- Pure Hydrogen (PH2) is planning to form a joint venture with Indian-based automotive components maker Advik Hi-Tech
- The companies will establish a JV private company (JV Co) which PH2 will own a 49 per cent interest in and Advik will own the majority 51 per cent interest
- PH2 and Advik will establish an operation in India to produce and supply green hydrogen fuel and hydrogen fuel cell vehicles to reduce emissions and transport costs
- Pure Hydrogen MD Scott Brown says this marks a “unique opportunity” for the company and provides the platform for JV Co to establish a hydrogen ecosystem
- Company shares are up 4.17 per cent to trade at 37.5 cents at 1:37 pm AEST
Pure Hydrogen (PH2) will form a joint venture with Indian-based automotive components manufacturer Advik Hi-Tech.
The company recently announced it would establish the terms of the partnership which is a joint venture private company (JV Co).
Pure Hydrogen will hold a 49 per cent stake and Advik will own the majority 51 per cent interest in the JV Co.
JV Co plans to establish an operation in India to produce and supply hydrogen for the heavy vehicle market in India.
The companies’ focus is to ‘revolutionise’ the heavy vehicle market by supplying green hydrogen fuel and hydrogen fuel cell vehicles to reduce emissions and transport costs.
There are approximately 8.5 million trucks and over 1.6 million buses registered in India, which makes the impact of transitioning this many vehicles to hydrogen-based, significant to reducing emissions.
PH2 Managing Director Scott Brown said India is a “massive” market and it makes sense to establish a presence there with a “respected local company.”
“Partnering with Advik in India is a unique opportunity for Pure Hydrogen and provides the platform for JV Co to establish a hydrogen ecosystem, giving them a major strategic advantage in India and a big head start to become a leading player here,” Mr Brown said.
Advik Managing Director Aditya Bhartia shared the same sentiment, saying the company is “elated” to partner with Pure Hydrogen.
“The Indian government is focusing on hydrogen as a fuel and intends to be a major production and export hub. This JV with Pure Hydrogen will utilise turquoise and emerald in addition to green hydrogen production techniques,” Mr Bhartia said.
Pure Hydrogen disclosed that the term sheet may be terminated if the JV agreement isn’t executed by August 15, 2022.
PH2 shares were up 4.17 per cent to trade at 37.5 cents at 1:37 pm AEST.