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UHL investee, H2X, secures $86m cornerstone investor to accelerate its planned London Stock Exchange IPO

United H2 Limited (UHL) is pleased to announce its investee, H2X Global, has secured a $86m cornerstone investment agreement from US firm — Verde Mobility — which will finance the delivery of its $US300m in purchase agreements while supporting its planned listing on the London Stock Exchange.

The UHL team originally owned 75% of H2X and used its proven strategy to build it into the world’s leading hydrogen vehicle company, starting from a valuation of zero to its current $100m plus market cap.

As a founding shareholder and investor in H2X, the UHL team is extremely proud of what H2X has been able to achieve and anticipates it will enhance H2X’s ability to deliver a significant liquidity event for UHL shareholders.

H2X’s key focus will now be to unlock its global book of purchase agreements totalling US$300m which covers 800 vehicles, including its Warrego (utility vehicle), Paroo (garbage/deliver/concrete trucks), and Swan (passenger bus).

The original 75% shareholding founder of H2X — UHL — will seek a planned listing to execute this proven model at scale across its 37 hydrogen projects and companies.

“H2X is a strong example of the power of the global hydrogen conglomerate, UHL’s, business building strategy, which has seen it deliver $650m in market capitalisation across 11 companies and $24m in cash returns for shareholders,” says UHL Chairman, Richard Allen.

“Given this strong track record, we believe we are well-placed to deliver similar valuation growth across our 37 projects and companies as we head towards a North American listing later this year, which will provide significant market capitalisation growth for shareholders.”

Please contact UHL if you are interested in being involved with H2X, UHL or any other of UHL’s 37 investees.

Key terms of the H2X deal:

  • The equity financing deal gives H2X the option to accept up to $86m from Verde Mobility from 2023 to 2024.
  • Verde will make an initial US$3.4m investment into H2X.
  • H2X will continue to get access to capital as it delivers on operational milestones.

Verde Mobility is making several other investments across the industry to develop a clean mobility ecosphere, which will see H2X benefit from a wide range of industry experts, shared resources and collaborative manufacturing capabilities.

This will give H2X access to several major manufacturing and distribution facilities across the greater European region, which will allow the Company to begin delivering various hydrogen-based vehicle ranges to the market at a commercial scale and competitive cost.

“Our hydrogen fuel cell and powertrain means our vehicles are able to offer the same performance as traditional fuels and outperform battery electric,” says H2X Global’s CEO, Brendan Norman.“Combining this with Verde’s established manufacturing network to lower the cost of hydrogen vehicles, we are offering one of the world’s first commercially viable avenues to decarbonising the transport sector.”

“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.”

H2X believes this will place them at the forefront of the transition to hydrogen vehicles and give them a first-mover advantage that will allow them to take significant market share.

The agreement is expected to drive the rapid deployment of its cutting-edge vehicle range to customers in Asia, India, Australia, and Europe.

H2X will sustain its growth through the launch of the Darling Van/Taxi, which will be the Company’s first fully designed and developed vehicle, giving it greater market speed and increased profitability.

“The agreement with Verde will allow us to accelerate the launch of our fully developed Darling van, which we expect will ramp up vehicle production to 25,000 units a year and provide a solid financial base for the Company.”

The Darling Van, H2X’s unique origami chassis and plug-and-play powertrain, which lowers manufacturing costs, creates higher gross profit margins and offers a state-of-the-art vehicle with greater operational outputs.

Once complete, H2X will roll this out across multiple vehicle classes.

“With the support of Verde Mobility’s strategic investment agreement, H2X is poised to significantly expand its operations and spearhead the transition to hydrogen vehicles, securing a leading market position in the rapidly evolving clean mobility landscape.”

If you are interested in getting involved with UHL or H2X, please reach out to UHL today.

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