H2X closes $57 mn investment to expand in Asia & Europe
Australian fuel cell vehicle developer H2X has secured a 57 million dollar investment agreement from Verde Mobility, which will drive the deployment of its vehicle range to customers in Asia, India, Australia, and Europe.
The deal will provide immediate growth to H2X as it will finance the delivery of its $25.7 million in firm vehicle orders while supporting its planned listing on the London Stock Exchange. H2X also plans to expand its vehicle lineup availability, announcing that it will launch the Darling Van/Taxi globally with the funds, as well as its Warrego utility vehicle, the Paroo garbage/deliver/concrete trucks and Swan passenger bus.
H2X also refers to $300 million in purchase intent agreements, however, as these are non-binding, it remains to be seen how many of the orders will continue to the delivery stage.
“Our hydrogen fuel cell and powertrain technology ensure our vehicles match the performance of traditional fuels and outperform battery electric,” said Brendan Norman, CEO of H2X Global. “Together with Verde’s robust manufacturing network, we are paving one of the world’s first commercially viable paths to decarbonize the transport sector.”
H2X made headlines in June when the Swedish waste and recycling company Renova ordered a fleet of hydrogen trucks from the Australian manufacturer. There is also an ongoing collaboration with motorcycle manufacturer KTM to develop light-duty EV chassis, which was announced in May 2022.
H2X hasn’t been on the e-mobility scene all too long, and only officially launched its business in 2020, with plans to begin production in 2022.