H2X Global hydrogen vehicles in $86m US funding deal
H2X Global, an Australian hydrogen fuel cell-powered vehicle company, will receive up to $86 million in capital over the next two years from Nebraska-based Verde Mobility as it targets commercial production by 2025.
H2X Global chief executive Brendan Norman said the agreement with the US group would enable the company to step up its plans for commercial production of a hydrogen fuel cell-powered van and taxi model known as the Darling van.
The $US57 million ($86 million) cornerstone investment from Verde Mobility will come in tranches, with the full amount dependent on H2X Global reaching milestones along the way.
H2X’s Warrego ute on show at the World Hydrogen Summit in Rotterdam in May. The Warrego ute costs $250,000 and five have been sold in Europe, with firm orders for a further 20.
Verde Mobility will make an initial $US3.4 million ($5.1 million) investment. H2X Global is 20 per cent-owned by ASX-listed Pure Hydrogen.
H2X Global has its headquarters in Sale in the Gippsland region of Victoria. It has also developed a hydrogen-powered ute called the Warrego, which has a top speed of 130 kilometres an hour and a range of about 500 kilometres from its fuel tank. The vehicle is aimed at fleet owners and the ute needs to be refuelled back at a base. It uses a Ford Ranger as its base but is retro-fitted with H2X Global technology and rebadged. The Warrego finished product sells for $250,000.
H2X Global chief financial officer Michelle Reynolds said the Warrego was proving popular: “It’s a show car for our capabilities,” she said. Three have been sold to buyers in the Netherlands and two in Sweden.
A further 20 firm orders for the Warrego had been received, she said.
The company is looking closely at potential
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