Industry News

H2X Global secures US$57m with Verde Mobility to deliver hydrogen-powered vehicles

by | Aug 25, 2023

Hydrogen fuel cell vehicle company H2X Global has secured a US$57m deal with Verde Mobility to accelerate H2X’s delivery of 800 hydrogen-powered vehicles. The deal will finance the delivery of H2X Global’s US$300m in purchase agreements for vehicles including the Warrego utility vehicle, the Paroo garbage, delivery and concrete trucks, and the Swan passenger bus.

“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 decarbonizing the transport sector,” explained Brendan Norman, CEO, H2X Global. “The Verde agreement paves the way for us to fast-track the launch of our fully developed Darling van. We anticipate this will crank up our vehicle production to 25,000 units a year, and provide a sturdy financial foundation for the company.”

Clean energy infrastructure investor, Verde, will first invest US$3.4m into H2X. As operational milestones are delivered or completed, H2X will gain access to additional capital.

H2X Global was founded by United Hydrogen Limited (UHL), claimed as the world’s largest hydrogen conglomerate, consisting of 37 companies. UHL it targeting expansion plans in North America and expects its group to invest approximately US$200m to US$250m in North America over the next 18-36 months. This will ensure it can use the business environment for hydrogen technologies in the region.

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