenching itself within 12 to 15 cities, where it can bed down and provide an appropriate after-sales environment for the first 24 months.

“The growing interest in hydrogen fuel cell technology in Europe has accelerated as the need to find alternatives to natural gas and oil increase with tensions in Europe’s north,” H2X chief design officer Chris Reitz said.

“We know that all of Europe is watching how Sweden and its neighbours adopt renewables, and we are very grateful to be included in the planning at this early stage.

“Our unique competence combining both a scalable hydrogen powertrain solution with internal Automotive knowledge enables us to tailor hydrogen-powered vehicles to the needs and specifications of our customers.”

H2X / Renova zero-emissions truck powered by hydrogen.


Registered as a business in Australia in 2021, H2X is the culmination of CEO Brendan Norman’s journey in car manufacturing to date, an industry he has worked in since the early 1990s.

Having previously held senior management roles within the automotive industry at BMW, Volkswagen and Audi, which took him to countries including Australia, Japan, South Korea, Singapore, Saudi Arabia and China, Norman’s introduction to the hydrogen industry came after he was approached to act in an advisory capacity for UK hydrogen-powered fuel cell electric car manufacturer Riversimple in 2009.

After assisting with Riversimple’s launch in 2016, Norman and his business partner Chris Reitz were approached by Chinese investors to set up a fuel cell car company, known as Grove Hydrogen Automotive (Grove), in Wuhan in 2016.

Following the successful launch of Grove, the business faltered following the economic crisis in Wuhan in 2019. At that point, Norman and Reitz left to establish a more international and sustainable hydrogen focused vehicle company in Australia.

Initially raising $10 million in capital funding through long-held contacts, Norman’s design-focused business amalgamated with a separate group that were long time acquaintances but independently working on powertrains.

Once it was established that the vehicle designs fit with the powertrain and the idea worked well as a concept for what the company was trying to achieve in Australia, the two ideas were merged within a short space of time.

H2X has two key operating divisions; one is designing and delivering the powertrain systems to heavy equipment and stationary power applications; the second develops and delivers multiple light equipment vehicles using a proprietary H2X fuel cell and powertrain system.

“When we refer to hydrogen, we’re talking about the tanks that store the hydrogen – so the energy is within the hydrogen in those tanks,” Norman told Business News Australia in 2020.

“The hydrogen is then passed into a fuel cell; the fuel cell then converts the hydrogen into electric energy. A little bit of water will come out, but the electric energy is passed either directly to the motors or into a battery or supercapacitor, depending on the vehicle’s operation mode.

“If it’s accelerating, we generally use electric power from the battery plus the fuel cell power directly; when it’s cruising, we tend to use the fuel cell so that it will do different sorts of things at different times.”

Sitting behind operational teams dispersed across the globe is a development team of 30 people. The sales and design activities are mainly carried out in Barcelona, with more than 100 people now working for the company and more to come onboard soon as the business continues to scale.

‘We have a whole team that can develop cars, and that’s part of the core of what makes us a little bit different to some of our competitors, in that we are a car company and then we’ve bought in a team who can do the development of the vehicles,” Norman said.

“It’s turned out to be quite a good approach because we’ve got a team who can provide us with the background. We’re doing things differently from most other car companies – we’re using a different sort of approach in the way we’re putting chassis together, for example.

Focused on absolute sustainability, H2X concentrates on harnessing the most efficient and effective technologies, with the onus on capturing free and renewable energy sources.

Working with hydrogen infrastructure providers and commercial operators to establish cost-effective ecosystems from the start, the automotive and power unit company specialises in medium distance (300-600km) vehicles that are efficient to run.

H2X CEO Brendan Norman.

EV versus Hydrogen

“There’s one big difference between hydrogen and electric cars, and that is that hydrogen vehicles can turn up, refuel and leave within three minutes, so it is a completely different ballgame in terms of the distribution we can have,” Norman explained when asked about advantages of hydrogen-powered vehicles in 2020.

“You can see that Shell, and these types of companies, are getting into the hydrogen story because it’s an extension of their business model into the future and very convenient for people. As well as their petrol products, they can offer hydrogen products, which means there’s no need to have different heavy infrastructures put in place for vehicles overnight.”

