We are pleased to share the twelve CEO Letter by Antony Tolfts, CEO of H2X Global Limited, sharing key developments that continue to reinforce H2X Global’s potential and momentum.

Read the CEO Letter:

Dear H2X Shareholder,

Your company continues to advance with discipline and momentum as we move toward our planned listing, with timing and progress aligned to the successful completion of our current funding round. This month’s update provides clarity on valuation, partnerships, product development, and governance, along with a renewed opportunity for investors to participate in H2X’s journey.

New Capital Raise – Priced at $0.15 per Share*

Your Board and I are pleased to confirm that the capital raise will be priced at AUD $0.15 per share, a 25% uplift from our last raise in December at $0.12. This valuation increase reflects the significant progress your company has made since that time. With 287,923,286 shares currently on issue, we believe this pricing is both fair and well supported by recent achievements, including:

• Australian Government R&D rebate confirmed through 30 June 2026, amplifying the value of our R&D spend.
• Strategic partnership: DS Aether CT (Duksan Group) joining as both shareholder and supplier, securing long-term tank supply (see below for more information).
• Commercial traction: Tank sales, with shipment expected in October. ▪ Partnerships: Yarra distribution agreement under legal review, supporting capacity of up to 100 trucks annually.
• Governance & leadership: Stefan Müller as Chair; new director Danny Bernstein.
• Listing roadmap: Working timetable; shareholder engagement scheduled for the AGM.

If any shareholder wishes to participate in this round, please email me. Existing investors are welcome to increase their holding and support our planned listing and the rollout of the Paroo light truck—our “hero” product. Completion of this raise is an essential step in advancing our listing timetable and ensuring we are strongly positioned for the next phase of growth.

DS Aether CT joins H2X as a strategic shareholder

H2X is proud to announce that DS Aether CT, our trusted hydrogen tank manufacturing partner, has joined as a strategic shareholder.

Based in South Korea and fully owned by the Duksan Group - a leading industrial conglomerate with core strengths in defence technologies, advanced materials, chemicals, and hydrogen systems—DS Aether CT produces one of the industry’s most comprehensive ranges of hydrogen storage solutions. Their portfolio spans from Type 1 metallic tanks to ultra-light, high-pressure Type 4 carbon-fibre composite tanks across multiple capacities.

This partnership expands H2X’s offering from three tank sizes to a fully certified lineup ready for diverse applications. All H2X vehicles now feature tank systems manufactured to the highest global safety standards, made in South Korea, and seamlessly integrated into our platforms. Importantly, DS Aether CT’s dual role as both supplier and investor secures supply chain continuity, strengthens collaboration, and aligns our shared vision for advancing hydrogen mobility.

Strengthened Leadership

Following last month’s appointment of Stefan Müller as Chair—a recognised capital markets leader with experience across more than 250 financial transactions—H2X continues to strengthen both governance and technical depth.

We are also pleased to welcome Danny Bernstein, a hydrogen and fuel cell expert with a proven global track record in applied research and strategic operations. Danny brings extensive experience in automotive engineering and leadership roles across Europe and Australia, with a strong focus on scalable hydrogen solutions. He currently leads research and operations at Hycel, Deakin University’s hydrogen innovation hub, one of Australia’s leading centres for hydrogen technology.

Together, this leadership team enhances execution capability, broadens international reach, and reinforces the strategic direction required as we move toward our planned listing.

Commercial Progress

Hydrogen Tanks: In August, H2X received its first confirmed commercial tank order, with a 50% deposit already received. Manufacturing is underway in South Korea, with shipment scheduled for 26 October 2025.

While H2X is a vehicle manufacturer, the sale of tanks as a standalone product represents an important new and diversified revenue stream. It reduces reliance solely on vehicle sales, strengthens our commercial base, and is a product category we believe has substantial growth potential. Future H2X vehicles, including the Paroo light truck and the Yarra heavy vehicle, are being designed with H2X tanks integrated from the outset, embedding our technology across the product range.

