United H2 Limited (“UHL”) has formed a joint venture with an established hydrogen generator manufacturer in Shenzhen, China, which will see it get exclusive global rights to sell hydrogen generators across the world.
Key highlights:
- UHL has executed the deal through one of the companies in its Group, Power Hydrogen Generation Limited (PHGL), which now owns 35% of the Chinese production company/manufacturing facility, generator IP and brand PWRH2.
- UHL will use the PWRH2 brand to sell generators globally, specifically focusing on Australia, the United Kingdom, Europe and North America.
- The generators will have a power range of up to 135kW — increasing to 1MW in the next 9-12 months — which can support large industrial sectors, such as oil & gas, mining, construction, agriculture, manufacturing and other remote communities/sites.
- PWRH2 is currently seeking off-takers and country-specific distributors/retailers, as it prepares to begin delivering products to market in Q1 CY24.
- UHL is targeting $US500m in revenues in year three and will seek to take PWRH2/PHGL public on a global securities exchange within the next 24-36 months.
UHL says the deal is a reflection of the world’s largest hydrogen company’s commitment to delivering innovative, clean products on a global scale.
“We are very excited to secure this PWRH2 deal”, says UHL Chairman Richard Allen. “UHL recognises the significant opportunity hydrogen generators present and has spent the past 18 months looking for a technical partner to access this market.”
“In 2021, the overall generator sales market was valued at $US26bn and our goal is to provide a right now, clean solution so we can begin taking market share.”
“We believe, through this partnership, we can quickly deliver value to shareholders, as it brings IP, proven manufacturing capabilities and speed to market.”
As hydrogen generators offer one of the only avenues to clean, portable energy, the UHL teams believe this business represents a global opportunity.
“Hydrogen is a physical fuel which can be produced onsite or transported. As opposed to battery generators, which require connection to the grid or significant solar/wind infrastructure onsite to be recharged. Hydrogen generators can also be refuelled much more quickly and are not dependent on the grid or unreliable forms of energy such as wind or solar.”
“Given the strong commercial use case hydrogen generators present, PWRH2 will target large industries dependent on diesel generators, such as oil & gas, mining, construction, agriculture, manufacturing and remote communities/sites.”
With the first generators expected to be delivered to customers in Q1 CY23, UHL says that PWRH2 will form part of its strategy to expand into the North American, United Kingdom, APAC, and European markets, which will add significant value to the Group as it approaches an anticipated North American listing in Q4 CY23.
“Now that we have the agreements signed, PWRH2 will begin aggressively pursuing customers in the United Kingdom, North American, APAC and European markets, as they are much more advanced in hydrogen infrastructure. The increased presence in these markets will also play a key role in driving our planned listing on the Canadian Securities Exchange in Q4 CY23.”
PWRH2 is also looking for country-specific retailers and distributors to accelerate growth.
The Managing Director/CEO of PWRH2, Frank Zhang, says:
“We are delighted to have formed this joint venture, United H2 Limited, which has a remarkable record in delivering hydrogen products to market and developing large-scale businesses.”
“We believe our manufacturing capabilities and IP, combined with UHL’s ability to build global companies, will see us develop one of the world’s leading hydrogen generator businesses.”
The UHL team went to China to sign the joint venture. Whilst there, the team travelled around the country to review more technologies that will see them form additional joint ventures, which will allow them to deliver hydrogen trucks, vans, boats and injection kits for internal combustion engines to market and grow the Group.
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