Hydrogen fuel cell electric vehicle start-up H2X Global has announced a capital raising round, ahead of a planned public listing in 2022, as it shores up its financial position to launch Australia’s first hydrogen powered next month.
Sydney-based H2X, which announced just over a month ago that it would launch its high-priced Warrego ute on the Gold Coast in November, ahead of deliveries slated for April next year, said on Tuesday that it had partnered with Barclay Pearce Capital on the pre-IPO capital raise.
H2X said the partnership marked an important step towards the development of H2X’s first batch of Warrego utes, which the company claims whipped up more than $A50 million-worth of pre-reservations within days of launching.
H2X said BPC would act as its lead manager and sponsoring broker for equity capital markets initiatives, underpinning its plans to develop the utility FCEV, along with a variety of hydrogen fuel cell electric trucks and buses to follow in the coming years.
It is just one of a number of global EV start-ups looking to cash in on investor appetite through stock exchange listings, although this will be the first to test the market in Australia.
BPC will also manage public relations and media publications for H2X, including promoting the company through broker roadshows. The capital raise will be targeted at high net worth investors, retail clients and institutional investors.
“This relationship gives H2X a further strategic competitive advantage as it gears up to roll out its Warrego utes and other heavy vehicles to the Australian, European and Asian consumer and commercial FCEV automotive markets,” said the company’s founder and CEO, Bredan Norman.
Barclay Pearce’s director of corporate finance, Tim Wilson, said H2X and its plans to manufacture zero emissions utility vehicles in Australia was a perfect fit with BPC’s own business goals.
“H2X ticks… these boxes through decarbonising global industry and bringing back manufacturing jobs for Australians building their hydrogen fuel cell cars and generators,” Wilson said.
Hydrogen fuel cell electric vehicles (FCEVs) have a long way to go to prove their long-term viability, and their ability to compete with battery electric options, with refuelling infrastructure being one of the biggest barriers.
But, as The Driven noted last month, the response to the Warrego demonstrates that there is no small amount of consumer interest in hydrogen-powered utility vehicles.
The Warrego ute is expected to offer a driving range of 500km, via a a 200kW motor system and 66kW and optional 90KW fuel cell systems, generating output between 60kW and 100kW. FCEVs also benefit from quick refuelling times of between 3 to 5 minutes.