In a significant stride towards revolutionizing the automotive landscape, Australian fuel cell vehicle pioneer H2X has solidified a game-changing investment agreement of $57 million with Verde Mobility. This strategic alliance sets the stage for propelling H2X’s cutting-edge vehicle range into the forefront of global markets, spanning Asia, India, Australia, and Europe.
The transformative pact comes as a shot in the arm for H2X, infusing the necessary capital to actualize the delivery of $25.7 million worth of confirmed vehicle orders. This financial infusion couldn’t arrive at a more opportune moment, as it seamlessly dovetails with the company’s imminent listing on the esteemed London Stock Exchange. Beyond fortifying existing operations, H2X is poised to diversify its vehicle lineup’s availability, with plans unveiled to globally unleash the much-anticipated Darling Van/Taxi, alongside the rugged Warrego utility vehicle, the versatile Paroo garbage/delivery/concrete trucks, and the sophisticated Swan passenger bus.
A significant facet of H2X’s ambitious vision revolves around their $300 million worth of purchase intent agreements, although the non-binding nature of these arrangements leaves the industry eagerly awaiting how many of these substantial orders will eventually transition from commitment to tangible delivery.
CEO of H2X Global, Brendan Norman, enthused, “Our hydrogen fuel cell and powertrain technology ensure our vehicles match the performance of traditional fuels and outperform battery electric counterparts. Collaborating seamlessly with Verde’s robust manufacturing network, we are embarking on one of the globe’s pioneering pathways towards effectively decarbonizing the burgeoning transport sector.”
H2X first burst into international consciousness in June, capturing headlines as Swedish waste and recycling titan Renova inked a deal for an entire fleet of hydrogen-powered trucks from the innovative Australian manufacturer. Another feather in their cap was the announcement of an ongoing partnership with renowned motorcycle manufacturer KTM, with an aim to jointly engineer light-duty electric vehicle chassis—a collaboration that was unveiled in May 2022.
While H2X’s emergence on the e-mobility stage might be recent, officially commencing operations in 2020, their remarkable trajectory is underscored by their foresight and ambitious timeline. The company’s production kick-off was slated for 2022, and with this latest injection of funds and their relentless pursuit of innovation, H2X’s journey is primed to reshape the way the world envisions vehicular propulsion.
