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 $300m), which covers 800 vehicles, including its Warrego (utility vehicle), Paroo (garbage/deliver/concrete trucks), and Swan (passenger bus).
H2X will sustain its growth through the launch of the Darling Van/Taxi, which will be the Company’s first fully designed and developed vehicle, giving it greater market speed and increased profitability.
“The Verde agreement paves the way for us to fast-track the launch of our fully developed Darling van. We anticipate this will crank up our vehicle production to 25,000 units a year, and provide a sturdy financial foundation for the Company,” Norman added.
With its unique origami chassis and plug-and-play powertrain, the Darling Van reduces manufacturing costs, improves profit margins, and delivers a top-notch vehicle with stellar operational outputs. Once complete, H2X will roll this out across multiple vehicle classes. “With Verde Mobility’s strategic investment, H2X is all set to significantly expand its operations and lead the shift to hydrogen vehicles, securing a pole position in the rapidly evolving clean mobility landscape.”
H2X Global secures a second contract from RenovaAB for Hydrogen Fuel Cell trucks for the City of Gothenburg, Sweden.
H2X Global awarded contract valued at up to 240 million Swedish Kronor ($US22.9 million)
Vehicles to form part of Gothenburg City’s zero emissions fleet
Gothenburg, Sweden, Thursday 18 May, 2023 – H2X Global has been chosen as supplier of FCEV significant fleet-wide contract worth up to 240 million SEK, by Renova AB for the purchase of hydrogen fuel-powered commercial trucks for the city of Gothenburg.
Upon completion, this contract will establish the largest fleet of its kind in Sweden.
The award, received by H2X Global’s subsidiary H2X Gothenburg AB, comes from a second public tender released in December 2022. H2X Global has successfully secured vehicles in 12 out of the 13 categories specified in the tender, covering both 18 and 26 tonne vehicle classes.
The hydrogen fuel cell-powered trucks are designed to meet a range of truck configurations required by Renova, including tail lift dumpers, garbage compactors, hook lifts, and crane loaders. The vehicles offer the same range and load capacity as traditional fossil-fuelled vehicles while delivering zero emissions.
Renova AB, the city’s waste management operator owned by ten municipalities in western Sweden, will be responsible for operating these vehicles. The development and operation of the vehicles are planned to take place over the next three years.
Furthermore, the introduction of these vehicles will drive demand for the hydrogen refuelling station commissioned by Hynion, among others. The station, set to open near Renova by Q1 2024, will support Gothenburg City and Renova AB in their commitment to transition their fleet to zero emissions.
The commitment is to assemble the vehicles locally in Sweden. This approach will contribute to employment generation in the region of Gothenburg while improving logistics and sustainability in production. These commitments form a vital part of H2X Global’s local development and its goal of making hydrogen a cost-competitive solution for the decarbonization of back-to-base fleet operations.
Bill Moss – H2X’s Head of Sales & Marketing stated,”The award from Renova AB and the City of Gothenburg is a testament to H2X Global’s outstanding products and service to its clients in the transition towards zero-emissions. This recognition acknowledges H2X Global’s leadership among other OEMs in achieving the goal of decarbonizing the commercial transportation and waste sectors.”
Peter Westh, H2X’s Head of Northern Europe stated,” The new range of vehicles offered by H2X has been developed to perfectly meet the needs of the Scandinavian and European markets for zero-emission commercial vehicles. This aligns with the latest directives in Sweden for energy transition and complements European projects focused on carbon-free mobility solutions.”
About H2X Global
H2X is an automotive and power unit company focused on absolute sustainability. The company is focused on harnessing the most efficient and effective technologies, with the onus on capturing free and renewable energy sources. A specialization 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. H2X Global has operations in Australia, Malaysia, India, and throughout Europe. www.h2xglobal.com
About Renova AB
The Renova Group is owned by ten municipalities in western Sweden. Our mission is to collaborate with our owner municipalities in taking responsibility for waste and recycling over the long term. We aim to deliver community benefit through business activities and to actively contribute to sustainable development within our owners’ region.
