As we reflect on 2024, I am proud to highlight the progress H2X Global has made in reshaping our business and accelerating our vision to transform commercial vehicles with zero-emission hydrogen power. This has been a year of strategic realignment, financial discipline, and results, all of which have laid a strong foundation for 2025 to also be an incredible year.

2024: A Year of Strategic Focus and Operational Efficiency

At the beginning of the year, we made the pivotal decision to shift our focus and pause the development of the Darling Van to concentrate on immediate deliverables: the Warrego and our retrofit strategy. By consolidating our engineering site, we have achieved cost savings while accelerating development and operational improvements across the board.

This strategic refocus has already delivered measurable financial improvements:

• Expense Reduction of $2.8M (41% decrease): Through workforce adjustments and targeted cost-saving initiatives, we reduced employment costs by $2.2M (50% decrease), optimising our operations and enhancing efficiency.
• Reduction in Professional Fees and IT Costs (30% decrease): By reassessing our advisory relationships, we have streamlined services and reduced related expenses.
• Net Asset Growth of Over $1.5M (200% increase): Our restructuring efforts have directly contributed to this growth, strengthening our financial position.
• Liability Reduction of Over $2M (40% decrease): We have actively addressed outstanding debts, enhancing financial stability and liquidity, positioning H2X for future expansion.

These financial improvements reflect our commitment to maintaining a lean, focused operation and building a more efficient business.

Warrego Development and Strategic Partnerships

The Warrego, the world’s only hydrogen-powered 4×4, has already garnered global attention, ranking #12 on TopSpeed’s “15 Hydrogen Cars to Look Out For.” With the first Warrego now in the final stages of roadworthiness testing, we are on the cusp of delivering a truly innovative, zero-emission vehicle to the market.

The addition of James Walker to the H2X Board has been instrumental in refining our strategy and preparing the company for an eventual public listing. His decades of experience in scaling high-growth businesses, IPOs, and M&A transactions has already been invaluable.

In 2024, we also welcomed Georg Zembacher, European Chief Innovation Officer at Toyota’s Innovation and Solutions Division, as a Non-Executive Director. His expertise in hydrogen and electrification solutions, drawn from his experience at Toyota, Siemens, and AVL, aligns perfectly with our mission to transition from diesel to zero-emission technologies. Georg’s insights will be critical in advancing H2X’s growth trajectory.

Challenges and Adaptation

While 2024 has been a year of progress, it has not been without its challenges. The stalled funding deal with Verde Mobility required us to adapt quickly, leading to tough but necessary decisions to maintain momentum. By focusing on the Warrego and retrofit opportunities, we have created immediate value and solidified our market position. Our agility and resilience will continue to define H2X as we transition into full vehicle production.

Looking Ahead to 2025

As we move into 2025, our primary focus is scaling production and fulfilling our commitments. With the Warrego nearing roadworthy completion, we are preparing for deliveries and ramping up production.

Additionally, the development of the Paroo truck is underway, further demonstrating our ability to scale hydrogen-powered solutions across multiple vehicle classes. Retrofitting remains a cornerstone of H2X’s phased business plan, allowing us to accelerate market entry while avoiding the substantial capital and time investments required for full-scale manufacturing from the ground up. This approach provides a proof of concept for our hydrogen-electric vehicles, instilling market confidence and laying the groundwork for future growth.

The Paroo truck’s “Retrofit Ready” design, arriving without an engine, transmission, or fuel system, allows us to seamlessly integrate our hydrogen powertrain technology. This brings us closer to producing fully proprietary vehicles and solidifies our technical leadership in the hydrogen vehicle sector.

IPO and Funding Requirements

As we prepare for H2X’s IPO on the AIM market of the London Stock Exchange in 2025, we continue to lay the groundwork for this significant milestone. We have engaged leading intermediaries, including auditors, legal experts, and Nomad advisors, to ensure a smooth and successful listing.

