UHL Conglomerate Update: March 2024

Over the past year, United H2 Limited (“UHL” or “the Company”), has taken strong strides forward in its dual strategy to deliver liquidity via a planned listing, while also focusing on enhancing shareholder value by growing its Group of 37 hydrogen projects & companies.
The dual strategy’s short-term focus is initially shareholder liquidity, then its medium focus is to build the overall Group to ensure UHL experiences sustainable growth in the long-term.
In terms of the proposed listing, UHL has taken significant steps forward — the second draft of the prospectus is complete, the audit has been completed, and additions to the Executive Team and Board of Directors have been made.
To support the value of UHL post-listing, UHL has worked with its companies to achieve significant operational milestones, while also adding three new companies to the Group; Power Hydrogen Generation Limited, Voyager H2 Limited, and Alpha H2 Limited.

New hires focused on delivering a strong listing for UHL shareholders

To increase shareholder value pre-and-post-listing, UHL has hired Senior Executives and Board Members, including:

Kathyrn Giudes

Non-Executive Chair

  • Seasoned executive and non-executive delivering progressive financial results in multi-million and billion-dollar businesses.
  • Vertical industry experience includes Financial Services, Gaming, Retail, IT/high tech, green energy and Defence.
  • As a senior director at Microsoft, Kathryn was responsible for a US$1b department.
  • Founder of Foster Consulting Pty Ltd which has a Financial Planning book of ~A$1B FUM administered in partnership with Retirement Planning Pty Ltd.
  • Kathryn is a non-executive director at ASX-listed Nuheara Limited which creates audio and hearing solutions and also Locality Planning Energy Limited an energy retailer focused on strata based energy retailing

Will Davidson

Chief Executive Officer

  • 25 years’ experience in executive roles with a track record of scaling growth businesses.
  • Will has delivered a successful IPO on the ASX with Powerwrap (ASX:PWL).
  • Will has experience in mergers and acquisitions, financial services and renewable energy.
  • Will has held Senior executive roles at Empower USA, Powerwrap (ASX: PWL), SapientNitro (NASDAQ:SAPE) and Bennelong Funds Management, while also building a boutique investment bank in the renewable energy space.
  • Will oversaw a successful merger at Powerwrap with another ASX listed company, Praemium, to deliver a A$500M+ listed enterprise and at Empower led the acquisition of the second largest independent media business in the United States.
  • With a deep understanding of financial markets, technology trends, and a strategic vision for the future, Will has successfully navigated the complexities of the listed and private landscape.

Luke Oxenham

Chief Financial Officer

  • A highly regarded senior executive with 25-plus years’ experience in IPOs and public companies.
  • Held senior executive roles at Macquarie Infrastructure Group (Intoll) , Genworth Australia. Seeing Machines, Blackstone/151 Property, and Superloop.
  • A demonstrated track record of delivering value for stakeholders in the Property, Financial Services and Infrastructure industries.
  • A strategic and inspiring leader with outstanding business acumen who has played an instrumental role in transformational, organisational, and cultural change in several high-profile private and public companies.
  • Background in executive-level financial, commercial and general scale-up management of emerging growth and mid-sized corporates as well as in supporting strategic transformation or catalyst events.
UHL believes these new additions to the Company provide a formidable pedigree that will strengthen the position for listing the UHL business.
The audit process has been thorough and detailed, ensuring that all financial statements and relevant company information are accurately presented and comply with regulatory standards. After completing the audit, UHL is now in the final stages of drafting its prospectus, which is the foundational document required for a public listing.
The lodgement of the prospectus will be a significant step forward in its goal to be listed on an appropriate exchange. In conjunction with this, UHL has been in discussion over the past several months with institutional investors to ensure the Company is backed by institutional investors post-listing.
Overall, the UHL Team is working to facilitate a successful listing, which will continue to deliver strong growth after the liquidity event.
UHL believes it will deliver on this goal, as a key element of its dual strategy is to build its Group, which provides a strong platform for growth post-listing.
Furthermore, going public on a major exchange will provide access to the capital required to unlock the value of 37 projects and companies, which will subsequently lead to the true value of the UHL Group being realised.

