Pure Hydrogen to acquire 24% stake in Australian hydrogen fuel cell vehicle company
(Kitco News) - Pure Hydrogen (ASX: PH2) announced today that it isacquiring a 24% stake in H2X Global, which is building hydrogen fuelcell-powered trucks and buses for use in the Australian market.
Pure Hydrogen signed a term sheet setting out that PureHydrogen will receive a 24% interest in H2X shares for 8.6 million shares inPH2, which will have some escrow conditions.
Managing Director Scott Brown sees a quicker path tocommercialization with acquisition.
"The efficiency provided by hydrogen in new automotivetechnology is a game-changer for the industry and H2X is at the forefront ofthis ground-breaking innovation. Hydrogen has the potential to cut fuel costsby up to 30 per cent when compared with traditional diesel. Partnering with H2Xnot only makes good commercial sense but it also puts Pure Hydrogen in thedriver's seat to capitalise on new and evolving hydrogen technology," saidBrown.
"We believe this will be a good investment opportunity forPure Hydrogen, we have achieved it with very minimal dilution and we can bringour strong balance sheet and funding channels as a public company to moreaggressively fast-track H2X's commercialisation plans."
By Michael McCraeFor Kitco News
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