UHL acquires GoZero Group

United H2 Limited (UHL) has acquired GoZero Group Limited in a move to expand its presence in the zero-emission mobility sector.

The transaction, valued at circa $400 million, will see UHL take full control of GoZero and its subsidiaries, including e-bus manufacturer Nexport and bus charter business NSBC Group.

GoZero, an Australian-based provider of zero-emission transport solutions, has played a role in electrifying commercial bus and truck fleets in Australia, manufacturing and distributing over 250 electric buses and trucks, with an additional 360+ units in the pipeline.

The company also operates a fleet of over 350 charter buses and has invested more than $300 million in strategic assets, electric vehicles and infrastructure.

UHL Chief Executive Officer Will Davidson said, "We are excited about this acquisition and the growth opportunities that this transaction provides. GoZero has established itself as a leader in zero-emission transport solutions, and by bringing them into our global clean energy ecosystem, we see significant value-creation opportunities for both companies and their shareholders.

"By cross-pollinating GoZero's assets across that ecosystem, we can drive synergies that will power the delivery of holistic clean energy solutions globally."

UHL, a global clean energy holding company, has investments in over 15 clean energy companies, from infrastructure to mobility, with projects across Australia, Asia, Europe, North America and South America.

"This deal is our next big opportunity for growth," said GoZero Group Managing Director Stephen Cartwright OAM. "UHL has 15 clean energy assets and its proven track record in scaling businesses represents a game-changing opportunity to redefine multiple sectors."

GoZero will pursue an initial public offering (IPO) on the ASX in mid-2025. UHL will follow with a listing on the NASDAQ within 12 months of the transaction.

To align with the acquisition, UHL will rebrand as New Energy Opportunities Limited (NEO), subject to shareholder approval. This name change is said to reflect an expanded focus on clean energy solutions.

"By integrating zero-emission transport with holistic clean energy solutions, NEO will drive innovation and sustainability at scale. We strongly believe and support NEO's vision of creating a destination and platform for clean energy companies," Cartwright said.

Image caption: GoZero MD Stephen Cartwright and UHL CEO Will Davidson.