Norman foresees that on a typical day, a hydrogen delivery van, or taxi, would be used for a six-hour shift before refuelling, which could be completed within three minutes. The vehicle could then be put back on the road with a driver change, essentially for permanent use.

“There’s one big difference between hydrogen and electric cars, and that is that hydrogen vehicles can turn up, refuel and leave within three minutes, so it is a completely different ballgame in terms of the distribution we can have,” Norman explained when asked about advantages of hydrogen-powered vehicles in 2020.

H2X’s The Van Darling.

In October 2021, H2X announced plans to build hydrogen fuel cell electric vehicles in Gippsland, Victoria, which will be their second facility after initially setting up in Port Kembla in New South Wales.

Under the agreement with the Gippsland Circular Economy Precinct (GCEP), a consortium of businesses that recognise the need to transition the local economy from brown coal power generation to renewables, H2X will manufacture hydrogen fuel cells, electrolysers, hydrogen fuel cell-powered vehicles and a range of hydrogen power units including generators and emergency power supplies in the region.

Outside of Australia, the business is targeting the growing hydrogen fuel cell transport markets in the emerging key regions of China, North America, Europe, North Asia and Scandinavia.

The business’ initial focus turned very heavily towards the southern part of Europe, where initially, there was a lot of swift movement. When that interest faded, H2X pulled back and pivoted towards India, Malaysia, and Scandinavia.

Norman acknowledges there’s less interest from a media lens perspective in these geographic areas, but they offer the business a perfect breeding ground to entirely focus on the product.

H2X’s The Taxi MPV Darling.


H2X signed a preferred supplier agreement with Pure Hydrogen (ASX: PH2) in 2021, with Pure Hydrogen now being the preferred supplier of hydrogen to H2X. As part of the agreement, Pure Hydrogen became the largest shareholder in H2X earlier this year with a 24 per cent stake, which could increase to 48 per cent if the attached share options are exercised.

PH2 shares alone have more than doubled since the deal was announced in October.

Building on their success since founding H2X, Norman and Reitz were invited to share their innovations at the COP26 UN Climate Change Conference in Glasgow last year.

“We were able to introduce what we were doing to different people and talk to what was really an amazing group of people because they’re from all sorts of different walks of life, saying all sorts of different things,” Norman said.

“When we’re able to talk to them about where we are and what we’re doing, I think it surprised a few people in terms of how deeply we’ve been looking at it, from the point of view of the car industry, which is quite different to some of the other players that come from other areas.

The expectation is that the price of hydrogen will reduce significantly in the future. The Australian Commonwealth Government set a target for hydrogen to cost A$2.80 per kilogram by 2030. This means refuelling a 6.2-kilogram tank could cost as little as A$17.50.

“There’s a bunch of other vehicles that we’re going to have by the end of this year, including the trucks and some bus activities that will help kick us off,” Norman says.

“There’s definitely a cost issue, but what we’re doing is pushing the price down, and we’ve seen the price come down a lot over the last 24 months – the cost of some of the key units has gone from $1800 to $300 per kilowatt.

“We’re getting ourselves to a situation where we can start to become a lot more cost-effective, a lot more quickly than we planned, so that’s a pretty good position that we’re in.”

A specialisation in hydrogen is the basis of H2X’s growth; however, with a strong platform as a maker of electrically powered vehicles, the company has a versatile approach to finding the right vehicle for the right task.

“We do have some vehicles where we are looking at having battery-operated operations in some areas, which we think can be quite positive because there are certain functions where battery functions work better,” Norman says.

“However, one of the most exciting things about what we’re doing is mainly around the body and how we’re putting the vehicle together. You’ll see a lot more work with high tech composites in the body; that will be a key for us.

“We’ll be using some materials that haven’t been seen on vehicles before, and we’re pretty excited about what we can do with that. We want to make a vehicle that is a lot safer and can do things in a lot smarter way than some of the industry has done in the past and really create some cool results.”

Spurred on by the US$12 billion Nasdaq electric vehicle maker Rivian Automotive raised in November 2021, Norman is working towards a 2023 target for a potential ASX IPO listing.

However, if the market conditions are favourable, he’s not averse to having a “crack” at it in 2022.

Australia made vehicle, H2X SUV “Snowy”.

