There's a little Aussie hydrogen company, known as H2X Global, which is making a splash in the alternatively powered automotive industry. Given the staggering US$100 billion Nasdaq debut of electric vehicle maker Rivian Automotive Inc (NASDAQ: RIVN) last week, it might not be surprising if it's not the ASX that H2X Global is eyeing off. Instead, opting for a US-listing next year.
Many people probably have never heard of H2X. Yet, the company already boasts over 250 order-interests for its Warrego ute from across Australia, Netherlands, Germany, and Malaysia. The vehicle is planned to be built in Gippsland, Victoria, and will feature hydrogen fuel cell hybrid technology.
Let's take a closer look at what the company has to offer.
Image source: Getty Images
What is H2X Global?
As previously mentioned, H2X Global is not on the ASX. But it could be on exchange soon as it delivers on its goals.
The company is focused on the production of hydrogen-powered vehicles. In the process, it aims to be the country's first hydrogen fuel cell electric vehicle manufacturing company.
According to its website, H2X has developed its own proprietary fuel cell and powertrain system. This system is at the crux of the company's various light equipment vehicles. These are expected to include a van, minibus, SUV, and a ute — with the Warrego ute being its first attempt at production. The technology itself is designed to drastically reduce refuelling time and increase driving range.
Furthermore, the management team features a number of highly experienced personnel. For instance, CEO Brendan Norman holds 20 years of experience, working with automotive giants such as BMW Group (ETR: BMW) and Audi Group — owned by Volkswagen Group (ETR: VOW3).
Could it ditch the ASX for the big smoke?
In recent weeks, H2X seems to have made substantial inroads on its plan to produce more hydrogen vehicles. On 5 November, it was revealed that the company had signed a deal with Malaysia government-owned Sarawak Economic Development Corporation (SEDC).
As part of this deal, H2X is expected to supply and assemble a range of vehicles, including in excess of 50 buses over the next 18 months.
Originally, an ASX listing of H2X Global had been announced in July. Since then, the company has stated it's planning for a 'major exchange listing' next year. While some publications have inferred H2X will list on the Nasdaq, that has not yet been publicly confirmed by the company.
Finally, let's take a look at a quick comparison between H2X and Rivian. As per the Aussie company's last update, the Warrego ute has 250 orders. Meanwhile, Rivian's R1T and R1S models have more than 48,000 preorders.