The IPO will provide H2X with access to capital, enabling us to scale our operations, optimise inventory ordering, and increase gross margins. Meeting the disclosure and governance standards required of a listed company will further strengthen our reputation and appeal to customers and partners worldwide.

In the meantime, we are raising funds to support the retrofit of our next wave of ordered vehicles and to cover the initial IPO costs. Securing additional funding now is critical to maintaining the momentum we have built. We sincerely thank our existing investors for their support thus far. Qualifying investors who wish to participate in this round, please contact H2X or our lead manager, Barclay Pearce Capital (BPC). Your continued support is essential to enabling us to execute our strategy and lead the global shift to hydrogen-powered transportation.

Recognition

We were honoured to receive the 2024 AFR BOSS Most Innovative Companies Award in the “Property, Construction, and Transport” category, coinciding with World Hydrogen Day. This recognition is a testament to the innovative work behind the Warrego’s development and reinforces H2X’s position as a leader in the hydrogen vehicle market.

Additionally, I had the privilege of visiting Toyota’s hydrogen fuel cell facility in Japan with our Chair, James Walker. This visit strengthened our partnership with Toyota and underscored the crucial role their technology plays in advancing H2X’s vehicles.

Conclusion

2024 has been a transformative year for H2X, marked by strategic decisions, financial discipline, and tangible progress. Our foundation is strong, our vision is ambitious, and with your continued support, we are poised to lead the global transition to hydrogen-powered transportation.

Thank you for being part of this journey.

Warm regards,
Antony Tolfts
CEO, H2X Global Limited

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Dear Shareholders, Investors, and Partners,

Rights Issue Shortfall

Firstly, I would like to personally thank every H2X shareholder who participated in our entitlement offer, which officially closed last Monday.

For those who may have missed this initial opportunity, the shortfall is now available to both new and existing investors. Swiftly closing this funding gap is important to allow H2X to build on our current momentum with our delivery plans, ensuring a smooth path toward our IPO without any unnecessary delays.

This Shortfall Offer represents a fantastic opportunity to support H2X Global as we approach our inflection point.

IPO Venue

Your board and I have selected the AIM market of the London Stock Exchange (LSE) for H2X’s IPO. The LSE has already reserved the ticker “H2X” for our listing. While H2X is proudly an Australian automotive company, Europe and Scandinavia currently present the largest opportunities for our hydrogen vehicle market.

That said, H2X remains committed to returning vehicle manufacturing to Australia as the local hydrogen market continues to mature. The release of Australia’s 2024 National Hydrogen Strategy, led by the Hon Chris Bowen MP, outlines a bold vision for the nation to become a global leader in hydrogen, particularly in reducing transport emissions. We are optimistic that this will create the right conditions for H2X to reintegrate Australia into our vehicle production plans soon.

Subject to funding and market conditions, we have set a target to complete our IPO within the next 6 to 12 months, Swiftly securing the necessary funding to cover the initial IPO costs is important. Support from the shortfall offering, along with other funding efforts, is essential to keep us on track.

This IPO represents a significant step forward for H2X, providing us with greater visibility on the global stage, access to new capital, and the ability to accelerate the delivery of our hydrogen-powered solutions.

Closing Remarks

In closing, H2X is well-positioned for the next phase of its growth, we are more equipped than ever to navigate this crucial stage. Our Londin Stock Exchange AIM IPO and the rights issue shortfall are key components of our strategy, which will support the completion of our Renova order and cover the initial IPO costs.

For those who have not yet participated in the Shortfall Offer, I encourage you to take advantage of this opportunity soon.

Thank you once again for your trust and support of H2X.

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How Strategic Collaborations Drive H2X’s Growth

At H2X, we have recognised from the outset the multiplier effect of collaboration. When H2X technology and expertise align with the right mix of private and government partnerships, our ambitious goals of delivering world-leading hydrogen powered electric vehicles not only become possible but accelerated.

