Pure Hydrogen to acquire 24% stake in Australian hydrogen fuel cell vehicle company
(Kitco News) - Pure Hydrogen (ASX: PH2) announced today that it is acquiring a 24% stake in H2X Global, which is building hydrogen fuel cell-powered trucks and buses for use in the Australian market.
Pure Hydrogen signed a term sheet setting out that Pure Hydrogen will receive a 24% interest in H2X shares for 8.6 million shares in PH2, which will have some escrow conditions.
Managing Director Scott Brown sees a quicker path to commercialization with acquisition.
”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 per cent when compared with traditional diesel. 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,“ said Brown.
”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.“