H2X Global featured in the AFR today! The world's leading hydrogen fuel cell Vehicle company H2X Global has secured a US$57m cornerstone investment agreement from Verde Mobility, 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 $US25.7m in firm vehicle orders while supporting its planned listing on the London Stock Exchange.

H2X Global Limited

Key agreement terms:

• The equity financing deal gives H2X the option to accept up to US$57M from Verde Mobility from 2023 to 2024.
• Verde will make an initial $US3.4m 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 will give H2X access to several major manufacturing and distribution facilities across the greater European region, which will allow the Company to begin delivering various hydrogen-based vehicle ranges to the market at a commercial scale and competitive cost.

"Our hydrogen fuel cell and powertrain means our vehicles are able to offer the same performance as traditional fuels and outperform battery electric. Combining this with Verde’s established manufacturing network to lower the cost of hydrogen vehicles, we are offering one of the world's first commercially viable avenues to decarbonising the transport sector.”
- Brendan Norman, CEO, H2X Global

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.

Mr.Norman further states;

"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's key focus will now be to unlock its global book of purchase intent agreements (totalling US$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.

Mr.Norman comments on the agreement;

"The agreement with Verde will allow us to accelerate the launch of our fully developed Darling van, which we expect will ramp up vehicle production to 25,000 units a year and provide a solid financial base for the Company."

The Darling Van, H2X's unique origami chassis and plug-and-play powertrain, which lowers manufacturing costs, creates higher gross profit margins and offers a state-of-the-art vehicle with greater operational outputs.

Once complete, H2X will roll this out across multiple vehicle classes.

Mr. Norman concludes;

"With the support of Verde Mobility's strategic investment agreement, H2X is poised to significantly expand its operations and spearhead the transition to hydrogen vehicles, securing a leading market position in the rapidly evolving clean mobility landscape.”

Read the full AFR Article here.

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