Pure Hydrogen powers up for a landmark year of deals and advancement

Pure Hydrogen is revving up to top gear in 2022 as the Aussie
innovator looks to capitalise on the massive interest in the sector and
its growing technology.

Pure Hydrogen (ASX:PH2) is advancing its position as an Australian green-tech leader, building out the Australian hydrogen sector with further partnerships, hydrogen plants and pilot trials planned for the next 6 to 12 months.

As the company continues to drive growth across its three key revenue streams its become the largest shareholder in Aussie hydrogen fuel cell electric vehicle (FCEV) manufacturer H2X Global Limited, with a 24% stake and option to double on the table.

H2X has entered a deal to establish a joint venture company with Advik Hi-Tech Pvt. Ltd. The companies will together build hydrogen-powered fuel cells, generators, and vehicles for use in India.

The ideal growth market

Pure Hydrogen Managing Director Scott Brown said the partnership between H2X and Advik will catapult the company into India but also reduce costs.

“We are able to take advantage of costs, the fact that labour in India is very cheap,” he said.

“H2X has been a tremendous investment and we are bullish on its outcome as they look to have operations in other countries as well.”

Warrego Ute Image supplied by Pure Hydrogen

Brown said Pure Hydrogen is also negotiating several deals in India with Advik.

“We are likely to set up our own joint venture with Advik to exploit hydrogen opportunities within the Indian market,” he said.

You beaut, Warrego ute

H2X was one of only a select few companies invited to share their innovations at the COP26 Climate Conference in Glasgow last year.

The company is developing the same revolutionary technology as Tesla rival Rivian (NASDAQ:RIVN).

Its hydrogen powered Warrego ute is due to be launched in the next quarter, with already lots of demand for the green powered vehicle.

“There is a lot of demand for the Warrego in Europe because of the subsidies,” Brown said.

The company has also launched a hydrogen fuel cell powered bus, which is taking orders now.

H2X was handpicked by the Sarawak State government in Malaysia to help it build the region into a major hydrogen hub through production and delivery of hydrogen fuel cell vehicles.

Supplier and reseller

Furthermore, Pure Hydrogen has signed a two-part deal with specialist vehicle importer and distributor BLK auto that will see it become a hydrogen supplier and reseller of hydrogen powered buses.

“We are also looking to do a trial in the garbage truck space with a major waste company within the next six months,” Brown said.

Power H2 Units

Pure Hydrogen and H2X have launched a range of hydrogen fuel cell power generation units that can be used for back-up power or continuous electricity supply.

The Power H2 units, which can generate electricity without emissions by using hydrogen come in standard 5kw, 20kw, 50kw and 100kw capacities and include a small hydrogen storage tank.

The joint venture between H2X and Advik is targeting the sale of 10000 units in 5 years at around AU$28,000 per unit.

“The Power H2 units generate a lot of interest in Australia and globally,” Brown said.

“We are targeting 10,000 units and think that’s achievable given the range of activities and people talking about it.

Brown said the Power H2 units dovetails into the strategic plan for Pure Hydrogen.

“Once you sell the generator you also need hydrogen to run that generator,” he said.

“We can sell a package deal for not only the generator but the hydrogen that goes with it and so are cementing a long-term relationship with the customer.”

He said anyone who has solar, wind or another renewable energy will need a backup like Power H2.

“When the wind isn’t blowing or the sun is not shining, they need to still have a power source,” he said.

“The Power H2 units are a way of making a clean energy investment really work,” he said.

Power H2 Unit in operation image supplied by Pure Hydrogen

Brown said the Power H2 units are going through certification and once that’s done will be installed with its first Australian customers.

“We have other customers keen on that product, so I expect more orders and units to be manufactured,” he said.

Integrated clean energy company

Pure Hydrogen is working to advance its three separate business arms including H2X and PureX, hydrogen production and natural gas.

“We are trying to create an integrated clean energy company and we think we are unique on the ASX with nothing quite like us having three separate arms that all work together,” Brown said.

“In their own right each could be billion-dollar businesses,” he said.

He said H2X and PureX concentrate on creating fuel cell businesses such as the Warrego, trucks, and buses.

“The technology is the same in all those vehicles so components which replicated and then by having scaled we can get the price point down,” he said.

