Pure Hydrogen Corporation Limited announced it has acquired an initial 24% interest in Hydrogen Fuel Cell vehicle company H2X Global Limited (H2X), with options to increase shareholding to 48%.
H2X is an innovator in hydrogen automotive technology, focusing on unique fuel cell technology and hydrogen powertrains for commercial transport operations such as: utilities buses, vans, trucks and prime movers.
Pure Hydrogen is also establishing a new company ‘Pure X Mobility’ that plans to develop and sell hydrogen fuel cell-powered trucks and buses for use in the Australian market.
Pure Hydrogen’s Managing Director Scott Brown said partnering with H2X not only makes good commercial sense but it also puts the company in the driver’s seat to capitalise on new and evolving hydrogen technology.
“We believe this will be a good investment opportunity for Pure Hydrogen, we have achieved it with very minimal dilution and we can bring our strong balance sheet and funding channels as a public company to more aggressively fast-track H2X’s commercialisation plans,” Mr Brown added.
“We are also very excited about the prospects for the Pure X Mobility and its planned focus on developing Hydrogen Fuel Cell powered heavy vehicles such as cement mixers and garbage trucks.
“These industries are logical ‘starters’ for Pure X Mobility as they are short run operators where refueling can be managed at back-to-base locations.”
Separately, H2X has signed a MOU with Economic Development Corporation (SEDC), an arm of the State Government of Sarawak, and through its wholly owned subsidiary SEDC Energy for the manufacturing, assembly and development a range of strategic transport projects.
According to H2X’s statement, the JV will immediately begin with the assembly of relevant vehicles – from its trademark Warrego Pick up to City Buses and H2x Hydrogen Powered Generators, taking advantage of the hydrogen distribution network already set-up within Sarawak State.
H2X CEO Brendan Norman said: “Sarawak was already well ahead of most States in the region and was well advanced establishing long term hydrogen production for both domestic and export markets. “
“We are been honoured to be selected to work with SEDC. It is likely that Sarawak will not only produce vehicles for its own use but will become a major supplier to other States in Malaysia and countries in the region.”