UHL Group Update

  • National H2 has secured a Framework Agreement with Powerhouse Energy Group (AIM:PHE) to use its patent-pending plastic-tohydrogen technology. The agreement sets out the terms on which Powerhouse’s technology and engineering expertise would be provided, on a project-by-project exclusivity basis, to National H2 for its intended rollout of multiple hydrogen-based projects across Australia, Italy, Switzerland, and Hong Kong.
  • Patriot Hydrogen has signed a term sheet with a leading merchant bank, Cronin Capital and its affiliates, to execute a planned listing on the London Stock Exchange in 2024. The Company has received its first round of funds from Cronin to finance the listing process and has several key projects lined up to support valuation growth following the initial public offering.
  • H2X Global is taking strong steps forward after its new CEO, Antony Tolfts, outlined his plans to go public on a stock exchange to finance production expansion so the company can meet its surplus in orders. Antony believes that retrofitting existing vehicles, using H2X’s integrated hydrogen management technology, with established vehicle manufacturers, will play a key role in getting products to market. Through this strategy, H2X says it expects to be well placed to accelerate deliveries during the first half of this year and move towards profitability along with a planned IPO.
  • UHL formed Alpha H2 in November 2023 after recognising the substantial market for hydrogen injection systems, which can be retrofitted to internal combustion engines to reduce fuel usage and emissions. 
  • Aviation H2 has received the final parts required to complete the modification of a test jet turbine to run with a carbon-free fuel, liquid ammonia. The Swiwin SW170b-2448 turbine will serve as a proof of concept for the conversion model the company developed in its feasibility studies conducted throughout 2022 and 2023. The Company is planning to showcase this world first in April 2024, which will be followed by the purchase of an aircraft for conversion to a liquid ammonia turbine for a test flight. Once the test flight is successful, Aviation H2 will have a patentable method for converting traditional aircraft to operate on carbon-free fuel.
  • UHL formed Voyager H2 in November 2023, which gives it access to a patent-pending system for detecting natural hydrogen and helium deposits. The company is now seeking to use this industry-leading technology to secure projects around Australia, Europe, North America and South America.
  • In September 2023, UHL formed a joint venture with an established hydrogen generator manufacturer, which will see it get exclusive global rights to sell hydrogen generators across the world. UHL has executed the deal through one of the companies in its Group, Power Hydrogen Generation Limited, which now owns 35% of the production company/manufacturing facility, generator IP and brand PWRH2. UHL will use the PWRH2 brand to sell generators globally, specifically focusing on Australia, the United Kingdom, Europe and North America.
  • After a successful 12-month period of lab trials on single PEM fuel cells, Titan Hydrogen has commenced testing a commercial fuel cell stack employing a novel class of polymer-inorganic composite nanomaterials, which has the potential to provide an economically viable avenue to enhancing fuel cell performance. Given this, Titan Hydrogen is on track to deliver a patented technology that has the potential to increase fuel cell efficiency by 40-60 per cent. Once successful, this will position Titan Hydrogen’s product as one of the best-performing solutions on the market.
  • H2i Technology has manufactured its first 10 commercially-ready hydrogen injection kits locally in Victoria, which it will use to run field testing with potential customers. H2i Technology is now working full steam ahead towards executing trials with five potential customers across the steel manufacturing, agriculture, construction, mining and hospitality/tourism industries.

Outlook for 2024

Throughout the period, UHL has taken significant strides in delivering on the dual strategy it has outlined since its inception — executing a public listing and nurturing enterprise value through Group growth.
UHL believes this strategy is the strongest avenue to unlocking shareholder value, as a listing will provide it with the capital required to accelerate its 37 projects and companies.
It is confident the additional members of the Executive Team and Board will provide the network and level of experience needed to expedite and enhance the delivery of its dual strategy to deliver short-term liquidity and long-term valuation growth.

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