After securing a ~AU$9.9 million contract from Renova AB and commencing the production of fuel cell products in India with Addvik, H2X Global is poised to create substantial value for its investors.
With multiple projects across the world and millions of dollars worth of orders, the Company is on track to commercialise its operations and deliver a significant liquidity event for shareholders.
- Renova AB has made an approximate payment of $2 million to H2X as part of a larger ~AU$ 9.9 million contract to deliver hydrogen-powered commercial trucks to the city of Gothenburg, Sweden, with the first expected in December 2023.
- A joint venture to produce vehicles in India with Indian manufacturing heavyweight Advik Hi-Tech will see hydrogen vehicles and other products rolling off the production line seen in the second half of 2023.
- Selected as one of 15 startup businesses participating in the Amazon Web Services (AWS) Clean Energy Accelerator 3.0, designed to assist mature startups in accelerating the global decarbonisation process at scale.
- Signed MoU with Norwegian Hydrogen AS, a green hydrogen production,, distribution and refuelling Company, to collaborate on the commercial supply of hydrogen and the range of Hydrogen Fuel Cell commercial vehicles.
- Released the world’s first hydrogen-fuelled All Wheel Drive Pick Ups, a proof of concept for H2X’s state-of-the-art hydrogen fuel cell system and powertrain, which it will use to develop a suite of carbon-free vehicles, including the Darling Delivery Van and Taxi/MPV.
- Has millions of dollars in order interests, which it plans to list on a favourable exchange in 2023 to finance the fulfilment of these orders.
H2X Global’s joint venture with Indian giant Advik to commence production this year
A joint venture between H2X Global and Indian manufacturing heavyweight Advik Hi-Tech signals a major step forward in the production of hydrogen-powered vehicles and support products for the global market.
The new company, ‘Advik H2X’, based in Pune, India, will further develop vehicles and components designed and proven by the H2X engineering team.
Advik H2X builds on the strong experience of Advik as a master of high-tech components and the global experience of H2X, with over 22 million km of vehicles travelled with its hydrogen systems to date.
The new company expands H2X from the Australian base and its operations in Europe (Sweden) and Asia (Malaysia and Vietnam).
According to the H2X Founder and CEO, Brendan Norman, the first products from the joint venture company will roll off the production line.
First payment made in ~AU$9.9 million contract
Renova AB has made an approximate payment of AU$2 million to H2X, as part of a larger ~AU$9.9 million contract, marking the first phase in delivering hydrogen-powered commercial trucks to the city of Gothenburg, Sweden.
This forms part of a contract awarded to H2X last year, showing there is a proven market demand for its industry-leading technology, which stood above other suppliers in a highly competitive tender process.
The supply contract is one of the first major purchases in Europe of hydrogen-powered commercial vehicles and is expected to be one of many deals for H2X Global.
One of Australia’s first hydrogen fuel cell generators sold
Pure Hydrogen (ASX:PH2) recently sold one of H2X’s Power H2 Generators to the Plumbing Industry Climate Action Centre, which will be used at the Hydrogen Centre of Excellence in Queensland, making it one of the first of its kind in Australia.
The technology was developed by H2X, using its industry-leading hydrogen fuel cell and powertrain, which will be available in different power sizes from 2 to 100 kW.
The generators are ideal as a backup power system, an emergency power supply and an energy provider for construction/mining sites, remote communities, disaster locations, mobile communication towers, farms, businesses, hospitals, households, and outdoor concerts/events.
Jeff Bezos Backs H2X
H2X Global has been selected as one of 15 startup businesses participating in the Amazon Web Services (AWS) Clean Energy Accelerator 3.0, designed to assist mature startups in accelerating the global decarbonisation process at scale.
As one of the largest shareholders, United H2 Limited is extremely proud of what H2X has achieved, showing its revolutionary hydrogen fuel cell and power train stands above other companies in a highly competitive application process.
The Clean Energy Accelerator 3.0 will culminate with the Innovation Showcase at the United Nation’s COP 28, in November 2023 in Dubai, which will allow H2X to demonstrate its industry-leading hydrogen vehicles to world leaders.
One of the world’s first hydrogen-fuelled all wheel drive pick ups has been released
H2X completed the initial production for the Warrego, which is believed to be the world’s first Hydrogen Fuel Cell 4WD Pick Up Truck.
The Warrego is now undergoing rigorous vehicle compliance testing in accordance with EU validation and verification standards, which will allow H2X to begin delivering the product to the market in 2023.
H2X will target Europe for the first release due to the availability of hydrogen at the customer level in several cities where the order status has been high and government support is present to develop the hydrogen economy.
The release of the first Warrego serves as a proof of concept for H2X’s state-of-the-art hybrid hydrogen fuel cell system and powertrain, which it will use to develop a suite of carbon-free vehicles, including the Darling Delivery Van and Taxi/MPV.
With a clear market demand for H2X’s technology and a growing product range, the Company will create substantial value for shareholders and investors.