United H2 Limited (UHL), the world’s largest hydrogen conglomerate, has announced plans to invest £250 million in the country’s burgeoning hydrogen transport sector over the next year.
This substantial investment is poised to catalyze the growth of hydrogen-related startups in the UK and Europe, reinforcing the region’s commitment to sustainable and eco-friendly transportation solutions.
UHL, headquartered in Australia, has carved a niche for itself in the hydrogen industry by investing in and nurturing companies that leverage hydrogen technologies. Their portfolio encompasses a diverse range of projects, from hydrogen-powered cars and trucks to boats and even planes. With a formidable lineup of 37 companies under its wing, UHL is at the forefront of the global hydrogen revolution.
While UHL’s investments are aimed at driving the growth of hydrogen transport in the UK, the conglomerate has set its sights on listing in the United States rather than London. This strategic decision is rooted in the belief that North America’s investment climate offers more significant value to shareholders than the London Stock Exchange.
The conglomerate plans to raise funds for an initial listing on the Canadian Securities Exchange later this year, with a subsequent eye on an eventual initial public offering (IPO) on the Nasdaq. Richard Allen, Chairman of UHL, underscored the attractiveness of the North American market, particularly in the context of the US Inflation Reduction Act, which offers substantial green subsidies amounting to £293 billion ($369 billion). These favorable business conditions have led UHL to consider a strong market capitalization outlook in the region, influencing its listing strategy.
However, Allen emphasized that UHL remains “very open” to the London Stock Exchange and would be open to changing course if a compelling opportunity arises.
UHL’s substantial investment coincides with the UK government’s ambitious plan to generate 10 GW of hydrogen by the end of the decade. This initiative forms a critical part of the country’s energy security strategy, bolstered by concerns arising from Russia’s invasion of Ukraine. The £250 million infusion from UHL signifies a critical step towards realizing these hydrogen generation goals and fostering an eco-conscious transport ecosystem in the UK.
As the world grapples with the imperative of reducing carbon emissions, investments like UHL’s serve as beacons of hope, illuminating a path toward cleaner, more sustainable transportation. United H2 Limited’s commitment to the UK’s hydrogen transport sector underscores the global significance of the hydrogen revolution and its transformative potential for a greener future.
