{"id":987,"date":"2023-11-05T18:00:28","date_gmt":"2023-11-05T18:00:28","guid":{"rendered":"https:\/\/economicherald.net\/?p=987"},"modified":"2023-11-05T18:00:28","modified_gmt":"2023-11-05T18:00:28","slug":"pure-hydrogen-powers-ahead-on-road-to-net-zero","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=987","title":{"rendered":"Pure Hydrogen powers ahead on road to net zero"},"content":{"rendered":"

Pure Hydrogen rounds out September quarter with marquee board appointment
\nAgreement executed for third hydrogen fuel cell electric truck trial
\nInvestee company H2X Global advances London listing plans<\/p>\n

\u00a0<\/p>\n

Pure Hydrogen continues to build on the recent appointment of former NT chief minister Adam Giles as it seeks to become a leading supplier of green, emerald and turquoise hydrogen fuel and hydrogen-powered commercial vehicles.<\/strong><\/p>\n

Australia has an emerging hydrogen sector and Pure Hydrogen Corporation (ASX:PH2)<\/strong><\/a> is rapidly breaking clear of the peloton of potential suppliers of this low-emission fuel source.<\/p>\n

PH2 believes growth of this promising industry lies with large-scale adoption of hydrogen-fuelled heavy transport vehicles.<\/p>\n

The company already has several agreements in train with customers across various markets which could see it very quickly realise its zero-carbon ambitions.<\/p>\n

Yesterday\u2019s appointment of former Northern Territory chief minister Adam Giles as non-executive independent chairman rounded out another busy quarter for PH2.<\/p>\n

\u00a0<\/p>\n

New chair fuels next phase of growth<\/strong><\/h2>\n

Giles, who succeeds Rod Prefontaine in the chairman\u2019s role having joined the initially company\u2019s board earlier this year as a non-executive director, held the highest position in Territorian Government from March 2013 until August 2016. He is currently the interim CEO for Gina Rinehart\u2019s Hancock Agriculture and S. Kidman & Co businesses.<\/p>\n

The board reshuffle comes on the back of PH2 securing a third hydrogen fuel cell electric truck trial during the September quarter, as well as receiving an order for two electric minibuses valued at more than $700,000.<\/p>\n

PH2\u2019s investee company H2X Global also landed a cornerstone investment partner during the recent reporting period which will allow it to unlock finance for its growing vehicle delivery order list, currently priced at $US25.7 million.<\/p>\n

While still subject to due diligence and accreditation, a term sheet with Australian financier Monard Capital and its US affiliate could provide PH2 with access to a $125 million facility to make vehicles, trucks and associate equipment available for rent to approved customers.<\/p>\n

Leading Australian waste management company Solo Resource Recovery could be one of the first beneficiaries, having recently signed a term sheet for a hydrogen fuel cell waste collection truck.<\/p>\n

Meanwhile, PH2 subsidiary H-Drive International has received an order for two battery electric 18-seat mini-buses which are also set to be on the road during the first quarter of 2024.<\/p>\n

\u00a0<\/p>\n

London calling for H2X<\/strong><\/h2>\n

PH2\u2019s equity interest is expected to be diluted in the near term with H2X intending to list on the London Stock Exchange.<\/p>\n

H2X secured a funding arrangement with Verde Mobility during the September quarter for an initial $US3.4 million which could be increased to as much as $US57 million over the next two years, subject to operational milestones.<\/p>\n

PH2 says its dilution in H2X will be dependent on the size of the drawdown over FY2024 but anticipates it will emerge with a 17% holding in the event the initial transaction is completed.<\/p>\n

As of 30 September, PH2 held $9.6 million cash and bank and no debt.<\/p>\n

\u00a0<\/p>\n

This article was developed in collaboration with Pure Hydrogen, a Stockhead advertiser at the time of publishing.<\/em><\/p>\n

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n

<\/span><\/p>\n

The post Pure Hydrogen powers ahead on road to net zero<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

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