H2X’s strategic alliances with industry leaders across Australia, the Netherlands, Sweden, Norway, the United Kingdom, Spain, South Korea, and other countries have enabled us to transition into producing zero-emission vehicles far more quickly and at reduced costs than we could achieve on our own.

Investor and Government Networks

Barclay Pearce Capital have helped us establish a strong presence in the Australian investor community. Participation in events like the Australian Investment Summit in London, combined with support from Austrade, the Netherlands Enterprise Agency, Business Sweden, and Business Region Gothenburg, continue to amplify H2X’s voice on a global platform.

Technology and Business Partnerships

Our success is built on the strength of our products, made possible through strategic partnerships with technology leaders. Toyota, for example, is a key partner, providing not just fuel cells but also a shared vision for a sustainable future. Together, we are expanding the hydrogen electric market and pushing the boundaries of what is possible in zero emission transportation.

Advancing Engineering and Production

H2X’s strategic alignment with leading engineers in the Netherlands has been crucial, particularly in the development of our Hydrogen powered Warrego 4x4x and other 3.5 and 18-ton trucks, the Paroo and Yarra. This collaboration also underscores our micro-factory approach, focusing on low-volume production that scales as demand grows, enabling H2X to enter production faster and more cost-effectively.

Research Collaborations

Collaboration is at the heart of innovation. H2X proudly participates in groundbreaking research initiatives such as the “From Fossil to Electromobility (Ff2E)” project with the Swedish institute RISE. These partnerships provide platforms for sharing knowledge, fostering innovation, and achieving results that would be impossible without cooperation.

Developing New Platforms for the Future

Innovation is about preparing for the future. Through our collaboration with KTM Technologies in Austria, we have designed the next generation of hydrogen electric vehicles, focusing on sustainability from the ground up, with a hydrogen drivetrain and minimal environmental impact during production. Additionally, our manufacturing partnership with a leading South Korean hydrogen tank manufacturer ensures access to the highest quality components, further enhancing our technological edge.

Committed to a Collaborative Future

H2X is continually seeking new collaborations and partnerships to accelerate zero emission vehicles to the market. We recognise that adopting new technologies is a journey that requires both innovation and collaboration. This is why we place such high value on our strategic partnerships and remain committed to exploring new opportunities to drive progress.

CEO’s Insight

“H2X’s vision for the future is clear, and our partnerships are the driving force behind it. By working together with our partners, we achieve what seemed impossible alone.” Antony Tolfts, Chief Executive Officer of H2X Global Limited.

About H2X Global
Zero emissions, extended driving ranges, and 5-minute refuelling times—H2X Fuel Cell Electric Vehicles set the standard for commercial transportation. Offering the world’s only hydrogen-powered 4×4, H2X is at the forefront of the future of transportation.

H2X – Improve Earth.

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H2X Global Supports Estonian Solaride Team in the Bridgestone World Solar Challenge Across Australia

H2X Global is pleased to announce our strategic support for the Solaride team from Estonia as they participate in the 2024/2025 Bridgestone World Solar Challenge across Australia. As the solar-powered vehicle competes across Australia from Darwin to Adelaide, H2X is proud to provide essential support vehicles, backing a team that exemplifies innovation and the drive for sustainable transportation.

As an Australian automotive company, H2X Global is committed to supporting initiatives that align with our mission of advancing non-fossil fuel transportation and harnessing the vast potential of renewable energy. Our collaboration with Solaride underscores this shared vision and our dedication to pioneering zero emission transport solutions.

At H2X Global, we are inspired by projects that challenge conventional technologies and foster a passion for engineering in the next generation. As a Bronze Sponsor of the Solaride team, we view this partnership not just as a sponsorship, but as an investment in the future of engineering and clean transport. Solaride’s commitment to addressing the decline in engineering interest by providing students with high-tech skills and hands-on experience is a cause we wholeheartedly support. Through this collaboration, we aim to bridge nations and cultures, inspiring young engineers to lead the future of sustainable transportation innovation.

