Pure Hydrogen taps the vehicle market
PERTH (miningweekly.com) – ASX-listed Pure Hydrogen will acquire an initial 24% interest in hydrogen fuel cell vehicle company H2X Global and establishing Pure X Mobility as an entity for the development of hydrogen fuel cell-powered truck and buses for use in the Australian market.
In return for the 24% interest in H2X, Pure Hydrogen will issue about 8.6-million of its own shares, which will have some escrow conditions.
In addition, Pure Hydrogen will also receive options to increase its interest to 48% in H2X, and has inked a preffered supplier agreement under which Pure Hydrogen will be the preferred supplier of hydrogen to H2X.
Pure Hydrogen’s hydrogen logistics experience will secure the refuelling requirements of vehicles being developed by H2X, and the company will provide, through Pure X Mobility, trucks for deployment for back to base operations such as waste disposal and concrete agitator trucks that the company plans to bring to market.
“The efficiency provided by hydrogen in new automotive technology is a game-changer for the industry and H2X is at the forefront of this ground-breaking innovation. Hydrogen has the potential to cut fuel costs by up to 30% when compared with traditional diesel,” said Pure Hydrogen MD Scott Brown.
“Partnering with H2X not only makes good commercial sense but it also puts Pure Hydrogen in the driver’s seat to capitalise on new and evolving hydrogen technology.
“We believe this will be a good investment opportunity for Pure Hydrogen; we have achieved it with very minimal dilution and we can bring our strong balance sheet and funding channels as a public company to more aggressively fast-track H2X’s commercialisation plans.
“We are also very excited about the prospects for the Pure X Mobility and its planned focus on developing hydrogen fuel cell-powered heavy vehicles such as cement mixers and garbage trucks. These industries are logical ‘starters’ for Pure X Mobility as they are short run operators where refueling can be managed at back-to-base locations. Targeting sectors where we can rapidly bring heavy vehicles to market will be Pure X’s focus and makes logical commercial sense.”
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation