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 Shareholders,

Over the past 15 months, your company has sharpened its focus—building proprietary hydrogen vehicle technology and establishing a capital-efficient platform for long-term growth. In this twelfth CEO Letter, I am pleased to share key developments that continue to reinforce H2X Global’s potential and momentum.

Australian Government Support for H2X’s R&D Efforts

Following a thorough assessment process, H2X Global has received a positive overseas finding from the Australian Government. This confirmation means our research and development activities outside Australia—particularly in Europe and the UK—now qualify under the Australian R&D rebate program through to at least June 2026.

This outcome affirms the strength of our innovation in areas such as modular fuel cell systems, vehicle integration, and hydrogen retrofits, while also reflecting confidence in H2X’s long-term strategy and technical capabilities.

As outlined in previous letters, H2X Global is proudly an Australian company. While Europe and Scandinavia currently offer the largest commercial opportunities, we remain committed to supporting Australia’s hydrogen economy and returning vehicle manufacturing to the country as local demand develops.

This R&D rebate amplifies the impact of shareholder investment, with funds from the rebate expected to flow in the near term.

Operational Oversight: Warrego Delivery and European Execution

The delays in completing Warrego’s final certification have been frustrating for both our team and customers. While several external and technical factors have contributed, we fully recognise that our customers expect results. To help ensure a strong finish, I will be in the Netherlands to support the final stages of vehicle completion—improving coordination, streamlining progress, and reinforcing accountability.

H2X Hydrogen Tanks Now Commercially Available

As part of our broader strategy, H2X is launching our hydrogen tanks as a standalone commercial product, following strong market interest.

Originally designed for H2X vehicles, our tanks are manufactured in South Korea and certified under the UN ECE R134 international standard. They offer a 15-year service life, operate in temperatures from –40°C to +65°C, and feature a serviceable valve design for easy maintenance.

We currently offer standard storage sizes between 1.61 and 7.19 kg of hydrogen capacity—with other configurations available to suit various commercial and industrial applications.

I will visit the hydrogen tank production facility en route to the Netherlands to support quality assurance, scale-up planning, and future product development. Our website will soon be refreshed to reflect this new offering, including additional language options.

Toyota’s Fuel Cell Breakthrough Aligns with H2X Vision

Toyota’s next-generation hydrogen fuel cell system was recently announced and represents a significant industry step up and directly supports H2X’s product roadmap.

This new system delivers major advances in durability, efficiency, and cost-effectiveness. It can now operate up to 1,000,000 kilometres—putting it on par with diesel engines. It offers higher power output within the same footprint, enabling lighter, more efficient vehicle designs. A 20% increase in cruising range benefits long-haul and fleet operations, and the lower cost structure accelerates hydrogen transport commercialisation.

We will begin planning to integrate this new system across all H2X vehicles.

Strong Platform, Clear Vision – Now Execution Requires Capital

With validated technology, growing demand, and government support, H2X is stronger than ever. However, scaling operations and delivering rapidly depends on access to sufficient capital.

Your company is now ready to execute—built on a stronger, more resilient business model. Additional funding is required to:

• Complete vehicle testing and handovers
• Expand production and retrofit programs
• Accelerate hydrogen tank commercialisation
• Prepare for a successful IPO on a global exchange

Looking Ahead

To our investors, partners, and team—thank you. While early-stage commercialisation is never without challenge, we remain focused to our vision and mission.

If you would like to discuss our funding round or strategy in more detail, I am always happy to connect.

Antony Tolfts
Chief Executive Officer
H2X Global Limited
M: +61 437 353 908
E: antony.tolfts@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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