Our CEO, Antony Tolfts, stated, “Supporting the Solaride 2024/2025 project is an opportunity to inspire the next generation of engineers. We’re passionate about nurturing young talent and supporting their ambitions to create sustainable and eco-friendly transport solutions. We look forward to welcoming future innovators from initiatives like Solaride into the H2X Global family.”

For over 30 years, the Bridgestone World Solar Challenge has united the brightest minds globally to advance technological innovation. As a leader in hydrogen-electric vehicles, H2X is proud to contribute to the journey towards a cleaner and more sustainable future.

We invite you to stay updated as we follow Solaride’s progress through the Australian outback. Together, let’s celebrate the innovation and determination that will shape the future of global transportation.

For more on Solaride: https://solaride.ee/

#Solaride #BridgestoneWorldSolarChallenge #CleanTransport #Sustainability

About H2X Global
Zero emissions, extended driving ranges, and 5-minute refuelling times—H2X Fuel Cell Electric Vehicles set the standard for commercial transportation. Offering the world’s only hydrogen-powered 4×4, H2X is at the forefront of the future of transportation.

H2X – Improve Earth.

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Dear Shareholders, Investors, Colleagues, Customers, and Partners,

Opening of Rights Issue

This week, H2X Global launched a rights issue to raise up to AUD $5.3 million. This raise is an important part of our strategic plan to complete production of our next wave of vehicles: the second Warrego, the first Paroo, and two Yarra 18-tonne trucks. In addition, these funds will support our associated IPO costs.

We appreciate the trust and confidence our shareholders have placed in H2X. By commencing this round with a rights issue, we are intentionally prioritising our existing shareholders before considering any shortfall placements. We encourage shareholders to consider this investment opportunity.

To provide further insights into our plans and answer any questions, we would like to invite you to an investor update at 1 pm (Sydney time) on Friday, 6 September 2024. Please email Michelle Reynolds at michelle.reynolds@h2xglobal.com for the call details.

For more detailed information on the rights issue, please refer to the offer material and consult with your financial adviser.

Delivering on Our Promises

Our previous capital raise enabled H2X to build the first production Warrego, the world’s only available hydrogen-powered 4×4. This vehicle is now in the final stages of roadworthy accreditation with the Netherlands Vehicle Authority (RDW) and we anticipate delivery to Renova this month.

The current capital raise is designed to fund the retrofit of the remaining vehicles under our initial contract with Renova. The donor vehicles are ready and, subject to funding, we aim to accelerate production by retrofitting vehicles in parallel. We want to have all three of H2X’s current models on the road by the end of this calendar year.

Preparing for the Future

Another significant portion of the funds raised will be allocated to cover associated IPO costs. Listing on a global exchange would further strengthen our financial foundation and allow our ordering inventory in more economic order quantities, ultimately increasing gross margin. Additionally, H2X’s meeting the rigorous disclosure and governance requirements of a listed company would serve as a quality stamp on the H2X brand in the eyes of potential customers.

Over the past seven months, the board and I have been diligently preparing H2X to operate as a publicly listed company. We have implemented governance practices and strengthened our corporate culture to align with the standards expected of a listed company.

Our commitment to transparency and communication was demonstrated at our last AGM, and we are dedicated to maintaining this standard in our investor relations. The next AGM pack, which will include our audited financials up to 30 June 2024, is scheduled for distribution later this month. H2X Global’s third AGM, expected to be held next month, will provide an important platform for shareholders to engage with our vision. I encourage all shareholders to participate, either by attending or voting—I look forward to welcoming you to this meeting.

Looking Ahead

To further enhance our strategic positioning, we are considering the addition of a new board member with European automotive experience, we will keep shareholders informed about our progress.

Closing Remarks

I would like to continue to express my gratitude for our investor support and trust as we develop H2X into a global leader in hydrogen-powered transportation.

