Key points
- Pure Hydrogen stock is soaring on the ASX today
- The company has entered a joint venture in India to supply hydrogen-powered vehicles
- The Pure Hydrogen share price has increased by 163% in just 6 months
The Pure Hydrogen Corporation CDI (ASX: PH2) share price is up a whopping 30% today.
Why? The Sydney-based hydrogen and fuel cell technology company has announced its clean energy interests will be extending into the Indian market.
At the time of writing, the Pure Hydrogen share price is up 30.14% at 48 cents.
Pure Hydrogen share price soars on JV news
This morning, Pure Hydrogen announced that H2X Global Limited (a company in which it holds the largest interest at 24%), has entered a binding agreement to establish a joint venture company with Advik Hi-Tech Pvt. Ltd.
Together, the companies will build hydrogen-powered fuel cells, generators, and vehicles for use in India.
Pure Hydrogen hopes the collaboration will establish a "global supply chain of products and components". It estimates that the first generators will be delivered within the next few months.
In addition, production is underway on H2X's series of fuel cell-powered generators. Two in Australia are already made and ready for deployment.
H2X CEO Brendan Norman said the move into India "gives us great strength in being able to capitalise on opportunities within India". He added that it will "provide us with a strong manufacturing backbone to support our production".
Comment from Pure Hydrogen management
Pure Hydrogen managing director Scott Brown said:
This is an excellent partnership and key milestone in H2X's development.
Pure Hydrogen have a preferred supplier agreement with H2X, and together with our shareholding in the business, it paves the way for Pure to pursue other opportunities in India in its own right or together with the JV Company.
India has many of the same drivers in Australia — hydrogen is an ultra-clean fuel that can be supplied domestically at a lower cost than imported fuels — thereby offering an incentive for businesses to switch. Business can be environmental (sic) responsible and reduce their running costs.
Pure Hydrogen share price snapshot
Over the past 6 months, the Pure Hydrogen share price has increased by 163%. It hit its lowest price of 16 cents in August and its highest price of 75 cents in November.
Pure Hydrogen has a market capitalisation of $160.8 million. There are 338 million shares on issue.
