Pure Hydrogen (ASX:PH2) completes H2X Global transaction

• Pure Hydrogen (PH2) completes the transaction of H2X Global and now owns 24 per cent of the company
• The company first announced its intention to acquire a percentage in H2X on October 21, outlining it has the option to increase it to 48 per cent
• Additionally, H2X has signed a memorandum of understanding (MOU) with the Economic Development Corporation (SEDC), an arm of the State Government of Sarwark in Malaysia
• The MOU outlines H2X will establish a joint venture with SEDC Energy to produce long haul vehicles and begin the assembly of vehicles and H2X Hydrogen-Powered Generators
• Shares in Pure Hydrogen are up 6.45 per cent on the market and are trading at 49.5 cents

Pure Hydrogen (PH2) has completed the partial acquisition of H2X Global (H2X) and now owns 24 per cent of the company.

The company first announced its intention to acquire a percentage in H2X on October 21, outlining it has the option to increase it to 48 per cent.

H2X is a hydrogen automotive technology company that uses hydrogen fuel cells and hydrogen power trains to install utilities in buses, trucks, prime movers and utility vans.

Additionally, H2X has signed a memorandum of understanding (MOU) with the Economic Development Corporation (SEDC), an arm of the State Government of Sarawak in Malaysia.

The MOU outlines H2X will establish a joint venture with SEDC Energy to produce long haul vehicles and begin the assembly of vehicles from the Warrego Pick up to CIty Buses and H2X Hydrogen-Powered Generators.

The Government of Sarawak introduced hydrogen-powered vehicles in the state in 2019 and H2X will supply and assemble further vehicles to meet the growing demand.

H2X CEO Brendan Norman commented on the transaction.

“Sarawak was already well ahead of most states in the region and was well advanced in establishing long term hydrogen production for both domestic and export markets,” Mr Norman said.

“We are honoured to be selected to work with SEDC. It is likely that Sarawak will now only produce vehicles for its own use but will become a major supplier to other states in Malaysia and countries in the region.”

Shares in Pure Hydrogen were up 6.45 per cent on the market and were trading at 49.5 cents at 12:04 pm AEDT.