Pure Hydrogen Acquires Strategic Stake in Fuel Cell Play H2X Global
Updated: Oct 24, 2021
21 October 2021, Australian East Coast Clean Energy Company, Pure Hydrogen Corporation Limited (ASX: PH2 or ‘Pure Hydrogen’) is pleased to announce that it is significantly expanding its investment in the hydrogen sector by acquiring an initial 24% interest in Hydrogen Fuel Cell vehicle company H2X Global Limited (‘H2X’) and establishing Pure X Mobility Pty Limited as an entity for the development of Hydrogen Fuel Cell-powered Truck and Buses for use in the Australian market.
Pure Hydrogen has signed a term sheet setting out that Pure Hydrogen will receive a 24% interest in H2X shares for 8.6 million shares in PH2, which will have some escrow conditions. In addition, Pure Hydrogen also receive options to increase it interest to 48% in H2X. The agreement is subject to customary condition precedents and is expected to close in a few weeks. H2X and Pure Hydrogen have signed a Preferred Supplier Agreement where Pure Hydrogen will be the preferred supplier of Hydrogen to H2X.
Source: Pure Hydrogen
This significant development underpins H2X’s plans to develop a variety of Hydrogen Fuel Cell powered vehicles. Pure Hydrogen’s hydrogen logistics experience will secure the re-fuelling requirements of vehicles being developed by H2X. Additionally, Pure Hydrogen will provide through a new entity being established, Pure X Mobility Pty Limited (‘Pure X’) trucks for deployment for back to base operations such as waste disposal and concrete agitator trucks that the Company plans to bring to market.
H2X is an innovator in hydrogen automotive technology and is behind the team bringing the muchheralded Warrego Hydrogen Utility to the Australian market for sale in the first half of 2022. It also has a range of hydrogen vehicles and power generating units. It focuses on unique Fuel Cell technology and Hydrogen Powertrains for commercial transport operations such as: utilities buses, vans, trucks and prime movers.
Hydrogen Initiatives Update
PH2 has been in discussions with a range of large commercial users for back to base operations that are considering using Hydrogen Trucks. The Company has been working closely with well- known truck and bus manufacturers and is building a Hydrogen eco system that can provide hydrogen solutions including trucks, buses and work vehicles together with the hydrogen fuel to power these vehicles.
We expect to be announcing shortly a number of off-take and supply arrangements together with some additional partners to assist in the development and commercialisation of our multi-faceted solution. The transaction with H2X and the formation of Pure X Mobility fast-tracks these negotiations and developments.
Hydrogen demand is increasing
It’s estimated hydrogen demand could increase tenfold for 2050. Hydrogen production is currently experiencing widespread political momentum. Global demand is forecasted to increase to 100 million tonnes by 2030 and exceed 500 million tonnes by 2050.
Transportation is one of the largest sources of greenhouse gas emissions globally and has been identified as one of the primary early adopters of hydrogen energy. Hydrogen consumption is on the rise, with Asia-Pacific expected to witness the fastest growth moving forward as the largest hydrogen market.
About Pure Hydrogen Corporation Limited
Pure Hydrogen is an Australian east coast focused Clean Energy Company with Hydrogen and Gas businesses. The Company has 5 Hydrogen projects under development and 3 gas projects, Windorah Gas Project in the Cooper Basin, Australia’s most prolific onshore producing petroleum basin, Project Venus CSG in the Surat Basin in Queensland and the Serowe Project CSG in Botswana.
About H2X Global Limited
H2X is an Australian vehicle manufacturer developing hydrogen fuel cell electric vehicles (FCEVs) for global use. The Company recently launched its first vehicle, the Warrego, for reservation and is developing a range of FCEVs for industrial use, underpinned by the Company’s unique fuel cell technology.