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 Limited has recently announced that it has partnered with technology developer, KTM Technologies to create a revolutionary, innovative, lightweight and inexpensive vehicle chassis.

The team at H2X will work together with KTM Technologies in designing and developing their vehicle chassis and construction programs.

The recent announcement from H2X to build its hydrogen fuel cell vehicles in Gippsland, Victoria cements a significant step in the Company’s journey in becoming a global leader in hydrogen vehicle manufacturing.

H2X CEO Brendan Norman says:

“Our partnership with KTM Technologies is a major milestone in establishing ourselves as a global premium hydrogen vehicle manufacturer.” 

 

This partnership showcases the Company’s ability to work with innovative, world-leading brands like KTM. Momentum is building ahead of H2X’s planned major stock exchange listing as the Company continues to form tangible, strategic partnerships.

H2X and KTM will also be working together on several other projects such as an exciting Motorsport Venture involving hydrogen. Keep an eye out for the announcement in the months ahead.

This partnership showcases the Company’s ability to work with innovative, world-leading brands like KTM. Momentum is building ahead of H2X’s planned major stock exchange listing as the Company continues to form tangible, strategic partnerships.

H2X and KTM will also be working together on several other projects such as an exciting Motorsport Venture involving hydrogen. Keep an eye out for the announcement in the months ahead.

 

About H2X Global 

H2X Global is an Australian 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 robust platform as a maker of electrically powered vehicles, the company has a versatile approach to finding the right car for the right task. www.h2xglobal.com. H2X Global operates in Australia, Malaysia, India, and Europe. 

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.”

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.

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

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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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 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.