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Pure Hydrogen: H2X Global raises $3m to ramp-up fuel cell vehicle manufacturing, eyes listing

Special Report: Pure Hydrogen investee company H2X Global has raised $3m to ramp-up its hydrogen fuel cell vehicle manufacturing operations … Read More
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This article was originally published by Stockhead

Pure Hydrogen investee company H2X Global has raised $3m to ramp-up its hydrogen fuel cell vehicle manufacturing operations and is considering a public listing.

Proceeds from the capital raising, which attracted a 60% premium to the previous raise and was supported by Pure Hydrogen (ASX:PH2) to the tune of $1.05m, will be spent specifically to develop fuel cell-powered trucks and buses, as well as advancing the technology partnership with global motorcycle and power parts business KTM.

H2X Global is considering a listing on exchanges in North America, Asia and the ASX. As part of that process, it has brought Michelle Reynolds onboard as its chief financial officer and executive director.

Reynolds – who has over 18 years’ experience in financial services, property, construction, and transport – has managed companies through various lifecycle stages, from early startup to mature businesses.

“H2X Global is making strong progress, and despite volatile conditions in financial markets and disruptions to global supply chains, it has secured strong funding support through the recent capital raise and we are pleased with the support from our existing shareholders,” chief executive Brendan Norman notes.

Pure Hydrogen holds roughly 22% in H2X Global.

“The capital raise gives us the added financial flexibility to pursue our growth objectives,” Norman continues. “As we build out our operations in Australia, Asia and Europe, we are matching our expansion with increased demand for our Hydrogen fuel cell powered vehicles across all markets.”

Hydrogen truck on track for delivery

Production of H2X’s flagship Warrego hydrogen SUV is also well advanced at facilities in the Netherlands, as well as in Australia at its manufacturing plant in Gippsland, Victoria.

The company is expecting to start delivery in the fourth quarter of this year – in line with its original timeline.

A photo of Garbage Truck Glider being assembled for JJ Waste at the H2X’s Sale vehicle facility

H2X noted that while there have been some delays due to supply chain challenges, its team has worked to meet customer delivery deadlines.

It also has the opportunity to fast track to software development by producing a ‘Mule’ which would be an electric vehicle conversion of the Warrego for demonstration purposes, which is slated to be operational by Q3 2022.

Photo of Warrego being worked on in the H2X’s Sale facility

Separately, H2X has taken delivery of key components at its Sale Victoria workshop so it can start the conversion process of the JJ’s Waste and Recycling vehicle.

This will be the first Hydrogen fuelled garbage truck in Australia with delivery scheduled for the end of the year.

 

Other activity

In Sarawak, Malaysia, work is underway to deliver H2X’s first generator and fuel cell unit for golf buggies, ready for demonstration units by the end of this month.

It is also well progressed in the set-up of a workshop that will help it fulfil memorandum of understanding commitments with the Sarawak Economic Development Corporation to form an incorporated JV for the manufacture, assembly, and development of automotive projects in Sarawak.

In addition, the company has registered a wholly-owned subsidiary in Sweden and signed two MoUs with Gothenburg and Trelleborg cities for the delivery of waste disposal trucks, vans, and school buses.

The team is now focused on the implementation of the assembly plant to meet current commitments with Gothenburg and Trelleborg.

This article was developed in collaboration with Pure Hydrogen and H2X Global, Stockhead advertisers at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

The post Pure Hydrogen: H2X Global raises $3m to ramp-up fuel cell vehicle manufacturing, eyes listing appeared first on Stockhead.

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