H2X Global Secures US$57M From Verde Mobility to Deliver on US$300M in Fuel Cell Vehicle Orders

Australia-based hydrogen fuel cell vehicle company H2X Global recently secured a US$57-million deal with US-based firm, Verde Mobility Inc., to fastrack H2X’s delivery of 800 hydrogen-powered vehicles.

The deal will finance the delivery of H2X Global’s US$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.

H2X Warrego

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 decarbonizing the transport sector.

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.

—Brendan Norman, H2X Global’s CEO

Rendering of the Darling van.

Verde, a newly-formed company which invests in clean energy infrastructure, will make an initial US$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.

H2X Global was founded by United Hydrogen Limited, the world’s largest hydrogen conglomerate with 37 companies in UHL’s group. The UHL team members were founders and original 75%$ shareholders of H2X, and used their proven business building strategy to take it from a valuation of zero to more than US$64 million.

UHL is targeting a listing on Canadian Securities Exchange by the end of 2023. UHL has expansion plans in North America and is looking to open an office in Canada later this year. UHL expects its Group to invest US$200 million to US$250 million across North America over the next 18 to 36 months, ensuring it can leverage the increasingly attractive business environment for hydrogen technologies in the region.

UHL is currently speaking with various potential technical partners in the region and looking for more to help drive its North American expansion.