Hydrogen fuel-powered automaker H2X is raising capital ahead of London Stock Exchange listing

Hydrogen fuel-powered automaker H2X is raising capital ahead of London Stock Exchange listing

H2X Global's Warrego Ute (via H2X).

H2X Global, a manufacturer of hydrogen fuel cell vehicles, is accelerating towards listing on the London Stock Exchange (LSE) within the next 12 months and has tapped two corporate advisory firms to make it happen.

London-based The Ince Group and Australian firm Barclay Pearce Capital (BPC) have penned a joint mandate to raise pre-IPO capital for H2X Global prior to the LSE listing.

The exact details about the amount to be raised were not disclosed, but the announcement represents confirmation that Sydney-headquartered H2X will be going public.

Though based in Australia, H2X has a global mandate for its light vehicles like vans and utes. Buses and trucks are on the horizon, while the company also builds fuel cell generators using the hydrogen-based technology it has created.

The utes and vans differ from electric cars in that hydrogen vehicles can refuel and get back on the road within three minutes - an advantage that H2X foresees will be appreciated by petrol station operators that are looking to bring this type of technology online.

Registered as a business in 2021, H2X is the culmination of founder and CEO Brendan Norman’s journey in car manufacturing - an industry he’s worked in since the early ‘90s.

The company has already found early success, having raised $10 million in capital to kickstart the business early in its journey and has secured more than $50 million in pre-orders from early adopters for its hydrogen fuel cell-powered Warrego ute.

H2X Global is also currently developing several customer delivery programs for its fuel cell generators and vehicles in Europe, Australia and South-East Asia.

Earlier this year, the company announced a new joint venture with India-based Advik Hi-Tech in order to ramp up the production of vehicles for worldwide distribution.

Called Advik H2X, the joint venture will be based in India and will develop H2X-designed vehicles and components, including hydrogen fuel cell generators, trucks, buses and light commercial vehicles. The fruit of the joint venture is expected to roll off the production line in the second half of 2023.

The push to manufacture buses and trucks was spurred on last year by an agreement signed with one of Sweden’s major municipal waste companies Renova.

Under that deal, H2X will provide trucks and other light vehicles to the city of Gothenburg in a deal the company believes will pave the way for it to develop and produce vehicles for the wider Scandinavian transport industry.

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