Pure Hydrogen (ASX: PH2) likely to benefit from favourable prospects of hydrogen-run vehicles

Highlights

• Pure Hydrogen aims to become the lowest cost hydrogen producer in the medium term via partnering with cutting-edge hydrogen technology parties.
• In FY23, the company registered an 823% growth in revenue from continuing operations.
• Ronald Francis Prefontaine has the maximum stake in PH2 with a shareholding of around 5.28%.

Pure Hydrogen Corporation Limited (ASX:PH2) is a clean energy company which primarily focuses on gas, hydrogen and mobility segments. The key focus of the company is to develop hydrogen and energy projects by utilizing modern technology.

The clean energy-focused firm delivered revenue of AUD 397,000 in the financial year 2023 (FY23), compared to revenue of AUD 43,000 in FY22. The revenue growth was largely backed by the interest income of AUD 361,000 and sales revenue of AUD 36,000.

In FY23, the net cash flow from operations stood at AUD 3,929k, compared to an outflow of AUD 1,955k.

Top 10 shareholders of PH2

The top 10 shareholders of PH2 together have nearly 20.67% shareholding in the company. Ronald Francis Prefontaine has the maximum stake in the company, with a shareholding of 5.28%, followed by Brown (Scott), who has 3.64% shareholding.

Recent business update

Yesterday (5 October 2023), the company informed through an ASX update that Botala Energy Limited has announced that its second pilot well for the Pitse project was spudded overnight for a depth of 66m. The objective of the project is to locate the commercial flow-rate potential within the surrounds of the Serowe-3.1 well and transit the cluster of five wells into the commercial production location.

PH2 has a 30% interest in Botala Energy.

Outlook

The company informed that three customers have signed up for accepting and operating trial vehicles as of 29 September 2023. Also, PH2 highlighted that more than 100 vehicle options are available for hydrogen electric vehicles.

The company has sold two electric mini buses to a NSW client under an AUD 700,000 deal which will be concluded in FY24.

Share performance of PH2

PH2 ended today’s (6 October 2023) trading session at AUD 0.18 apiece with a market capitalization of AUD 56.82 million. In the past 12 months, PH2’s share price has dropped by 34.54% and has increased by 16.12% in the last six months.

The 52-week high of PH2 is AUD 0.29 apiece, recorded on 7 October 2022, and the 52-week low of AUD 0.12 apiece, recorded on 16 March 2023. It is Worth mentioning that today’s closing price is 50% higher than its 52-week low.

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 06 October 2023. The reference data in this report has been partly sourced from REFINITIV.

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