Clean energy investor United H2 buys electric bus group GoZero in $400m deal ahead of ASX float

Sydney-based United H2 Limited (UHL) is acquiring GoZero Group, a transport solutions company that is Australia’s largest bus manufacturer, ahead of a planned ASX listing of the business by the clean energy investor later this year.

Through the deal, United H2 will take full control of GoZero and its subsidiaries, including e-bus manufacturer Nexport and bus charter business NSBC Group in a $400 million deal that the company says is a strategic move to grow its presence in the zero-emission mobility sector.

Following the acquisition, GoZero is planning an ASX listing in mid-2025, with Morgans and MA Moelis Australia appointed as joint lead managers.

United H2 also plans to undertake its own share market listing, but on the NASDAQ, within a year of the transaction being finalised.

The buyout by United H2 follows the expansion of GoZero’s bus manufacturing operations last year following its acquisition of Gold Coast-founded BusTech from voluntary administrators.

Through that acquisition GoZero also gained control of Adelaide’s Precision Buses, boosting the group’s Australian bus manufacturing capability with operations in Edinburgh, South Australia, and Rocklea in Brisbane, adding to GoZero’s existing Nexport facility in Western Sydney.

Following the acquisition of GoZero, United H2 is rebranding as New Energy Opportunities Limited (NEO), which it says reflects the group’s expanded focus on clean energy solutions.

United H2 is reported to own “the largest and most diversified portfolio of hydrogen companies in Australia” which the company says provides investors with access to a market estimated to be worth US$201 billion.

The holding company has investments in more than 15 clean energy companies covering a spectrum of interests from infrastructure to mobility, with projects across Australia, Asia, Europe, North America and South America.

The group says it has built “multiple clean energy businesses, delivering a 12-times return on capital invested”.

"We are excited about this acquisition and the growth opportunities that this transaction provides,” says United H2 CEO Will Davison.

“GoZero has established itself as a leader in zero-emission transport solutions, and by bringing them into our global clean energy ecosystem, we see significant value-creation opportunities for both companies and their shareholders.

“By cross-pollinating GoZero’s assets across that ecosystem, we can drive synergies that will power the delivery of holistic clean energy solutions globally."

The Sydney-based GoZero is described by United H2 as playing a “pivotal role” in electrifying commercial bus and truck fleets in Australia.

The company has manufactured and distributed more than 250 electric buses and trucks, with an existing production pipeline of more than 360 units.

GoZero, which through NSBC is the owner of the largest bus charter company in NSW with a fleet of more than 350 vehicles, is said to have invested over $300 million in strategic assets, electric vehicles and infrastructure.

"GoZero is leading the transformation of the mobility industry by electrifying Australia's commercial transport sector,” says GoZero Group managing director Stephen Cartwright.

“This deal is our next big opportunity for growth. UHL (United H2 Limited) has 15 clean energy assets and its proven track record in scaling businesses represents a game-changing opportunity to redefine multiple sectors.

“By integrating zero-emission transport with holistic clean energy solutions, NEO will drive innovation and sustainability at scale. We strongly believe and support NEO’s vision of creating a destination and platform for clean energy companies."

United H2 says that integrating GoZero into its portfolio will strengthen the group’s position in the global energy transition, leveraging synergies between its existing investments to develop sustainable ecosystems globally.