Australian hydrogen technology startup H2X Global will accelerate the rollout of its hydrogen-powered vehicle lineup in both local and international markets after securing a USD 57 million (AUD 87 million) investment agreement with United States-based Verde Mobility.
In a news release, H2X Global said the transaction would assist the company’s anticipated listing on the London Stock Exchange while financing the delivery of its USD 25.7 million (AUD 39.4 million) in firm vehicle orders, enabling rapid expansion for the Victoria-based business.
Verde will make an initial $5.2 million investment under the terms of the financial arrangement. The term sheet also contains an option for H2X to take up to the entire $87.14 million in investment, subject to operational milestones, from 2023 to 2024.
H2X Global Chief Executive Officer Brendan Norman stated that the deal with Verde will allow H2X to begin supplying its hydrogen-powered vehicles to markets in Asia, India, Europe and Australia 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,” Norman noted.
The CEO added that the company is creating one of the world’s first economically feasible routes to decarbonise the transportation industry, in collaboration with Verde’s strong industrial network.
“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,” Norman said.
H2X believes that by doing this, they will be at the forefront of the switch to hydrogen-powered cars and will gain a competitive edge that will allow them to capture a sizeable portion of the market.
The company’s primary focus will now be on releasing its worldwide book of purchase intent agreements, which includes 800 cars, including its Warrego ute, a rebadged Ford Ranger powered by H2X’s hydrogen vehicle power train and fuel cell technology.
H2X will also maintain its expansion by introducing the Darling Van/Taxi, the company’s first completely designed and produced vehicle, which will provide it with more market speed and profitability.
To date, Verde Mobility is also investing in other areas of the industry to create a clean mobility ecosphere, which will allow H2X to benefit from a diverse set of industry experts, shared resources, and collaborative manufacturing capabilities.
This agreement gives H2X access to a slew of key production and distribution sites across Europe. As a consequence, H2X can begin bringing a variety of hydrogen-powered cars to market at a competitive price and on a commercial scale.
