Pure Hydrogen Accelerates Zero-Emission Truck Sales and Gas Asset Spinout

Zero-Emission Vehicle Milestones

Pure Hydrogen Corporation Limited (ASX: PH2) has marked significant progress in its clean energy ambitions during the December 2024 quarter. The company delivered its first hydrogen fuel cell (HFC) garbage truck to Solo Resource Recovery, a leading Australian waste management firm, showcasing its capability to supply practical zero-emission vehicles to commercial operators.

Complementing this milestone, Pure Hydrogen executed three separate agreements for multi-vehicle distribution partnerships and hydrogen equipment sales, collectively expected to generate approximately AUD$10 million in revenue. These deals include supplying HFC minibuses and coaches to the Vietnam ASEAN Hydrogen Club and electric buses to Voyages Indigenous Tourism Australia, reinforcing Pure Hydrogen’s expanding footprint in the Asia-Pacific region.

Expanding into the US Market

In a strategic move to penetrate the US market, Pure Hydrogen signed a Memorandum of Understanding with ETHERO Truck + Energy, a Virginia-based multi-brand electric truck dealer and charging infrastructure partner. This agreement establishes a framework for distributing Pure Hydrogen’s fleet of fuel cell electric vehicles (FCEV) and battery electric vehicles (BEV), focusing on refuse trucks and box trucks. The partnership follows a recent deal with Riverview International Trucks in California, signaling growing US demand for hydrogen and electric commercial vehicles.

Post-quarter, Pure Hydrogen secured a sales contract with TOLL Transport, a global logistics provider headquartered in Melbourne, for two Taurus 70-tonne hydrogen fuel cell prime movers. These vehicles, expected for delivery in late 2025, represent the largest clean energy trucks approved for Australian roads, underscoring Pure Hydrogen’s leadership in heavy-duty zero-emission transport solutions.

Product Innovation and Fleet Expansion

Further diversifying its zero-emission offerings, Pure Hydrogen launched the E-Aries mid-size commercial truck fleet, led by the T15-EV140, a 15-tonne battery electric rigid truck designed for inner-city logistics and courier services. With a 300 km range and advanced energy-efficient features, the T15-EV140 aims to meet growing urban transport demands while reducing noise and emissions.

Strategic Demerger of Gas Assets

In a significant corporate development, Pure Hydrogen announced plans to spin out its Australian natural gas assets into a new ASX-listed entity, Eastern Gas Limited, via an Initial Public Offering. Existing Pure Hydrogen shareholders will receive shares in Eastern Gas in specie, with no payment required. Eastern Gas will focus on developing gas projects in the Cooper and Surat Basins, aiming to provide energy security and support Australia’s clean energy transition. The IPO is expected to raise AUD$8 to 10 million, with strong investor interest reported.

Financial Position and Outlook

As of 31 December 2024, Pure Hydrogen held AUD$2.5 million in cash and AUD$5.9 million in receivables, supported by undrawn credit facilities of approximately AUD$448,000. The company has already received over AUD$1 million in cash receipts in January 2025, reflecting strong customer demand and a robust sales pipeline. With multiple vehicle deliveries anticipated in the coming months, Pure Hydrogen is well capitalised to scale its operations and meet accelerating demand for zero-emission commercial vehicles.

Managing Director Scott Brown highlighted the company’s transition from research and development to commercialisation, noting the upcoming delivery of up to five vehicles within two to three months as a key cash flow catalyst. The growing interest from government and corporate customers across Australia, Asia, Europe, and the US underscores the momentum behind Pure Hydrogen’s zero-emission vehicle strategy.