How Pure Hydrogen Plans to Deliver a $125 Million Hydrogen Truck Rental Facility?
Clean energy company Pure Hydrogen Corporation Limited has secured an agreement with financier Monard Capital Pty Limited and its US-affiliate to establish a $125 million funding facility for the rental of Hydrogen Fuel Cell (HFC) trucks to its customers. The facility will enable Pure Hydrogen to offer its HFC trucks on a multi-year rental basis, inclusive of maintenance services and the supply of hydrogen fuel. The facility is expected to be available to credit-approved customers from early 2024, subject to the successful accreditation process.
Pure Hydrogen will establish a special purpose entity (vendor) to house the rented assets, which will be made available to customers on minimum 3-year terms, with a maximum of 10 years. Rates will be determined on a case-by-case basis and subject to a credit assessment of the customer.
As the asset owner, the vendor will have the option to sell the asset to the customer at the end of the rental term or re-lease it to a new customer seeking refurbished zero-emission assets. Pure Hydrogen is in the final stages of delivering Australia’s first hydrogen fuel cell refuse collection vehicle and prime mover, both of which will be trialled later this year.
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A second refuse collection vehicle trial is set to begin early next year.
The facility will support the 100 plus options for trucks, subject to successful trial and is expected to make HFC trucks more appealing from both an emissions and capital standpoint.
Overall, this financing partnership will enable Pure Hydrogen to provide hydrogen-powered trucks to its customers on a rental basis, contributing to sustainable transportation practices.
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