Australian hydrogen-powered van start-up H2X Global could be the next big debut on London’s IPO-starved junior market.
Speaking to This Is Money over the weekend, H2X’s co-founder Brendan Norman said the group is targeting a valuation anywhere between £50 million and £100 million, a not-insignificant figure for an AIM-listed group.
The news comes at a troubling time for AIM, with IPOs all but dried up and total fundraisings failing to breach £1 billion in the first six months of 2023.
Yet Norman spoke highly of what is considered Europe’s premier growth engine, stating: “London is still the centrepoint in Europe and in terms of the interest from investors… The best is coming out of London – more than anywhere else in Europe.”
London-based investors also have a good understanding of green technology, according to Norman. He hopes to see H2X go public by the spring of 2024.
Earlier this month, H2X secured a US$57 million (£45 million) investment from Verde Mobility to finance the delivery of its US$25.7 million worth of vehicle orders and support its planned London Stock Exchange listing.
The deal will also facilitate H2X's rapid deployment of its vehicle range to customers in Asia, India, Australia and Europe.
“The Verde agreement paves the way for us to fast-track the launch of our fully developed Darling van. We anticipate this will crank up our vehicle production to 25,000 units a year, and provide a sturdy financial foundation for the company,” Norman said.
Though hydrogen-powered vehicles do not produce harmful carbon dioxide emissions, the production of hydrogen itself remains C02 intensive, despite progress being made to increase its efficiency.
Currently available hydrogen vehicles include the Hyundai Nexo and Toyota Mirai.
As of August 2023, there were only 16 stations equipped with hydrogen pumps in the whole of the UK, with only one in London, situated in the northwest suburb of Hendon.