Hydrogen supply

Pure Hydrogen is researching three different ways of making hydrogen including out of waste, methane and from water.

“All of those methods will have different applications and we are looking at markets in Australia but also internationally including Africa and with the recent Advik deal India and other places in Asia,” Brown said.

“We can make a very big business just out of hydrogen supply.”

Pure Hydrogen has partnered with CAC H2  to establish Emerald Hydrogen, a plant at Caboolture in Queensland.

“We are looking to partner with companies who have expertise so we can leverage that expertise,” Brown said.

He is confident the plant will be operational within 12 months.

“The plant is progressing well to date, and we have detailed design and are going through approval process,” he said.

The company is also looking to establish a pilot plant for turquoise hydrogen (made from methane) later this year and work going on in the green hydrogen area.

“These are larger scale projects which will take more time but Project Jupiter for example at Gladstone is going well.”

Project Jupiter initially targeted production of 36,000 tonnes increasing to more than 100,000 tonnes per year and is expected to be online in 2025.

Natural Gas

Pure Hydrogen also has significant natural gas resources in its gas fields including Serowe in Botswana and our other fields.

“We can use those gas resources to convert hydrogen and graphene to get superior returns, so all those different arms have great opportunities,” he said.

Brown said hydrogen will be a complete game changer for the Australian and global energy markets.

“We are very bullish on our outlook,” he added.

“There’s quite a lot of activity that is going to be happening for us over the next 12 months.”

Source: This article has originally appeared on Stockhead

Is Aussie hydrogen vehicle maker H2X Global listed on the ASX?

There’s a little Aussie hydrogen company, known as H2X Global, which is making a splash in the alternatively powered automotive industry. Given the staggering US$100 billion Nasdaq debut of electric vehicle maker Rivian Automotive Inc (NASDAQ: RIVN) last week, it might not be surprising if it’s not the ASX that H2X Global is eyeing off. Instead, opting for a US-listing next year.

Many people probably have never heard of H2X. Yet, the company already boasts over 250 order-interests for its Warrego ute from across Australia, Netherlands, Germany, and Malaysia. The vehicle is planned to be built in Gippsland, Victoria, and will feature hydrogen fuel cell hybrid technology.

Let’s take a closer look at what the company has to offer.

What is H2X Global?

As previously mentioned, H2X Global is not on the ASX. But it could be on exchange soon as it delivers on its goals.

The company is focused on the production of hydrogen-powered vehicles. In the process, it aims to be the country’s first hydrogen fuel cell electric vehicle manufacturing company.

According to its website, H2X has developed its own proprietary fuel cell and powertrain system. This system is at the crux of the company’s various light equipment vehicles. These are expected to include a van, minibus, SUV, and a ute — with the Warrego ute being its first attempt at production. The technology itself is designed to drastically reduce refuelling time and increase driving range.

Furthermore, the management team features a number of highly experienced personnel. For instance, CEO Brendan Norman holds 20 years of experience, working with automotive giants such as BMW Group (ETR: BMW) and Audi Group — owned by Volkswagen Group (ETR: VOW3).

Could it ditch the ASX for the big smoke?

In recent weeks, H2X seems to have made substantial inroads on its plan to produce more hydrogen vehicles. On 5 November, it was revealed that the company had signed a deal with Malaysia’s government-owned Sarawak Economic Development Corporation (SEDC).

As part of this deal, H2X is expected to supply and assemble a range of vehicles, including in excess of 50 buses over the next 18 months.

Originally, an ASX listing of H2X Global had been announced in July. Since then, the company has stated it’s planning for a ‘major exchange listing’ next year. While some publications have inferred H2X will list on the Nasdaq, that has not yet been publicly confirmed by the company.

Finally, let’s take a look at a quick comparison between H2X and Rivian. As per the Aussie company’s last update, the Warrego ute has 250 orders. Meanwhile, Rivian’s R1T and R1S models have more than 48,000 preorders.

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Growing demand for H2X ute a taste of the hydrogen future

Interest in H2X Global’s ground-breaking Warrego ute is growing with over 250 order-interests received from Australia and countries such as the Netherlands, Germany and Malaysia.

