The Pure Hydrogen Corporation Ltd (ASX: PH2) share price is leaping to incredible highs on Tuesday. This comes after the company announced a positive update that is likely to create a new revenue stream.
At the time of writing, the energy company's shares are fetching for 51 cents apiece, up 22.89%.
Image source: Getty Images
Pure Hydrogen launches portable electricity units
Investors are driving up Pure Hydrogen shares today following the company's latest announcement.
In today's statement, Pure Hydrogen advised that it has released a range of hydrogen fuel cell power generation units to the market. The products were made in conjunction with H2X Global Limited, which Pure Hydrogen currently has a 24% interest in.
Named Power H2, the units can generate clean electricity without any emissions using hydrogen as a fuel. Power H2 comprises a hydrogen fuel cell and a small hydrogen storage tank for fuel storage. They come in four sizes, ranging from 5 kilowatt (kw), 20kw, 50kw and a 100kw capacity.
The units can be used to supply electricity for an infinite number of purposes. This includes powering mobile communication towers, businesses, hospitals, households, farms and mine sites.
While the retail price was not disclosed, Power H2 units will be available for sale within the first quarter of 2022.
In addition, the company is currently working with industrial users to supply back-to-base fuelling solutions, off-take agreements and vehicle supply.
Pure Hydrogen managing director, Scott Brown commented:
The Power H2 units have at their heart hydrogen fuel cells and powertrain that have been developed over several years. Customers are now been engaged.
The Power H2 units demonstrate H2X's ability to bring hydrogen-powered products to market successfully given their strong technology skills and established manufacturing and logistics supply chain which helps to bring product to market efficiently. Their technology is at the forefront of the hydrogen revolution and it is great to see it being implemented commercially.
Pure Hydrogen share price snapshot
Over the past 12 months, Pure Hydrogen shares have accelerated by more than 500% for investors. When looking at year-to-date, its share price performance is just as impressive, up 480% for the period.
Pure Hydrogen commands a market capitalisation of roughly $172.60 million, with approximately 338.44 million shares outstanding.
