• Pure Hydrogen secures $125 million funding facility to purchase HFC trucks, vehicles and equipment
  • The company will establish an entity to rent out its assets to customers from three to 10 year terms
  • PH2 is in final stages of delivering Australia’s first HFC refuse collection vehicle and prime mover


As one of the first companies covering hydrogen fuel cell (HFC) vehicles, Pure Hydrogen has secured a funding deal to build its fleet to rent out to customers. 

Aussie clean energy company Pure Hydrogen (ASX:PH2)  has inked a deal with Australian financier Monard Capital and its US-affiliate, for the provision of a $125 million funding facility.

The facility will fund the purchase of HFC trucks, vehicles and equipment which can then be rented to approved PH2 customers, inclusive of service and hydrogen supply. 

The deal, subject to a formal accreditation process commencing immediately, will see funding available for allocation early 2024.

PH2 will establish a special purpose entity to house the rented assets, which will be made available on minimum three-year terms to a maximum of 10 years at competitive rates determined on a case-by-case basis subject to a credit assessment of the customer.

The entity, wholly owned by PH2, will provide customers with the option to return the assets at the end of their rental agreement period or exercise an option to extend the rental term. 

As the asset owner, they’ll have the option to sell the asset to the customer at the end of the rental term or re-lease to a new customer seeking refurbished zero-emission assets.


Hydrogen refuse collection and prime mover 

PH2 is in the final stages of delivering Australia’s first hydrogen fuel cell refuse collection vehicle and prime mover, both expected to be trialled during late 2023. 

A second refuse collection vehicle trial is slated to start in early 2024. Subject to successful trial periods, PH2 customers may exercise options to rent HFC assets, with over 100 options already in place. 

Furthermore, PH2 is looking at producing hydrogen at multiple plants across Australia and expects to supply to large parts of the country. 

Australia’s First HFC Prime Mover the “Taurus” secured by Pure Hydrogen
Picture of the Australia’s First HFC Prime Mover the “Taurus”  secured by Pure Hydrogen

Strong growth of HFC vehicle market

The global HFC vehicle market size was ~US $1 billion in 2022 with a forecasted CAGR of 52.9% from 2023 to 2032.  

The market size is due to hit ~US$69.61 billion by 2032. 

PH2 managing director Scott Brown says consistent with its strategy, the facility will enable the company to service and supply hydrogen to the assets during the rental period and beyond.

He says interest from financiers was strong during its tender process with funders actively seeking investments to progress the take-up of alternate fuel trucks and devices.  

“This $125 million agreement we believe will be the first of many, as hydrogen fuel cell technology is proven and the rapidly emerging hydrogen industry in Australia establishes itself.” 

“The establishment of this financing facility supports our belief in both hydrogen fuel cell technology and the quality of assets we are procuring. 

“We’re confident the assets will deliver great commercial outcomes for our customers in the years ahead and as the owners of the assets at the end of the rental term, strong returns on investment for our shareholders from both an extended useful life and the provision of service and supply of hydrogen during the asset’s life.”


This article was developed in collaboration with Pure Hydrogen, a Stockhead advertiser at the time of publishing. 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.