The vehicle, which will be officially launched early next year on the Gold Coast, features a 750km driving range courtesy of the company’s Hydrogen Fuel Cell Hybrid technology and will be built in Gippsland, Victoria.

H2X chief executive Brendan Norman said that while the number of order interests had exceeded the company’s expectations, he was unsurprised given hydrogen’s growing stature as the fuel of the future.

“One of the first companies to buy the ute was green energy solutions and hardware provider, Veida,” he added.

“Its director Haim Ptasznik explained that with hydrogen offering parity with diesel on a kWh-to-kWh basis, the Warrego was the ‘go to’ vehicle that green energy pioneers and early adopters had been waiting for.”

Ptasznik noted that Veida worked with its clients to create alternative, green energy solutions and that H2X enabled his company to be the first to integrate hydrogen vehicles and their powertrains into its solutions.

The growing popularity of the Warrego, which is the first of many hydrogen fuel cell vehicles that H2X is developing, is particularly welcome ahead of the company’s planned listing on a major stock exchange and push into new markets to establish itself as a global premium hydrogen vehicle manufacturer.

Warrego ute

The basic Warrego ute combines a 200kW motor, a 66kW hydrogen fuel cell and 60kW energy storage system to deliver a range of up to 750km on a mix of highway and city roads while offering quick refuelling times of between three to five minutes.

It is capable of carrying up to 1,000kg in the tray and towing up to 2,500kg and there are options such a larger 90kW hydrogen fuel cell and bigger 100kW energy storage system to improve performance.

Source: This article has originally appeared on Stockhead

H2X executes groundbreaking deal to start Hydrogen Fuel Cell Vehicle production in Sarawak, Malaysia

H2X Global has been handpicked by the Sarawak State government in Malaysia to help it build the region into a major hydrogen hub through the production and delivery of hydrogen fuel cell vehicles.

State-owned Sarawak Economic Development Corporation (SEDC), through its wholly owned subsidiary SEDC Energy, has signed an MOU to form a joint venture with H2X Global for the manufacturing, assembly and development of a range of strategic transport projects.

H2X Global revealed today that the JV will immediately begin with the assembly of relevant vehicles – from its trademark Warrego Pick up to City Buses and H2x Hydrogen Powered Generators, taking advantage of the hydrogen distribution network already set-up within Sarawak State.

H2X Global founder and CEO Brendan Norman said Sarawak was already well ahead of most states in the region and was well advanced in the establishment of long-term hydrogen production for both domestic and export use.

“It is likely that Sarawak will not only produce vehicles for its own use but will become a major supplier to other States and countries in the region,” he said.

Establishing South East Asia’s hydrogen epicentre

SEDC Energy has developed a strategic blueprint for Sarawak to become a hub for the emerging ASEAN hydrogen energy market.

The government first introduced hydrogen-powered vehicles in the state in 2019.

This new partnership will see H2X supply and assemble additional vehicles, including in excess of 50 buses in the coming 18 months, to meet growing demand.

SEDC Energy CEO Robert Hardin said Sarawak had a unique opportunity to become a leader in the development of renewable energy transport.

“We have been using hydrogen fuel cell electric vehicles for a few years now as Sarawak was an early adopter, and now we are adding projects such as hydrogen production to supply our neighbours, who are now also embracing hydrogen and other forms of renewable energy.

“H2X is a global leader in fuel cell technology, and we believe the joint venture will bring significant economic and environmental benefits to Sarawak and the Sarawak Southern Region Development for Malaysia and the ASEAN region.”

H2X Global is the company behind Australia’s first hydrogen fuel cell electric ute, which attracted more than $50m of pre-reservations for the vehicle, set to be delivered to customers in 2022.

That success led the company to expand its product offering through the development of a range of additional vehicles, including heavy-platform vehicles. 

H2X will present its hydrogen fuel cell breakthroughs at COP26

As a headline participant, the company will be one of a select few innovative companies leading the way in renewable technologies that will share their technological breakthroughs with leaders at the conference, also known as the COP26 summit, in Glasgow, Scotland.

H2X says the invitation is a validation that the company is a global leader in technological advancements that are tackling climate change.

The company has developed its own highly efficient hydrogen fuel cell technology and hydrogen power trains for vehicles and machinery.