Yarra (18-tonne Heavy Vehicle): The Yarra is H2X’s entry into the heavy vehicle segment. We have a distribution agreement under legal review supporting capacity of up to 100 trucks annually. The Yarra has also been included in a UK local government tender submitted for heavy vehicles. This is an exciting step for H2X as it validates demand for our technology in heavier classes, opening up significant future opportunities.

Paroo (3.5t Light Truck): The Paroo remains our “hero” product as we move towards listing. Engineering is advancing, and the vehicle will incorporate our own H2X tank systems. This product underpins our commercial growth strategy and remains the central focus of our nearterm rollout.

Warrego Utility: The Warrego remains a key part of our technology platform. Updates on further developments will follow in upcoming communications.

Listing and Audit Update

H2X is working with our auditors, RSM, to complete the audit of financials for the year ended 30 June 2025. These audited accounts are expected to form part of our exchange application. Progression to listing will follow the successful completion of our current funding round, ensuring that H2X enters the market with the capital strength required to deliver on its commitments. We anticipate the audit will be completed next month and look forward to sharing the results with our investors.

This follows last year’s strong financial discipline, where we reduced operating expenses by 60%.

Further detail will be sent to shareholders in the AGM pack.

Shareholder Options

Several tranches of H2X options are approaching expiry, with the next batch due to lapse on 17 September 2025.

Option holders with a valid email address on the register have already been sent direct exercise forms. These forms, along with full details of your options, are also available at any time via the Automic Investor Portal.

H2X option holders have the following choices: 

• Exercise Your Options –You may choose to exercise all or part of your options prior to the expiry date. Exercising your options provides a cost-effective pathway to increase your shareholding in H2X Global. Importantly, exercising options directly strengthens the company’s balance sheet and accelerates investment into our clean transport programs and listing preparation. In addition, through the Australian Government’s R&D Tax Incentive, a portion of this capital is leveraged by non-dilutive funding, further multiplying the impact of your support.
• Transfer Your Options (if permitted) – If your options are transferable, you may transfer them to another party before the expiry date. Please consult your legal or financial adviser and contact Automicif you require assistance with a transfer.
• Take No Action –If you do not exercise or transfer your options before the expiry date, they will lapse, and all rights under the options will cease.

We encourage all holders to carefully consider the benefits of exercising options. For those who choose to do so, your support plays an important role in enabling H2X to deliver its product programs and advance toward our public listing.

We thank shareholders who have already exercised their options and reaffirmed their belief in H2X’s long-term vision.

Industry Engagement and Investor Meetings

I look forward to representing H2X at the Hydrogen Technology World Expo in Hamburg, Germany, from 21–23 October 2025—an important platform to showcase our technology and connect with key partners.

While in Europe, I will also be meeting with a number of potential new H2X investors. Following this, I will travel around Australia in November to engage with existing and potential investors.

Closing Remarks

This month’s milestones reflect continued momentum:

• Capital raise launched at $0.15 per share.
• DS Aether CT joins as shareholder and supplier.
• First tank sales confirmed, representing a significant new revenue stream.
• Expanded commercial pipeline with Yarra and Paroo.
• Strengthened governance and progress towards listing.

We remain committed to execution, transparency, and delivery, with a clear priority on completing the listing.

Thank you for your ongoing support. Together, we are building a secure and scalable hydrogen mobility company with global impact.

Antony Tolfts
Chief Executive Officer
H2X Global Limited
M: +61 437 353 908
E: investors@h2xglobal.com
W: www.h2xglobal.com

About H2X Global

H2X Global is a leader in zero-emission hydrogen fuel cell vehicles, setting new standards for commercial transportation with extended driving ranges and fast refuelling times. From the world’s only hydrogen-powered 4x4, the Warrego, to our innovative retrofit strategy and upcoming Paroo truck, H2X is driving the future of clean, sustainable transportation.

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