H2X secures $57m cornerstone investment to expand global growth

Australian hydrogen fuel cell vehicle company H2X Global (H2X) will accelerate the deployment of its vehicle range to customers in Asia, India, Australia and Europe after having received a cornerstone investment agreement from Verde Mobility (Verde) worth $57m.

Announced in early August, the equity financing deal will give H2X the option to accept up to $57m from Verde from 2023 to 2024, in addition to providing H2X with an initial investment of $3.4m.

The agreement will also finance the delivery of its $25.7m in firm vehicle orders while supporting the company’s planned listing on the London Stock Exchange.

According to Brendan Norman, CEO of H2X, the deal will allow the firm to take advantage of Verde’s manufacturing to network to ‘pave one of the world’s first commercially viable paths’ to decarbonise the transport sector.

“Our hydrogen fuel cell and powertrain technology ensure our vehicles match the performance of traditional fuels and outperform battery electric.”

He added that, through the agreement, the company aims to provide a solution to cost and performance challenges associated with carbon-free transport.

H2X now intends to pursue its global book of purchase intent agreements (worth $300m), which covers 800 vehi8cles, including its Warrego utility vehicle, Paroo garbage/delivery/concrete trucks and the Swan passenger bus.

The company will also launch its Darling Van/Taxi, which will be its first fully designed and developed vehicle.

Concept design of H2X’s Darling Van

“The Verde agreement paves the way for us to fast-track the launch of our fully developed Darling van. We anticipate this will crank up our vehicle production to 25,000 units a year, and provide a sturdy financial foundation for the company,” added Norman.

The Darling Van uses an origami chassis and plug-and-play powertrain, which H2X claims will reduce manufacturing costs and improve profit margins.

“With Verde Mobility’s strategic investment, H2X is all set to significantly expand its operations and lead the shift to hydrogen vehicles, securing a pole position in the rapidly evolving clean mobility landscape.”

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