Sincerely,
Antony Tolfts
CEO, H2X Global

About H2X Global
Zero emissions, extended driving ranges, and 5-minute refuelling times—H2X Fuel Cell Electric Vehicles set the standard for commercial transportation. Offering the world’s only hydrogen-powered 4×4, H2X is at the forefront of the future of transportation.

H2X – Improve Earth.

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• Vehicle Production at H2X Global

H2X Global is redefining the automotive landscape with a forward-thinking production strategy designed to capitalise on the opportunities presented by our scale-up phase. By embracing micro factories and retrofit solutions, H2X is charting a path that differentiates us from the constraints faced by traditional large-scale OEMs. Our commitment to agile, lower-volume production not only ensures a more direct and efficient path to market but also upholds the highest standards of safety and quality.

• Retrofit Strategy Accelerating Market Entry & Lower CapEx

One of our most compelling advantages lies in our retrofit strategy, which allows us to enhance existing vehicle platforms with cutting-edge hydrogen powertrains. This approach slashes both time to market and capital expenditure, with retrofit projects typically taking 8 months to 2 years—far quicker than the 4 to 9 years needed to develop a new vehicle from the ground up. The cost efficiency is equally impressive, with retrofit projects ranging from £2 million to £50 million, compared to the £500 million to £3 billion often required for new vehicle development.

This retrofit strategy not only accelerates our market entry but also provides the flexibility to meet specific customer requirements, enabling us to remain agile and responsive in a dynamic market. By having a current focus on retrofitting, H2X transforms prototype vehicles into commercial products at an unparalleled pace, ensuring we stay ahead of the market.

• Micro Factory Model The Future of Agile Manufacturing

Complementing our retrofit approach, H2X’s micro factory model represents a revolution in automotive production. Unlike traditional manufacturing plants, which demand significant investment and infrastructure, micro factories are designed for low-volume production and can be easily scaled or replicated across various locations. This model not only lowers the barrier to entry but also provides the flexibility needed to adapt to shifting market demands.

Our micro factories operate on three core pillars: teardown, build, and test. This lean and focused approach facilitates high levels of customisation, allowing us to tailor vehicles to the unique needs of our customers. Moreover, by prioritising manual processes over full automation, micro factories foster local job creation and skill development in high-tech manufacturing, further embedding H2X within the communities we serve.

The H2X Advantage

The sustainability benefits of our micro factory model extend beyond mere cost savings. These facilities require less land, fewer resources, and minimal utilities, making them an environmentally friendly option for vehicle production. As demand for our vehicles increases, we can seamlessly scale our operations by replicating micro factories in new locations, thereby aligning production capacity with market needs while minimising our environmental footprint.

• A Winning Strategy for Scale-Ups

At H2X Global, our innovative approach to low-volume production through retrofitting and micro factories is more than just a tactical decision—it is the current cornerstone of our growth strategy. These methods empower us to innovate without the constraints faced by larger OEMs, enabling us to adapt swiftly to market shifts and customer demands. As we continue to expand, our commitment to safety, sustainability, and innovation will ensure H2X Global remains a leader in the competitive automotive industry, delivering high-quality, road-legal vehicles that meet the evolving needs of our customers and the global market.

Commercial Coming Soon

The Paroo

Sustainability in commercial transportation. The truck’s innovative design and H2X proprietary technology reflect the ingenuity and resourcefulness of the communities within the Paroo catchment, catering to a wide range of applications from last-mile delivery to medical transport.

 The Yarra

Named after the Yarra River in Victoria, one of the cleanest rivers flowing through a capital city, the Yarra truck symbolizes our commitment to clean and sustainable transport. Just as the river sustains its environment, the Yarra truck supports efficient and eco-friendly logistics.

The Warrego 4WD Open to Pre-orders

Get yours today!

If you want to pre-order your Warrego click the order now link below to
provide your details and submit your interest.

We will be in touch with you as soon as possible.

