The new deal will finance the delivery of H2X Global’s USD 300 million in purchase agreements for vehicles that include the Warrego (utility vehicle), Paroo (garbage/deliver/concrete trucks), and Swan (passenger bus). The funds will also support H2X Global’s planned listing on the London Stock Exchange.
“Our hydrogen fuel cell and powertrain means our vehicles are able to offer the same performance as traditional fuels and outperform battery electric,” H2X Global’s CEO Brendan Norman said.
“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.”
Verde, a newly-formed company which invests in clean energy infrastructure, will make an initial USD 3.4 million investment into H2X. H2X will continue to get access to capital as it delivers on operational milestones. Verde plans to invest in further infrastructure development, giving H2X Global expanded access to manufacturing and distribution facilities.
“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,” Norman said.
H2X Global was founded by United Hydrogen Limited, the world’s largest hydrogen conglomerate with 37 companies in UHL’s group.
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