Pure Hydrogen, Hdrive to form new venture for zero-emissions vehicles
SUMMARY
The venture, named Hdrive International (HDI), will see Pure Hydrogen hold a controlling interest of 60%.
By Shardul SharmaPOSTED IN:
Australian clean energy company Pure Hydrogen has announced a new venture with the main shareholders of Hdrive, a supplier of zero-emissions vehicles in Australia and New Zealand, it said on July 28. The venture, named Hdrive International (HDI), will see Pure Hydrogen hold a controlling interest of 60%.
Hdrive has recently played a role in overseeing the development and delivery of Pure Hydrogen's Taurus truck. The Taurus truck holds the distinction of being the first hydrogen fuel cell prime mover in Australia and was designed specifically for PepsiCo.
Moreover, Hdrive is on the verge of completing the delivery of its first hydrogen fuel cell refuse collection vehicle, one of the first in Australia, which is set to be trialed by JJ Waste & Recycling, the largest privately-owned waste management company in Australia, Pure Hydrogen said.
In order to obtain its 60% shareholding in HDI, Pure Hydrogen will assume existing loans and obligations of HDI valued at approximately A$2.2mn. To effect this, Pure Hydrogen will issue shares equivalent to the value of the outstanding loans and obligations, with the issue price determined using a 5-day volume weighted average price (VWAP) of Pure Hydrogen shares prior to the transaction's completion date.
Additionally, Pure Hydrogen has committed to providing additional working capital to HDI to support near-term development and distribution initiatives. This will be contingent on sales performance and will enhance HDI's capabilities to expand its market reach.
The collaboration between Pure Hydrogen and Hdrive extends beyond the borders of Australia, opening up potential opportunities for global expansion. This expansion is expected to bolster the adoption of hydrogen fuel cell (HFC) technology in the transport sector, particularly for larger vehicles such as trucks and buses, which require substantial fuel loads, the company said.
