Pure One is gearing up for commercial rollout of battery-swap electric trucks while Eastern Gas moves drilling contracts forward in Queensland’s Surat Basin.
- Battery-swap Alpha series vehicles near delivery
- Hydrogen fuel cell concrete agitator trucks complete testing phase
- Eastern Gas IPO oversubscribed, drilling contract awarded
- Serowe Gas Project in Botswana hits pilot milestones
- Plans to sell 40% Turquoise Group stake for A$5 million
Battery-Swap Vehicles Enter Commercial Demonstration Phase
Pure One Corporation (ASX:P1E) is closing in on a key milestone with its Alpha series battery-swap enabled commercial vehicles, now in the final stages of production. These demonstration trucks, designed for heavy-duty applications like waste management, cement, and prime movers, are expected to arrive in Australia next quarter to kick off customer trials. The battery-swap technology, which allows rapid exchange of depleted batteries for fully charged units, aims to tackle the downtime and operational inefficiencies that have hampered electric heavy vehicle adoption.
The company has set pricing for these vehicles starting around AUD 200,000 (excluding GST and on-road costs), positioning them competitively within the market. This rollout follows Pure One’s earlier moves to assemble zero-emission vehicles locally, building on its hydrogen fuel cell legacy and expanding into battery-electric platforms. The commercial pipeline and go-to-market strategies are being actively developed to capture demand from fleet operators seeking operationally efficient, low-emission alternatives.
Hydrogen Fuel Cell Trucks for Heidelberg Materials Complete Build
Meanwhile, Pure One has completed manufacturing two hydrogen fuel cell 8×4 32-tonne concrete agitator trucks for Heidelberg Materials, now undergoing Factory Acceptance Testing. These trucks, equipped with 200kW fuel cells and CATL traction batteries, are designed to replace diesel counterparts at Heidelberg’s Rockingham site in Western Australia, promising significant emissions reductions without sacrificing performance. This delivery underscores the growing traction of zero-emission heavy transport solutions in Australia.
Eastern Gas IPO Exceeds Target and Advances Drilling Plans
Pure One’s spin-off, Eastern Gas Corporation (ASX:EGA), successfully listed on the ASX in February 2026 after an oversubscribed IPO that raised over A$5.5 million. The newly listed entity is focused on coal seam gas projects in Queensland’s Surat and Cooper Basins. During the quarter, Eastern Gas awarded a drilling contract for up to two horizontal wells at its flagship Venus Project, targeting appraisal and resource definition within the McAlister seam. The first well, Venus-2H, is scheduled to spud in May 2026, marking a transition from planning to execution.
The Venus Project, located in a proven gas fairway with existing infrastructure, is positioned to contribute to east coast gas supply amid tightening market conditions. Eastern Gas is also progressing its Windorah Project in the Cooper Basin, preparing for potential farm-out opportunities to unlock longer-term value.
Serowe Gas Project in Botswana Hits Key Pilot Milestones
Pure One’s 30% interest in the Serowe Coal Bed Methane Project in Botswana, operated by Botala Energy (ASX:BTE), saw significant progress this quarter. Step-rate testing at the Serowe-3.3 well confirmed strong reservoir response and identified the Upper Morupule seam as a promising secondary target, expanding the project’s development potential. The spudding of the central production well Serowe-3.5B in March 2026 is expected to provide critical data to support commercial development. Botala Energy also completed a capital raise to fund ongoing drilling and feasibility studies.
Post-Quarter Delivery of EV70 Electric Minibus for Community Transport
After the quarter ended, Pure One delivered an EV70 electric minibus to South West Community Transport in Minto, NSW. This fully accessible, wheelchair-capable vehicle replaces older diesel minibuses and integrates a renewable charging system powered by solar energy and a 150 kWh battery storage setup. The minibus supports vulnerable elderly and NDIS participants, offering both environmental benefits and lower total cost of ownership over its lifecycle.
Planned Sale of Turquoise Group Stake and Capital Position
Pure One is moving to finalise the sale of its 40% interest in Turquoise Group for A$5 million, subject to shareholder approval. The transaction will involve a buy-back by Turquoise Group, with payments split between completion and a deferred tranche within 12 months. This divestment aligns with Pure One’s strategic focus on zero-emission vehicles and clean energy projects.
Financially, Pure One ended the quarter with $5.6 million in cash and approximately $7.6 million in undrawn credit facilities, maintaining a strong capital base to support ongoing growth initiatives. The company also raised just over $400,000 under its At-The-Market facility during the quarter.
Pure One’s integrated approach, spanning hydrogen fuel cell technology, battery-swap electric vehicles, and natural gas projects through Eastern Gas and Botala Energy, reflects a diversified strategy to address Australia’s energy transition. The upcoming vehicle demonstrations and Eastern Gas’s drilling activities will be critical to watch as tangible proof points for commercial scaling and resource development unfold.
These developments build on Pure One’s recent momentum, including its earlier local vehicle assembly partnership and the successful $5.5 million Eastern Gas IPO, positioning the company at the intersection of zero-emission mobility and domestic energy supply.
Bottom Line?
Pure One’s next few quarters will test whether its battery-swap vehicles and Eastern Gas’s drilling translate into commercial traction amid a competitive clean energy landscape.
Questions in the middle?
- Will the Alpha series battery-swap vehicles secure commercial fleet contracts following demonstrations?
- How will Eastern Gas’s upcoming drilling results impact resource certification and project valuation?
- What are the implications for Pure One’s balance sheet and strategic focus after completing the Turquoise Group sale?