H2X Global just got a big boost to shrink transportation emissions. The Sydney-based company secured a US$57M deal with US-based firm, Verde Mobility Inc., to fastrack H2X’s delivery of 800 hydrogen-powered vehicles.

“Our hydrogen fuel cell and powertrain means our vehicles are able to offer the same performance as traditional fuels and outperform battery electric,” says H2X Global’s CEO, Brendan Norman.

The new deal will finance the delivery of H2X Global’s US$300M 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.

“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,” adds Norman.

Verde, a newly-formed company which invests in clean energy infrastructure, will make an initial US$3.4M 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,” says Norman.

H2X Global was founded by United Hydrogen Limited, the world’s largest hydrogen conglomerate with 37 companies in UHL’s group.

“H2X is a strong example of the power of the global hydrogen conglomerate, UHL’s, business building strategy, which has seen it deliver US$566M in market capitalization across 11 companies and US$15.4M in cash returns for shareholders,” says UHL Chairman Richard Allen.

The UHL team members were founders and original 75 percent shareholders of H2X, and used their proven business building strategy to take it from a valuation of zero to US$64M+.

UHL is targeting a CAD$300 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$200M to US$250M 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.