MELBOURNE, AUSTRALIA & BUSAN, SOUTH KOREA  

September 22, 2023 

H2X Global Limited and NF Co., LTD. are excited to announce a groundbreaking Memorandum of Understanding (MoU) that not only signifies their commitment to advancing green hydrogen mobility but also introduces an innovative approach to driver well-being. 

The signing of this MoU marks a pivotal moment in the journey towards a sustainable and healthier future for global mobility. H2X, known for its leadership in Hydrogen Fuel Cell Vehicles (FCEV) and Fuel Cell Power Applications, is taking a bold step by addressing driver well-being within its vehicles. NF is a well-known oxygen concentrator manufacturer in South Korea, offering a wide range of oxygen supply products, with an expected revenue of $15 million in 2023. Recently, the company has developed a unique in-car oxygen supply system, “O2REX-V,” which provides fresh, high-concentration oxygen to drivers to reduce fatigue and improve concentration, preventing drowsiness and accidents. This product has attracted great attention in the recent market trend where the “health, well-being and safety” of drivers has become the most important topic. 

Key Highlights of the MoU: 

1. Technical Collaboration: H2X and NF are partnering to manufacture Hydrogen Fuel Cell Vehicles and Fuel Cell Power Applications across various service sectors.
2. Innovative Cabin Integration: A revolutionary aspect of this collaboration is the integration of NF’s oxygen concentrator into H2X vehicles. This concentrator, capable of delivering around 90% oxygen, is positioned to face the driver, creating an oxygen-rich environment inside the vehicle, about 40% higher than typical levels. This innovation aims to keep drivers alert, awake, and potentially happier during their journeys.
3. Feasibility and Testing: Both parties have agreed to collaborate on feasibility studies and testing, with the goal of infusing the same level of sustainability found in H2X vehicles into the cabin. This initiative is not only about providing cleaner vehicles but also about enhancing the quality of life for drivers.
4. Environmental Impact: The collaboration will assess the environmental impact of these innovations, contributing to a more sustainable and holistic approach to mobility.
5. International Collaboration: H2X’s global reach and NF’s expertise will be leveraged to explore opportunities in various markets, fostering mutual growth.

The MoU outlines the roles and responsibilities of each party, emphasizing the importance of compliance with applicable laws and ethical standards. Confidentiality measures are in place to protect sensitive information shared during the collaboration. 

Mr. Brendan Norman, CEO and Co-Founder of H2X Global Limited, expressed his excitement about this pioneering endeavour: “Our partnership with NF goes beyond traditional collaboration. By integrating their oxygen concentrator into our vehicles, we aim to redefine driver well-being and contribute to a healthier and more alert driving experience.” 

Dr. Sangkon Lee, CEO/President of NF Co., Ltd., shared his perspective: “NF is dedicated to enhancing lives, and this collaboration aligns perfectly with our mission. We believe that not only will our technology contribute to greener mobility, but it will also make a significant difference in the well-being of drivers.” 

Both H2X Global and NF Co., LTD. look forward to a transformative collaboration that will lead to innovative solutions for cleaner, greener, and happier mobility. 

H2X Global Limited 

Tony Blackie – [email protected] 

Bill Moss – [email protected] 

NF Co., LTD. 

David Choi – [email protected] 

H2X Global (“H2X”), the world’s leading hydrogen fuel cell vehicle company, has secured a USD $57m cornerstone investment agreement from Verde Mobility (“Verde”), which will drive the rapid deployment of its cutting-edge vehicle range to customers in Asia, India, Australia, and Europe. The agreement will provide immediate growth to H2X as it will finance the delivery of its USD $25.7m in firm vehicle orders while supporting its planned listing on the London Stock Exchange.

Key terms:

• The equity financing deal gives H2X the option to accept up to USD $57m from Verde Mobility from 2023 to 2024.
• Verde will make an initial USD $3.4m investment into H2X.
• H2X will continue to get access to capital as it delivers on operational milestones.

Verde Mobility is making several other investments across the industry to develop a clean mobility ecosphere, which will see H2X benefit from a wide range of industry experts, shared resources, and collaborative manufacturing capabilities.

This collaboration opens the doors to numerous major manufacturing and distribution facilities across the wider European region for H2X. As a result, H2X can start delivering an array of hydrogen-based vehicles to the market at a competitive cost and on a commercial scale.

“Our hydrogen fuel cell and powertrain technology ensure our vehicles match the performance of traditional fuels and outperform battery electric,” remarks Brendan Norman, CEO of H2X Global. “Together with Verde’s robust manufacturing network, we are paving one of the world’s first commercially viable paths to decarbonize the transport sector.”

“Through this, we are providing a solution to cost and performance challenges associated with carbon-free transport, which is a proposition that will transform the automotive industry.”

H2X believes this will place them at the forefront of the transition to hydrogen vehicles and give them a first-mover advantage that will allow them to take significant market share.

H2X’s key focus will now be to unlock its global book of purchase intent agreements (totaling USD $300m), which covers 800 vehicles, including its Warrego (utility vehicle), Paroo (garbage/deliver/concrete trucks), and Swan (passenger bus).

H2X will sustain its growth through the launch of the Darling Van/Taxi, which will be the Company’s first fully designed and developed vehicle, giving it greater market speed and increased profitability.

“The Verde agreement paves the way for us to fast-track the launch of our fully developed Darling van. We anticipate this will crank up our vehicle production to 25,000 units a year, and provide a sturdy financial foundation for the Company,” Norman added.

With its unique origami chassis and plug-and-play powertrain, the Darling Van reduces manufacturing costs, improves profit margins, and delivers a top-notch vehicle with stellar operational outputs. Once complete, H2X will roll this out across multiple vehicle classes. “With Verde Mobility’s strategic investment, H2X is all set to significantly expand its operations and lead the shift to hydrogen vehicles, securing a pole position in the rapidly evolving clean mobility landscape.”