Titan Hydrogen unveiled today (July 14) that it is undertaking a capital raising of up to A$1m ($746,000) to help set the group up to launch an IPO and become a publicly listed company in Q4 of 2021/Q1 2022.
The company has a patent application pending for its hydrogen fuel cell technology that will enable a much more rapid uptake of commercial vehicles fuelled by hydrogen.
This has been identified as a significant area to target due to, as the company said, there are no hydrogen-fuelled trucks or buses in commercial use in Australia.
Titan Hydrogen has established two main revenue streams.
This includes a hydrogen fuel cell system that is more efficient and has significantly increased driving range making hydrogen-powered vehicles much more cost effective to operate.
As well as this, another main revenue stream is hydrogen injection systems that will extend the life of existing Internal Combustion Engine (ICE) vehicles, reducing its emissions by up to 30% and improving fuel consumption by up to 20%.
Titan Hydrogen said that while most of the hydrogen industry is focused on reducing the price of hydrogen, the group’s approach is to generate more energy from the same amount of hydrogen.
Once achieved, this will lead to a substantial decrease in the cost of travel.
Titan’s hydrogen injection system is not an alternative fuel or engine replacement, it is a fuel enhancement system designed to upgrade petrol and diesel-powered vehicles.