The Group consists of the parent company Renova AB and subsidiary Renova Miljö AB. The parent company is the owner-municipalities’ own waste expert and conducts tasks directly allocated by them. The subsidiary Renova Miljö AB operates on a competitive market and offers complete solutions in waste and recycling to businesses, municipalities, and other public enterprises in our owners’ region.
Our goal is to always be able to offer the market’s best range of services within our industry, with environment, quality and customer service remaining paramount.
About The city of Gothenburg
Gothenburg is the innovation powerhouse of Sweden, and the country’s second largest city. Situated at the west coast it harbours Scandinavia’s largest port. Business Region Gothenburg is the municipality’s non-profit company working to strengthen and develop trade and industry in the Gothenburg region, offering competence and contacts within a wide variety of areas and industries.
Rotterdam | It has taken an Australian-founded company to bring that definitive Aussie touch to the embryonic market for hydrogen vehicles. At the hydrogen industry’s global jamboree in Rotterdam last week, H2X showcased a hydrogen-powered ute.
H2X’s stall at the back of the Dutch city’s cavernous exhibition centre attracted an almost constant crowd of the keen and the curious, gazing raptly at the converted Ford Ranger with a hydrogen motor under the bonnet.
H2X co-founder Chris Reitz with a prototype hydrogen-fuelled ute. Hans van Leeuwen
“We made it a 4WD – that got us a lot of response, more than we expected,” H2X co-founder Chris Reitz told AFR Weekend as he stood by and spruiked his Australian-born start-up.
The Warrego has a top speed of 130 kilometres an hour and a range of about 500 kilometres from its fuel tank, made of woven carbon fibre and containing 4.8 kilograms of hydrogen.
But if you’re wondering where you might refill the tank, therein lies the catch. In the worldwide absence of any network of hydrogen fuelling stations, H2X’s pitch is to owners of professional fleets – companies with a base at which refuelling can take place.
“The backbone of our business is professional drivers – so we work with fleets and back-to-base set-ups,” Mr Reitz said.
He sees that as a positive, as it allows H2X to start building scale before countries get a full hydrogen-vehicle refuelling infrastructure in place.
“We solve the whole chicken-and-egg problem,” he said.
A big company in the vehicle manufacturing chain, known as an OEM (original equipment manufacturer), would need to launch a new product at national or even continental scale.
“They won’t reach the numbers to break even at that point. To do that they need an infrastructure of filling stations covering that continent,” Mr Reitz said. “We can deliver, say, an 800-vehicle order, whereas OEMs need to think big.”
Mr Reitz said bus and truck fleet owners would be attracted to hydrogen because they have to run the vehicles up to 24 hours a day, so they would prefer the faster refuelling time. It takes so much longer to recharge a battery that you might need twice as many vehicles, to cover for those that are on charge.
“We believe battery has its place, we never criticise it. But for certain applications, hydrogen has the advantage that you can refuel in the time that you are used to,” he said.
Calling card
For both its utes and trucks, H2X will initially drop its hydrogen power trains into existing models, like the Ford Ranger on display in Rotterdam.
It is unlikely, though, that Australians or Europeans will see thousands of Warregos on the road – Mr Reitz described it as more of a calling card.
“There is high demand for utes, but they are expensive for us because we need to buy them and retrofit them. So the margin is not there,” he said.
“We will do a limited number. It’s a demonstrator product. We’re using it as a test for the production of a 3.5-tonne van.”
The Darling van is the subject that gets Mr Reitz most animated. The company has been looking at ways to manufacture it less carbon-intensively. This involves making a chassis almost origami-style, rather than pressing it together in energy-guzzling stamping facilities.
The van prototypes are being made in Germany and the Netherlands, with production of up to 70,000 vehicles a year to start at a first factory potentially as soon as 2026.
