H2X Global Ltd has been featured in Small Caps discussing the Company's involvement with Pure Hydrogen (ASX:PH2). Pure Hydrogen has now acquired a 24% stake in the fuel cell vehicle company and will also be the preferred supplier of hydrogen to H2X.
It was only a mere 250 years ago that hydrogen was first recognised as an element.
Being able to be produced as a gas, liquid or part of other materials, hydrogen is the most abundant chemical in the world. Mainly used for industrial processes, hydrogen is becoming a popular source of renewable energy, being stored for later use as required.
“An exponential increase in the demand for clean and green fuel with the rising pollution levels, coupled with the growing government regulations to control and curb the sulphur content in fuels, is expected to drive the market for hydrogen generation.”
International Energy Agency (IEA) 2019, The Future of Hydrogen
To incorporate the vision of Australia becoming a major hydrogen export player, Australian federal and state governments have announced various strategies to develop a domestic hydrogen production industry in the last couple of years.
The Federal Government's National Hydrogen Strategy sets a goal for commercial renewable hydrogen exports by 2030.
The article states:
"In April 2021, Prime Minister Scott Morrison pledged $275.5 million to accelerate the development of four clean hydrogen hubs in the country over the next five years, plus $263.7 million for CCS projects over the next 10 years".
The NSW state government has also established the Hydrogen Industry Development Fund which has:
"provided almost $13 million under a first round of funding to build four hydrogen plants. It has committed a further $10 million to industry development activities and a second round of grant applications closed this June".
The plan aims to help NSW halve its emissions by 2030 and get to net-zero by 2050. According to Treasurer and Energy Minister, Matt Kean, the plan will result in an "economic bonanza of investment and jobs", while also creating new opportunities for its heavy industry.
H2X Global Limited
H2X Global Limited is an Automotive and Power Unit Company founded on absolute sustainability. The Company is focused on the growing Hydrogen fuel cell transport markets which are emerging in the key regions of China, North America, Europe, North Asia and Scandinavia.
The article states that big hydrogen and fuel cell technology developer, Pure Hydrogen,
"announced it had acquired an initial 24% stake in hydrogen fuel cell vehicle company H2X Global Limited with share options to increase its shareholding to 48%. The pair have also signed a deal where Pure Hydrogen will be the preferred supplier of hydrogen to H2X".
Read the full Small Caps article here.