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We are proud to highlight Amber Wright, H2X’s Marketing and Social Media Expert, whose exceptional is critical to advance H2X Global’s brand and market presence. With a proven track record of elevating over 150 brands across various industries, Amber brings a wealth of experience and strategic insight to H2X.

Amber’s expertise in marketing, coupled with her talent for transforming creative visions into measurable outcomes, has been integral to shaping H2X’s marketing. Her experience, spans: brand development, digital strategy, and creative execution, equips her with the vital skills needed as H2X continues its global expansion and solidifies its leadership in hydrogen-powered vehicles.

Amber’s Expertise and Achievements

• Marketing Leadership: Amber’s comprehensive knowledge across multiple marketing disciplines, including brand development, digital strategy, and creative execution, positions her as a key contributor to H2X’s emergence as a leader in sustainable transportation.
• Brand Growth: With a successful track record of marketing over 150 brands in industries ranging from beauty and fitness to automotive, Amber’s ability to navigate complex market dynamics aligns perfectly with H2X’s need for targeted, impactful marketing strategies.
• Digital and Print Marketing: Her extensive experience in managing digital campaigns and designing print materials ensures that H2X’s marketing efforts are both innovative and cohesive.
• Website Development and Social Media Mastery: Having developed 32 websites and crafted over 2,590 social media templates, Amber’s digital expertise is crucial in enhancing H2X’s online presence and engaging a global audience.
• Content Creation and Campaign Management: From producing high-quality content to managing 104 ad campaigns, Amber’s wide-ranging skill set supports H2X’s mission to revolutionize the transportation industry through effective communication.

The Right Fit for H2X

Amber’s deep expertise in brand growth and digital marketing makes her the ideal fit for H2X. As the company moves forward in its mission to deliver zero-emission vehicles, Amber’s expertise is to articulate our vision and deliver to our target audience.

Amber’s expertise is a driving force behind H2X’s growth. Her innovative approach and dedication to excellence are key components in our journey to redefine the future of transportation. We are proud to have her as part of our team, leading the way in marketing our vision of a sustainable tomorrow.

Quotes

Amber Wright on Her Role at H2X: “I’m thrilled to bring my strategic marketing background to H2X, a company that’s not only pushing the boundaries of innovation but also making a real difference in the world. Working with a team dedicated to sustainable transportation is a unique and exciting opportunity. Together, we’re not just promoting a brand—we’re championing a movement towards a better, cleaner future.”

Antony Tolfts, CEO of H2X, comments on Amber’s contribution: “Amber’s ability to scale brands and execute strategies that resonate with diverse audiences is exactly what H2X needs as we strengthen our market presence. Her role at H2X is about more than just marketing; it’s about leading our brand into a future where sustainability and innovation are at the forefront.”

About H2X Global Driven by the vision of our founders, H2X Global Limited designs and builds zero-emission hydrogen vehicles. Transitioning from prototype to production, we aim to get vehicles on the road efficiently, leveraging our integrated hydrogen management technology in collaboration with established vehicle manufacturers.

Market-Ready Innovation The opening for pre-orders of the Warrego marks a significant step forward for H2X as we move from concept to production. This milestone demonstrates our commitment to delivering on our promises and advancing the hydrogen mobility revolution.

Contact Information For more information, please contact: investors@h2xglobal.com

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Understanding Hydrogen Refuelling for H2X Global Vehicles in Europe and the UK

As a leading manufacturer of hydrogen-powered vehicles, H2X Global is acutely aware of the importance of accessible and reliable hydrogen refuelling infrastructure for our customers. Although this is not our primary area of expertise, a thorough understanding of the current landscape and future prospects of hydrogen refuelling is essential, particularly in our key markets of Europe and the UK.

Public Hydrogen Refuelling Infrastructure

The hydrogen refuelling infrastructure in Europe and the UK is expanding rapidly. According to recent reports, the market for hydrogen refuelling stations is projected to grow at a compound annual growth rate (CAGR) of 17.5% from 2024 to 2032. This growth is fuelled by the increasing demand for clean transportation and the adoption of Fuel Cell Electric Vehicles (FCEVs). Significant investments from both the public and private sectors are propelling this expansion. As of now, Europe hosts a growing number of hydrogen refuelling stations, with substantial growth plans underway.

