Pure Hydrogen is the largest shareholder in H2X Global Limited and the investment is starting to pay off – with H2X establishing a joint venture company with global automotive component manufacturer Advik Hi-Tech Pvt. Ltd.

The parties will manufacture, source and supply products and components for hydrogen vehicles and powered products for India and for other international markets.

It’s a huge market opportunity for H2X and Pure Hydrogen (ASX:PH2) – with its sweet 24% stake in the company – has welcomed the deal.

“Pure Hydrogen have a preferred supplier agreement with H2X, and together with our shareholding in the business, it paves the way for Pure to pursue other opportunities in India in its own right or together with the JV Company,” MD Scott Brown said.

“India has many of the same drivers in Australia – hydrogen is an ultra-clean fuel that can be supplied domestically at a lower cost than imported fuels – thereby offering an incentive for businesses to switch.

“Business can be environmentally responsible and reduce their running costs.”


Indian market critical to hydrogen industry

H2X CEO Brendan Norman believes that the Indian Market is critical to the long-term success of the hydrogen industry and that the partnership with Advik will be critical to the growth of the company.

“We have long believed India is one of the great manufacturing powers of the world and we have found a great player in the automotive Industry in Advik,” he said.

“The cooperation between our companies gives us great strength in being able to capitalise on opportunities within India but also to provide us with a strong manufacturing backbone to support our production.”

And Advik MD Aditya Bhartia agrees the JV can play a role in the acceleration of the Indian clean energy movement.

“India is destined to be a leader in the Hydrogen Industry with strong support from Government and Industry and as a company which has always been ahead of the curve, we are aggressively pushing into the Hydrogen space as a core growth area for our company,” he said.

“Having H2X as a committed partner in the JV Company is a great first step and gives us immediate expertise in the hydrogen sector.

“We will seek to build the JV Company and broaden cooperation with both H2X and its major shareholder Pure Hydrogen.”


Producing fuel cell powered generators

The JV company will begin production of H2X’s Series of Fuel Cell Powered Generators, with the first generators to be put into service with a large-scale power system providing emission-free power for Advik’s state of the art Research and Development Centre in Pune, India.

The first products will be delivered in India within the next few months, with the JV targeting 10,000 units within 5 years with an expected start price at around the equivalent of AU$28,000 per unit.



This article was developed in collaboration with Pure Hydrogen Corporation Limited, 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.