Hydrogen conglomerate United H2 eyes London IPO in Q4 2023

United H2 Limited (UHL), an Aussie company describing itself as the world’s largest and most diversified hydrogen conglomerate, is getting ready to list on the London Stock Exchange in the fourth quarter of 2023.

Sydney-based UHL, an investor in 37 hydrogen projects and companies, plans to support each of its portfolio companies “to deliver their own liquidity events” or initial public offerings (IPOs). The first one to enter the spotlight is automotive company H2X Global Ltd, which specialises in hydrogen-powered trucks, utes, buses and generators.

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UHL announced in a statement on Thursday that it will carry out a pre-IPO capital hike via the VCEX marketplace to raise some AUD 1 million (USD 670,000/EUR 610,000). Having already attracted investment interest above that level, the company expects this “high-demand placement” to be oversubscribed. The idea behind the capital raise is for UHL to secure funds for investments in its group of companies in order to boost the valuation of its portfolio prior to the planned IPO in London. UHL says that its current “conservative” valuation of AUD 20 million has only been attributed to nine of the 37 companies and projects it holds equity in.

The conglomerate intends to start the process of seeking a listing “on a favourable exchange” at the beginning of May. It said in a statement it “believes the hydrogen industry has matured to a stage where the market is ready for United H2 Limited to go public.”

The current portfolio of the conglomerate covers the entire hydrogen market, from production through to end-use. In addition to H2X Global, UHL will focus on eight other advanced businesses:

- National H2, plastic-to-hydrogen specialist;
- H2i Technology, a developer of a hydrogen injection technology for diesel engines;
- Aviation H2, a jet engines conversion expert;
- Poseidon Marine H2, a multi-fuel vessels developer;
- Patriot Hydrogen, a waste-to-hydrogen units supplier;
- Titan Hydrogen, a fuel cell technology developer;
- Iconic EV a vehicle conversion firm and
- Pure Biochar, a biochar producer.

Furthermore, UHL points at four emerging companies and projects that it plans to support, namely Power Hydrogen, Voyager H2, LibertyAir and Trojan Hydrogen.

UHL’s objective is to expand its portfolio to more than 75 businesses next year.

(AUD 1.0 = USD 0.670/EUR 0.610)