Graphical illustration from European Hydrogen Observatory
(https://observatory.clean-hydrogen.europa.eu/hydrogen-landscape/distribution-and-storage/hydrogen-refuelling-stations)

Hydrogen Hub Projects

Hydrogen hubs are collaborative projects designed to concentrate hydrogen production and usage in specific areas, facilitating easier access to hydrogen for various applications, including transportation. These hubs are often located near industrial zones where hydrogen byproducts are readily available, reducing transportation costs and enhancing supply reliability. In Europe, numerous hydrogen hub projects are underway. These hubs not only provide a stable supply of hydrogen but also help integrate hydrogen into the energy grid, making it a more viable and accessible fuel option. For instance, the European Hydrogen Backbone initiative aims to create a pan-European hydrogen transport network, linking hydrogen production sites with major demand centres.

Source: https://observatory.clean-hydrogen.europa.eu/hydrogen-landscape/distribution-and-storage/hydrogen-refuelling-stations

Hydrogen Price Trend

The cost of hydrogen is influenced by various factors, including production methods and market demand. Currently, the levelised cost of producing renewable hydrogen is about 4.5 to 6.5 USD per kilogram. However, this cost is expected to decline to 2.5 to 4.0 USD/kg by 2030 due to technological advancements and economies of scale.

Addressing Concerns and Future Outlook

While concerns about hydrogen refuelling infrastructure are valid, it is crucial to recognise the significant strides being made to address these challenges. The growing network of hydrogen refuelling stations, combined with the strategic use of hydrogen byproducts and hub projects, ensures that hydrogen will become increasingly accessible. For potential customers and partners, it is important to understand that hydrogen is already widely available in many areas and that this availability will continue to improve. By leveraging both public infrastructure and localised hydrogen production from industrial byproducts, the barriers to adopting hydrogen-powered vehicles are steadily decreasing.

Advancements in Hydrogen Infrastructure

To support the growing number of FCEVs in Europe, many countries are endorsing the establishment of hydrogen refuelling stations. The Alternative Fuel Infrastructure Regulation (AFIR) requires deploying hydrogen refuelling stations from 2030 onwards in all urban nodes and every 200 km along the TEN-T core network. By May 2023, Europe had 178 operational hydrogen refuelling stations, a tenfold increase over ten years, with the majority using 700 bar dispensers suitable for H2X vehicles.

European infrastructure hydrogen projects: The REPowerEU Plan introduced actions to rapidly accelerate the green transition. To expedite hydrogen project development, REPowerEU set a target of 10 million tonnes of domestic renewable hydrogen production and 10 million tonnes of imports by 2030. Accelerated efforts are needed to deploy hydrogen infrastructure for producing, storing, importing, and transporting 20 million tonnes of hydrogen by 2030, significantly contributing to decarbonising the economy while ensuring supply security. ENTSOG, GIE, CEDEC, Eurogas, GEODE, GD4S, in cooperation with the European Hydrogen Backbone, initiated a bottom-up process to gather all relevant hydrogen infrastructure projects, presenting the data in an interactive, user-friendly, and publicly accessible map for stakeholders and policymakers.

Source: The European hydrogen market landscape November 2023 (Report 01) – European Hydrogen Observatory

Hydrogen Fuel Cell Electric Vehicles (FCEV) Market Evolution

The FCEV market in Europe has seen significant growth, driven by the expanding refuelling infrastructure and supportive regulations. The adoption of FCEVs is expected to accelerate as hydrogen refuelling becomes more accessible and cost-effective.

