PH2’s new agreements highlight the growing interest in zero-emissions vehicles. Pic: Getty Images
Pure Hydrogen wins $10m worth of hydrogen and electric vehicle orders
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- Pure Hydrogen signs three agreements with Vietnam ASEAN Hydrogen Club and another party worth ~$10m, with ~$6m allocated to hydrogen equipment and ~$4m to zero emissions vehicles
- Company will supply three HFC minibuses, two HFC coaches and two electric buses along with supporting infrastructure
- Further orders could come from its demonstration of EV70 buses to potential customers on Australia’s East Coast
Special Report: Pure Hydrogen’s push to drive hydrogen and electric vehicle adoption has borne fruit with the signing of three separate agreements worth a total of ~$10m.
The agreements with Vietnam ASEAN Hydrogen Club (VAHC) and another party include the confirmation of multi-vehicle distribution deals as well as purchase orders for zero emissions vehicles and hydrogen equipment.
Pure Hydrogen (ASX:PH2) had previously reached a memorandum of understanding with VAHC in July 2024 that had set the framework for the supply of hydrogen and electric vehicles manufactured by its subsidiary HDrive International.
It also follows closely on the heels of the company’s MoU with Virginia-based multi-brand commercial electric truck dealer ETHERO Truck + Energy that sets the framework for the negotiation of terms regarding the distribution and supply of its vehicles into US markets.
“The deal with the Vietnam ASEAN Hydrogen Club, which incorporates hydrogen vehicles and hydrogen infrastructure, is showcasing the story that Pure Hydrogen has been telling about using our Micro Hub strategy to build the Hydrogen Highway and showing other countries how to use our model to reduce emissions in the heavy vehicles industry,” managing director Scott Brown said.
“We commend them for their commitment to spearheading clean energy solutions. We look forward to working with our partners on vehicle deployment as well as expanding the rollout of our vehicle fleet.”
VAHC executive chairman Le Ngoc Anh Minh said VAHC is committed to establishing one of the first hydrogen mobility demonstration projects in Vietnam, adding that it provides investors, industrial partners, researchers and policy makers with a showcase on how hydrogen can provide a zero-emissions solution for transport in major cities.
Vehicle sales
Under the agreements, PH2 will supply VAHC with three FC70 hydrogen fuel cell (HFC) minibuses and two HFC120C coaches along with associated hydrogen infrastructure.
It will supply the other domestic party with two HDrive EV80 electric buses and two single-vehicle chargers as well as the option to acquire a further two vehicles and a dual-vehicle charger.
These are due for delivery within FY2025.
The company said the agreements with VAHC reflect the ongoing demand for sustainable transportation alternatives in the heavy vehicle space both locally and globally.
This in turn is promoting the growing adoption of battery electric and HFC vehicles.
New vehicle orders in Australia
Alongside its distribution agreement with VAHC, Pure announced a separate deal with a counterparty in the domestic market.
Under the terms of the agreement, the customer will acquire two HDrive EV80 electric buses and two single-vehicle chargers, with the option to acquire an additional two buses and one dual-vehicle charger.
Further orders could be coming
The agreement highlights ongoing momentum for Pure’s market-leading electric vehicle buses in the domestic market, with increased interest and demand from multiple transport providers.
PH2 has also been demonstrating its EV70 buses to potential customers on the East Coast of Australia and has thus far received positive reviews.
The Company believes that these demonstrations have the potential to lead to additional bus orders in the future as its buses are well suited to a range of transport providers including schools, education institutions, tourist operators, clubs and hotels.
Why hydrogen?
Pure’s distribution deal with VAHC forms part of the Company’s strategy to advance its global hydrogen strategy through a partnership approach in both the public and private sectors.
Recently, the Government of Vietnam unveiled a multi-faceted strategy to develop its hydrogen industry throughout 2030-2050 – meaning PH2’s latest deal is one component of a bigger push to go green.
Dubbed “The Hydrogen Energy Strategy”, the move officially came into effect in February and seeks to entice international investors and domestic research and development.
Like many other nations around the world, Vietnam is aiming to become a net-zero country by 2050, as pledged at the COP26 World Leaders’ Summit in 2021.
Meanwhile, the United States has opened its wallet in support, following a visit in September last year from President Joe Biden with the US signing a memorandum of understanding with Vietnam to support its hydrogen ambitions.
Longer-term, Vietnam aims to produce up to 500,000t of hydrogen per year by 2030 and 10-20Mt annually by 2050 – the latter accomplishment would equal the United Kingdom’s annual electricity consumption.
As a key hydrogen jurisdiction, Vietnam marks the ideal opportunity for Pure to advance its hydrogen strategy, and spearhead the growth of the industry in both domestic and international markets.
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.
