H2X Global Investor Update - CEO Letter - 24.06.24


We are pleased to share the latest CEO Letter by Antony Tolfts, CEO of H2X Global Limited,  as he reflected on H2X's strategic direction and recent achievements.

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Read the CEO Letter:


Dear H2X Global Investors, Colleagues, Customers, and Partners,

I am proud to present my fifth CEO letter, detailing our strategic direction and recent achievements.


Upcoming Annual General Meeting

Your second Annual General Meeting (AGM) is scheduled for 27 June 2024. This event is more than a procedural requirement; it is a platform for shareholders to have a voice in our vision. Every shareholder is encouraged to participate, either by voting (proxy deadline: 3:00 pm Sydney time, Tuesday, 25 June 2024) or attending virtually.

Before the formal AGM process, I will provide an overview of our performance over the past 11 months and current outlook. Although unaudited, the current financial position reflects a positive turnaround over FY23 headline numbers:

  • Net Asset Value: Increased fourfold.
  • Current liabilities: Nearly halved.
  • Overall Business Value: Up nearly 40%.
  • Operational Expenses: Down over 60%. 

These results underscore our commitment to robust financial management and operational efficiency, positioning H2X Global for sustained growth and leadership in the hydrogen industry. The financial numbers are beginning to show the effects of our planned turnaround, reinforcing our strategic initiatives and operational improvements.


AGM Participation Reminder

Please remember that proxy voting instructions must be received by 3:00 pm (Sydney time) on Tuesday, 25 June 2024. Each resolution has been carefully considered to ensure we have the right leadership and incentive structures in place.


Showcasing H2X at the Australian Investment Summit

At the heart of our journey is our vision to lead the future of mobility through hydrogen technology. H2X Global Limited will headline the Australian Investment Summit partnered with the London Stock Exchange. This event will showcase the best of Australian business and innovation to the UK Market. You can watch a podcast below from AIS London, where we unpack H2X’s vision, projects, and future ambitions.



Our participation is part of H2X’s journey toward the public markets and establishing a robust foundation for future expansion.

Event Details:

  • Date: July 10th
  • Location: London Stock Exchange


Hydrogen's Competitive Edge

In a recent conversation with Jack Colreavy, Associate Director at Barclay Pearce Capital and host of the Australian Investment Summit Podcast, I highlighted H2X’s innovative approach and the compelling advantages of hydrogen over traditional battery electric vehicles. As I shared during the podcast, “Hydrogen vehicles are not only easier to refill, taking about five minutes compared to the 45 minutes required for battery vehicles, but they also offer a longer range and a sustainable lifecycle, as the tanks can be refilled indefinitely without the degradation concerns associated with batteries.”

To elaborate, battery electric vehicles typically require 8 to 10 hours to properly recharge. Although fast charging options exist, they can detrimentally impact a battery’s longevity, limiting frequent use—akin to how fast charging a cell phone can diminish its battery life over time. For commercial fleets, optimal management necessitates avoiding fast charging, which translates to 10-hour charging periods and necessitates substantial infrastructure to support fleet recharging. This presents a notable advantage for hydrogen vehicles. H2X drivers can efficiently refuel at any of the expanding hydrogen refuelling stations and continue their journeys, particularly in Europe where our rollout is underway. In contrast, Battery Electric Vehicles require numerous charging stations operating simultaneously, demanding significant power concentration in those areas.

The advantages of hydrogen vehicles extend beyond mere convenience. They are particularly well-suited for commercial applications where time on the road is critical. Hydrogen’s quick refuelling time and reduced weight, compared to battery vehicles, enhance carrying capacity and overall performance. We are proud to partner with Renova, a Swedish waste management company, demonstrating the practical, zero-emission benefits of our technology in real-world applications.


Scaling Production and Future Investments

We respect our investors for making H2X vehicles a reality. We are now poised to scale production. Our first model, the world’s only hydrogen-powered 4x4, known as the Warrego, is currently undergoing retrofitting. Our retrofit strategy allows us to reduce capital expenditure while deploying our proprietary hydrogen technology effectively. As I mentioned, “This approach enables us to lower capex by developing the hydrogen tech rather than the entire vehicle.

Looking ahead, H2X Global is excited to enter production, starting with the Warrego and expanding into larger commercial vehicles. Our long-term vision includes launching our proprietary vehicles such as delivery vans and taxis. Moreover, our strategic plans include an Initial Public Offering (IPO) to solidify our commitment to transparency and long-term growth. As I highlighted during the podcast, “Listing makes a lot of sense for a business like H2X. It provides the necessary funds to build out our vehicle and order book while demonstrating our long-term commitment to the market.

Continuing the success of our previous capital raise, which was oversubscribed by 36%, we are now preparing for a pre-IPO round to coincide with our participation at the Australian Investment Summit. This initiative aims to enhance our production capabilities for the Warrego, accelerate development of larger trucks, and cover essential expenses associated with our IPO.


Strategic Partnerships

H2X Global Limited had the pleasure of hosting Renova Group at our Dutch engineering site. Renova inspected their hydrogen-powered Paroo (3.5 ton) and Warrego pick-ups, the world’s only hydrogen-powered 4x4 vehicle. We look forward to delivering these vehicles to Renova after next month's roadworthy accreditation process. I want to personally thank Renova for their trust and commitment to a greener future. We look forward to a long and successful partnership.

Renova Group, a leader in sustainable waste management in Western Sweden, is owned by ten municipalities and actively contributes to sustainable development and community benefit.


New Auditor Appointment

I am pleased to share that RSM Australia Partners (RSM) has been appointed as our new auditor for H2X Global from the financial year commencing 1 July 2023 and continuing over subsequent financial years, effective immediately. This transition follows the resignation of Ernst & Young (EY), which has been approved by ASIC. Your Board have selected RSM based on their strong expertise and competitive fee structure. We are confident that RSM's appointment will greatly benefit your company.

We would like to thank EY for their service and support of H2X Global throughout their tenure.


New Focus, New Drive, New Address

To align with H2X Global Limited's refocused strategy, we are excited to announce our new address. This change supports our strategic goals by optimising resources and strengthening our capacity to commence delivery of our exceptional zero-emission hydrogen vehicles, starting with the Warrego - the only hydrogen-powered 4x4 available globally.


In Closing

Thank you all for your continued support and trust in H2X. We are committed to delivering on our promises and driving the company forward. I look forward to welcoming you to our AGM and encourage you to cast your votes by the deadline.


Thank you again for your continued support and engagement. 


Antony Tolfts 

CEO, H2X Global

Media Contact: investors@h2xglobal.com 


About H2X Global

Zero emissions, extended driving ranges, and 5-minute refuelling times—H2X Fuel Cell Electric Vehicles set the standard for commercial transportation. Offering the world’s only hydrogen-powered 4×4 and a proprietary battery-free power system, H2X drives the future.

H2X – Improve Earth.

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