This tech will be used in its Warrego Ute, a fuel cell electric utility vehicle set to be manufactured in Gippsland, Victoria, which has already drawn more than $50m in pre-orders.

“The global hydrogen market is accelerating with governments around the world committing billions of dollars in incentives to accelerate the transition to renewable energy and meet their net zero emissions targets,” chief executive Brendan Norman said.

“Hydrogen fuel cells have become a key focus for many given the technology advancements that have enabled hydrogen FCEVs to refuel more quickly and travel longer distances.

“H2X is pushing into new markets, with a series of products due for release in the coming months that will show new ways of working with hydrogen and bringing clean energy to many different applications in cities.”

H2X Fuel Cell Tech

The company’s Hydrogen Fuel Cell Hybrid technology is designed to drastically reduce refuelling time and increase driving range and hydrogen efficiency.

Its modular platform allows the hybrid energy system and fuel cell to be customised to maximise efficiency and performance according to the user.

Besides the Warrego ute, development has also started on a range of additional vehicles, including heavy-platform vehicles.

H2X recently reached an agreement with the Gippsland Circular Economy Precinct to manufacture hydrogen fuel cells, electrolysers, hydrogen fuel cell powered vehicles, and a range of hydrogen power units including generators and emergency power supplies in the region.

It also formed a strategic partnership with hydrogen developer Pure Hydrogen (ASX:PH2).

Source: This article has originally appeared on Stockhead

H2X wants to build its hydrogen fuel cell vehicles in Gippsland

H2X Global is progressing its goal of building a hydrogen economy in Australia with plans to build hydrogen fuel cell electric vehicles in Gippsland, Victoria.

Under the agreement with the Gippsland Circular Economy Precinct (GCEP), the company will seek to manufacture hydrogen fuel cells, electrolysers, hydrogen fuel cell powered vehicles and a range of hydrogen power units including generators and emergency power supplies in the region.

GCEP is a consortium of Gippsland-based businesses who recognised the need to transition the local economy from brown coal power generation to renewables.

The support of H2X, which developed its own highly efficient hydrogen fuel cell technology and hydrogen power trains for vehicles and machinery, is expected to help fast-track these transition plans.

“This is a great opportunity for Gippsland to engage with hydrogen technology and provide new enterprises, new jobs and training in support,” H2X founder and chief executive officer Brendan Norman said.

“We aim to assist in establishing Gippsland as the world’s preeminent location of green hydrogen excellence.

“We are now investigating a number of manufacturing options including fuel cell production and some vehicles.”

GCEP executive director Brett Singh added that the region’s high level of engineering, power generation and manufacturing expertise was a major factor in the decision to establish the centre of excellence and renewables precinct in the area.

The agreement has also drawn strong community support.

H2X Global

H2X recently formed a strategic partnership with hydrogen developer Pure Hydrogen (ASX:PH2), which saw the latter issue 8.62 million shares to acquire a 24% stake in the company.

This could increase to 48% if the attached share options are exercised.

The company also secured more than $50m in pre-orders for its Warrego FCEV ute.

Source: This article has originally appeared on Stockhead.

Pure Hydrogen acquires strategic stake in fuel cell play H2X Global

Pure Hydrogen is advancing its ambition to be a leader in the hydrogen sector by acquiring a 24% stake in fuel cell pioneer H2X Global.

The agreement recognises the value of H2X’s Hydrogen Fuel Cell Hybrid technology, which powers its Warrego ute that is expected to be on sale in the first half of 2022, and will see the two companies establish a joint venture company, Pure X Mobility, that will develop and sell hydrogen fuel cell trucks and buses such as waste disposal trucks and concrete agitators.

Pure Hydrogen (ASX:PH2) is acquiring the stake in H2X through the issue of 8.2 million shares with some escrow conditions and will receive share options that will take its interest up to 48% if exercised.

It will also become the preferred supplier of hydrogen to H2X.

Pure Hydrogen managing director Scott Brown noted that H2X is at the forefront of the ground-breaking innovation that hydrogen represents in the automotive sector given its potential to cut fuel costs by up to 30% compared to diesel.

“Partnering with H2X not only makes good commercial sense but it also puts Pure Hydrogen in the driver’s seat to capitalise on new and evolving hydrogen technology,” he added.

