Key points
- The Pure Hydrogen share price is currently up 8%, trading at 51.5 cents
- The gains come on the back of the release of the company's quarterly report
- Over the quarter just been, Pure Hydrogen made progress with both its hydrogen business and its gas assets
The Pure Hydrogen Corporation CDI (ASX: PH2) share price is soaring on Tuesday after the company released its report for the December quarter after the ASX closed yesterday.
At the time of writing, the Pure Hydrogen share price is 51.5 cents, 8.42% higher than its previous close.
Though, earlier today, it reached a high of 53 cents – marking an 11.5% gain.
Pure Hydrogen share price surges on exciting quarter
- During the quarter, Pure Hydrogen launched a range of hydrogen fuel cell power generation units
- The company also bought a 24% stake H2X Global
- Pure Hydrogen signed a term sheet to build hydrogen waste plants across Australia
- Finally, it was a successful period for the company's gas assets
- At the end of the December quarter, the company held $12.1 million of cash
Pure Hydrogen spent around $311,000 on operating costs over the quarter just been. It ended the period with funding for another 29 quarters of similar expenses.
And there was plenty to celebrate last quarter aside from the company's finances.
The Pure Hydrogen share price launched 6.9% when it announced its plan to acquire a 24% stake in H2X Global – a hydrogen-powered vehicle manufacturer. The acquisition was completed in November.
Pure Hydrogen and H2X Global paired up in December to launch a range of hydrogen fuel cell power generation units. That announcement saw its stock surge 25%.
The company also announced its plan to build waste hydrogen plants in Queensland, New South Wales, and Victoria. The plants will be built in partnership with CAC-H2 and are expected to produce green hydrogen capable of being used in fuel cell vehicles.
The Pure Hydrogen share price gained a massive 31% when the company announced its partnership with CAC-H2.
Finally, the company's 51%-owned Botswana-based Serowe Gas Project received a resource update last quarter.
What else happened during the quarter?
Like many, the company continued to respond to COVID-19 over the December quarter.
Pure Hydrogen says its response means its well-placed for markets to stabilise.
So far, none of its employees or contractors has tested positive for the virus.
What's next?
There are plenty of upcoming happenings to keep Pure Hydrogen investors excited this year.
The company is expecting the first waste hydrogen plant, located in Caboolture, to be operational by the end of 2022.
Additionally, H2X Global is planning to launch its first hydrogen-powered ute to the Australian market in the first half of 2022.
Pure Hydrogen share price snapshot
The Pure Hydrogen share price gained a whopping 129% over the December quarter.
However, it has slipped 6% since then. Right now, it is trading for 202% more than it was 12-months ago.