A computer image of H2X’s planned hydrogen-fuelled van.
H2X also has a plant in Sweden, where it is installing hydrogen engines into the chassis of 18-tonne and 26-tonne trucks for clients in that region. In Gothenburg, they have a contract to supply garbage trucks, and the council has its own hydrogen filling station.
The company’s vision is to produce its vehicles at small plants in each country where it gets enough demand, rather than shipping vehicles around the world. The target markets are north-western Europe, South-East Asia and Australia.
“We will produce in situ – that’s more sustainable. Big manufacturers need to produce in a very different way because they are on a different scale to us,” Mr Reitz said.
He and Australian co-founder and CEO Brendan Norman set up H2X in 2020 after having worked together with Chinese group Grove Automotive, until the COVID-19 pandemic got in the way of that partnership.
The original plan was to produce cars for the retail and industrial markets in the NSW town of Port Kembla, but the focus has shifted to a more step-by-step strategy involving professional fleets in Europe.
Standing right next to the ute, though, it is hard not to feel that the promise of everyday drivers being able to choose hydrogen might be within touching distance.
Mr Reitz cautiously agreed: “I believe it will penetrate the market more and more. It’s a little bit like diesel versus gasoline: there will be complementary technologies. Diversity is good for any market.”
Renova awards H2X Global contract for hydrogen fuel cell trucks for the City of Gothenburg.
H2X Global has been awarded a contract of up to 70 millionSEK by Renova AB for the purchase of hydrogen fuel-powered commercial trucks in Gothenburg, Sweden.
The award won by H2X Global’s subsidiary H2X Gothenburg AB, comes from a public tender released in Q3 of 2022 for the supply of five vehicle classes where H2X Global has successfully secured vehicles in the 3.5T, 5.0T, and 18T categories. The evaluation process focused on the delivery of zero-emission vehicles and the need for seamless integration with Renova AB aftersales service requirements.
The 3.5T & 5.0T trucks have been designed to provide operators with a range of up to 500 km (310 miles) and a load capacity of between 800 – 2,000 kg, depending on the exact vehicle and specifications.
The vehicles are to be operated through the city waste management operator Renova AB, owned by ten municipalities in western Sweden. It is planned that all vehicles are fully operational by 2025, with the first truck being delivered to Renova AB at the beginning of December 2023.
This success confirms Gothenburg’s city and Renova AB’s decision to develop its fleet of zero-emission vehicles, including hydrogen Fuel Cell variants. This positions H2X Gothenburg AB as the first Swedish manufacturer of hydrogen Commercial vehicles.
Ian Thompson, H2X Global Chief Technical Officer stated, “From its creation, the vehicles have been designed to integrate the latest hydrogen fuel cell technology, keeping the client’s input and needs as a priority for a tailored approach”.
He added, “This direction is what underpins the H2X’s team in the development of a range of commercial vehicles adaptable for multiple applications without major technical constraints”.
Peter Westh, Head of Northern Europe stated, “The new range of vehicles offered today by H2X has been developed to perfectly meet the needs of the Scandinavian and European market in zero-emission commercial vehicles following the latest directives in Sweden for the needed energy transition together with European projects related to carbon-free mobility solutions”.
About H2X Global
H2X is an automotive and power unit company focused on absolute sustainability. The company is focused on harnessing the most efficient and effective technologies, with the onus on capturing free and renewable energy sources. 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. www.h2xglobal.com. H2X Global has operations in Australia, Malaysia, India, and throughout Europe.
The city of Gothenburg
Gothenburg is the innovation powerhouse of Sweden, and the country’s second largest city. Situated at the west coast it harbours Scandinavia’s largest port. Business Region Gothenburg is the municipality’s non-profit company working to strengthen and develop trade and industry in the Gothenburg region, offering competence and contacts within a wide variety of areas and industries.
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.
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
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 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.
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.
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.
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