“We believe this will be a good investment opportunity for Pure Hydrogen, we have achieved it with very minimal dilution and we can bring our strong balance sheet and funding channels as a public company to more aggressively fast-track H2X’s commercialisation plans.

“We are also very excited about the prospects for the Pure X Mobility and its planned focus on developing hydrogen fuel cell powered heavy vehicles such as cement mixers and garbage trucks.

“These industries are logical ‘starters’ for Pure X Mobility as they are short run operators where refuelling can be managed at back-to-base locations. Targeting sectors where we can rapidly bring heavy vehicles to market will be Pure X’s focus and makes logical commercial sense.”

H2X chief executive Brendan Norman added that working with an early mover like Pure Hydrogen would not only provide a solid foundation to build its network of customers, it would also align it with a significantly skilled scientific and technical partner to build a solid platform in Australia as a leading force in the rapidly growing global hydrogen economy.

“As technology leaders and innovators with a track record of bringing hydrogen-powered vehicles to market in what is a new and emerging global industry aligns well with Pure Hydrogen’s growth strategy,” Norman noted.

“We have an excellent platform in place to rapidly bring a range of vehicles to market in relatively short order.”

Hydrogen Initiatives

Pure Hydrogen’s investment in H2X is timely given its discussions with a range of large industrial users for back to base operations that are considering using hydrogen trucks.

It has also been working closely with well-known truck and bus manufacturers and is building a hydrogen ecosystem that can provide hydrogen solutions including trucks, buses and work vehicles together with the hydrogen fuel to power these vehicles.

The company noted that its agreement with H2X fast-tracked these negotiations and developments.

It added that it would shortly announce off-take and supply arrangements together with some additional partners to assist in the development and commercialisation of its multifaceted solution.

This comes as hydrogen demand is forecast to increase tenfold to more than 500 million tonnes by 2050.

Transportation is of special interest given that it is one of the largest sources of greenhouse gas emissions globally and has been identified as one of the primary early adopters of hydrogen.

Source: This article has originally appeared on Stockhead.

H2X Global plans major exchange listing

H2X Global is plotting its course to a major exchange listing and is pushing into new markets in a bid to establish itself as a global premium hydrogen vehicle manufacturer. 

The company, which is undertaking a small initial capital raising, is planning to roll out a series of products in the coming months that will show new ways of working with hydrogen and bring clean energy to many different applications in cities.

One of H2X’s products is a light duty (30-75 kilowatts) optimised hydrogen fuel cell hybrid powertrain aimed at drastically reducing the refuelling time, improving efficiency and increasing the driving range of a vehicle.

A hydrogen fuel cell is a device that generates electrical power by a chemical reaction via conversion of fuel (hydrogen) into electricity.

Fuel cells allow a vehicle to be refuelled in a similar way and speed to traditional petrol-run vehicles.

H2X’s initial target market is high-use vehicles for commercial and sharing purposes where the availability of the vehicle is key.

The company says a fuel cell vehicle is more convenient and effective than a battery electric vehicle because it significantly reduces the time a vehicle is off the road for refuelling, which is crucial for commercial vehicles.

Explaining H2X’s approach to market, CEO Brendan Norman said the company worked with hydrogen infrastructure providers to establish ecosystems that were cost effective from the start.

“We look to offer multiple applications of vehicles to make it easy to reach a critical mass in one location,” he said. “This supports not only the refuelling exercise, but also allows us to establish high-quality after sales operations in all locations that our customers will be using hydrogen.

“Hydrogen ecosystems require a minimum volume to hit the market – our products focus on this market.”

H2X is also developing multiple light vehicles using the H2X powertrain system – a common chassis using sophisticated localised and renewable biocomposite materials.

The company has developed a modular power concept that enables the fitting of H2X power systems to existing and new heavy equipment, allowing for faster development of the hydrogen economy.

Hydrogen fuel cells in the spotlight

Hydrogen fuel cells have become a more mainstream focus for those in the industry, given the technology advancements that have enabled fuel cell electric vehicles (FCEVs) to refuel more quickly and travel longer distances.

Market researcher Research and Markets predicts the hydrogen fuel cell vehicle market will grow from around $US16bn in 2020 to nearly $US27bn by the end of 2025 at a compound annual growth rate of 11.23%.