Conclusion

At H2X Global, we are committed to delivering cutting-edge hydrogen-powered vehicles that contribute to a sustainable future. While our expertise lies in vehicle manufacturing, we recognise the importance of a robust hydrogen refuelling infrastructure to support our products. The current and projected developments in hydrogen refuelling across Europe and the UK, combined with the innovative use of industrial hydrogen byproducts, provide a solid foundation for the growth of hydrogen-powered transportation. We encourage our readers to explore the resources provided, such as the European Hydrogen Observatory and H2-Map, to stay informed about the expanding hydrogen refuelling network. Together, we can drive the adoption of clean energy and pave the way for a zero-emissions future.

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Michelle Reynolds, Chief Financial Officer at H2X Global Limited

Michelle Reynolds is a seasoned finance professional with over 18 years of experience in financial services, property, construction, and transportation. As the Chief Financial Officer at H2X Global Limited, Michelle’s strategic financial acumen and leadership skills are integral to supporting the company’s growth and innovation in hydrogen technology.

H2X Global Limited is undergoing a significant transformation. Following the groundbreaking launch of the world’s first hydrogen-powered 4×4, the Warrego, the company is now shifting from prototype development to full-scale production. With bold plans to scale up and delve into larger commercial vehicles, H2X is concentrating on retrofitting existing vehicle platforms to minimize capital expenditure and accelerate market entry. Michelle’s vast experience in scaling companies, from start-up’s to established enterprises, aligns seamlessly with H2X’s strategic goals in the hydrogen vehicle industry.

Education: Certified Practicing Accountant (CPA Australia), Bachelor of Commerce – Accounting Major

Career Highlights/Experience

Rail First Asset Management: Head of Finance, Michelle led the finance team, streamlining financial activities and consolidating business structures to support scalability. Her strategic oversight ensured alignment with private equity goals, directly contributing to increased profitability and operational efficiency. This experience honed her ability to drive financial strategies that support growth and sustainability.

Rawson Group: Finance Manager, Michelle played a crucial role in transforming the company from a family-run business into a well-structured, medium-sized corporation. Her leadership in financial planning and corporate governance facilitated significant transactions, including a $200 million development project and the acquisition by Daiwa House Industries. She managed a team of over ten staff and was instrumental in enhancing financial stability and supporting long-term growth initiatives.

Suncorp: Senior Leader in Operations, Michelle managed a diverse team, handling treaties, claims, and compliance to demonstrate her ability to support company growth through effective risk management.

Vision and Expertise

Michelle’s extensive experience in finance and operations, combined with her strong leadership skills, positions her as a key driver of H2X’s growth. Her ability to manage challenging situations and communicate effectively with executives and board members ensures the company’s financial health and strategic advancement.

Personal Interests

Outside of her professional life, Michelle enjoys spending time with her family and is passionate about fitness and outdoor activities. Her diverse interests reflect her dynamic personality and dedication to both personal and professional excellence.

Quotes

Michelle Reynolds: ” At H2X, I am excited to bring my diverse experience to the table, driving financial strategies that align with our innovative goals, I am committed to enhancing our financial health and supporting our ambitious growth plans.

Working with a team that is dedicated to pioneering sustainable transportation solutions is truly a privilege. Together, we are pushing the boundaries of innovation and sustainability, creating a positive impact on the environment and paving the way for the future of transportation.”

Antony Tolfts, H2X CEO: “Michelle’s comprehensive experience and strategic insight are crucial to H2X’s success. Her financial leadership ensures our focus on remaining financially robust and capable of achieving our ambitious goals.”

About H2X Global Driven by the vision of our founders, H2X Global Limited designs and builds zero-emission hydrogen vehicles. Transitioning from prototype to production, we aim to get vehicles on the road efficiently, leveraging our integrated hydrogen management technology in collaboration with established vehicle manufacturers.

Market-Ready Innovation The opening for pre-orders of the Warrego marks a significant step forward for H2X as we move from concept to production. This milestone demonstrates our commitment to delivering on our promises and advancing the hydrogen mobility revolution.

Contact Information For more information, please contact: investors@h2xglobal.com

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