The hydrogen-powered vehicle company secured a new contract in Sweden.
Australian company H2X Global is growing its business in Scandinavia with the latest contract it has secured for AU$34 million ($23 million) to supply hydrogen fuel trucks to Renova AB, a waste management company based in the west of Sweden.
H2X will supply up to 37 trucks to Renova.
As part of the deal it has secured with Renova, H2X will supply as many as 37 hydrogen fuel trucks. These trucks will be used for waste management collection by Renova, which collects waste for local councils in Gothenburg, the second largest city in Sweden. Renova is owned by 10 separate local government councils in the west of Sweden.
One of the benefits of using hydrogen fuel cell trucks to collect waste management is that they can be refueled at a depot in as little as three to five minutes, similar to diesel refueling. According to Michelle Reynold, H2X chief financial officer, the speed of refueling is critical for professional drivers in an industrial setting.
The hydrogen fuel trucks will be built in Sweden.
In addition to refueling as quickly as traditional waste management vehicles powered by internal combustion engines, the H2-powered waste management trucks will be equipped with the same load capacity and lifting power as traditional vehicles as well.
H2X seeks to further its reach in Scandinavia.
H2X is raising AU$10 million ($6.5 million) with some of the capital raising proceeds to be applied to the Gothenburg contract. However, as its business grows in Sweden, H2X is also examining a potential stock exchange listing with the eventual plan to float the business on a stock exchange.
Reynolds stated that the company’s advances in Sweden with their latest hydrogen fuel trucks contract with Renova, will be used to further expand into Scandinavia. “It is our stepping stone into all of the Nordic,” Reynolds said.