Hydrogen technology is attracting significant investment from not only those developing the tech but retail and institutional investors as well.

Case in point is the recent strong investor support Pilot Energy (ASX:PGY) received for its capital raising, which attracted firm commitments from sophisticated, institutional and professional investors totalling $8m.

Pilot recently announced its expansion into the hydrogen and renewables space.

Decades of automotive experience

The team behind H2X has decades of experience in vehicle development, starting with CEO Brendan Norman who has spent nearly 30 years in top management with major car makers predominantly BMW and Audi/Volkswagen.

During his time at Volkswagen Group, including leading Asia Pacific regional strategy saw the growth of the Group in the region grow into 4-digit percentage territory over a 10-year period.

H2X head of design vice president Chris Reitz has 27 years of design experience, including as head of design for, Fiat and Nissan Europe and significant roles with Audi/Volkswagen.

“Our approach on the vehicles is a complete redesign of the concept of how we build it,” Reitz said.

“The production of vehicles can be optimised significantly with clean energy powertrains because of the shape and integration of the powertrains.

“We have exciting developments for efficiency, performance and to a very large extent in terms of use of renewable materials and clean manufacturing process.”

H2X’s Fuel Cell Team has more than 20 years’ experience, several different models of passenger cars, trucks and buses developed for other manufacturers, of which thousands of units have been delivered.

The company’s chief technology officer, Ian Thompson, also has an impressive CV that details a long career working on projects for big names like Tesla, Bentley, Aston Martin, Volvo and Maserati.

“One of our city focused vehicles will have a different hybrid battery solution to a city vehicle, where we are working with more dynamic technologies to maximise retention of Kinetic Energy, which is our focus,” Norman said.

Source: This article has originally published on Stockhead.

Aviation H2 on runway for global green energy take-off

In an industry contributing a significant amount of CO2 to global emissions, green hydrogen-powered aircraft and associated technologies have seen increasing global demand.

Aviation H2 will focus on the rapidly expanding demand for hydrogen applications in the aviation industry.

Owned and funded by Liberty Energy Capital, Aviation H2 aims to create green hydrogen technology solutions to serve aviation applications.

Liberty Energy Capital and its nominees has investments in emerging green businesses including H2X Global, Sweetman Renewables Limited, Port Anthony Renewables Limited, Titan Hydrogen Limited, Infinite Blue Energy and Verdant Earth Technologies.

An Aviation H2 spokesman said as the world turns to green energy, the company is backing state-of-the-art technical solutions that will play a pivotal role in decarbonising the aviation industry.

“Aviation H2’s mission is to empower companies, both domestically and internationally, by leveraging the latest in renewable hydrogen technology, helping the industry transition to a sustainable energy strategy,” he said.

Before the COVID-19 pandemic grounded most planes, commercial flights accounted about 2.5% of global emissions of carbon dioxide.

The spokesman said hydrogen was the fuel of the future and could be used across commercial airlines, defence forces, cargo industry, and freight services.

“Hydrogen is viewed as one of the most viable options for decarbonising the transport industry, which accounts for over one-fifth of global CO2 emissions,” he said.

As net-zero becomes the universal standard among western governments, the spokesman said hydrogen is estimated to grow into a global market worth US$201 billion by 2025.

“Aviation H2 has been founded on a shared vision to harness the power of renewable energy to take the aviation sector — which makes up 2% of global emissions — into industry 5.0.” he said.

While hydrogen is increasingly considered as one of the most promising zero-emissions fuels for future aircraft, there are still many challenges to overcome. Hydrogen has an energy-density-per-unit mass three times higher than traditional jet fuel.

Aeronautical engineers must work out how to bring the weight and cost of hydrogen down, while the best solution for storing the fuel on board also needs to be determined.

Today, liquid hydrogen storage is seen as the best solution with storing hydrogen as compressed gas presenting challenges with aircraft weight and volume requirements.

According to Airbus VP Glenn Llewellyn: “Cost-competitive green hydrogen and cross-industry partnerships are being considered as mandatory to bring zero emission flying to reality.”

Aviation H2 may be just what the industry needs to achieve that reality.

Source: This article has originally appeared on PV Magazine.