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.
Australia has an emerging hydrogen sector and Pure Hydrogen Corporation (ASX:PH2) is rapidly breaking clear of the peloton of potential suppliers of this low-emission fuel source.
The company already has several agreements in train with customers across various markets which could see it very quickly realise its zero-carbon ambitions.
Yesterday’s appointment of former Northern Territory chief minister Adam Giles as non-executive independent chairman rounded out another busy quarter for PH2.
New chair fuels next phase of growth
Giles, who succeeds Rod Prefontaine in the chairman’s role having joined the initially company’s 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’s Hancock Agriculture and S. Kidman & Co businesses.
PH2’s 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.
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.
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.
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.
London calling for H2X
PH2’s equity interest is expected to be diluted in the near term with H2X intending to list on the London Stock Exchange.
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.
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.
As of 30 September, PH2 held $9.6 million cash and bank and no debt.
This article was developed in collaboration with Pure Hydrogen, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Extracted in full from: https://www.msn.com/en-au/money/markets/pure-hydrogen-powers-ahead-on-road-to-net-zero/ar-AA1jpATl