GoZero Group, one the largest electric bus suppliers in Australia, will soon be operating under the United H2 Limited (UHL) banner, with an acquisition set to close before the end of the quarter that will see GoZero become publicly listed.
The acquisition, valued at approximately $400 million, will see UHL take full control of GoZero and its subsidiaries, including bus manufacturer Nexport, bus charter business NSBC Group and Foton Mobility, which GoZero owns 50 per cent of.
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GoZero’s acquisition of BusTech back in September 2024 will still be going full steam ahead, with this newest announcement not impacting the deal. It is expected to be completed before April.
“GoZero is leading the transformation of the mobility industry by electrifying Australia’s commercial transport sector. This deal is our next big opportunity for growth,” GoZero Group managing director Stephen Cartwright OAM says.
GoZero says despite UHL becoming the major shareholder, there will be no change in management or board with day to day operations staying the same.
“UHL has 15 clean energy assets and its proven track record in scaling businesses represents a game-changing opportunity to redefine multiple sectors.”
This move from UHL represents its motive to expand its presence in the zero-emission mobility sector.
To align with this acquisition, United H2 Limited will rebrand as New Energy Opportunities Limited (NEO), subject to shareholder approval, to reflect an expanded focus on clean energy solutions and strengthen its position in the global energy transition.
“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 it into our global clean energy ecosystem, we see significant value-creation opportunities for both companies and their shareholders,” UHL/NEO CEO Will Davidson says.
“By cross-pollinating GoZero’s assets across that ecosystem, we can drive synergies that will power the delivery of holistic clean energy solutions globally.”
GoZero also announced plans to list on the stock exchange, giving the business improved access to more capital for growth.
Being listed should enhance the company’s reputation, allowing for an easier time when bidding for upcoming government contracts across the country.
GoZero will pursue an Initial Public Offering (IPO) on the ASX in mid-2025, with Morgans and MA Moelis Australia appointed as Joint Lead Managers. UHL will follow with a listing on the NASDAQ within 12 months of the transaction.
UHL has a global presence and experience in scaling energy businesses, which will help GoZero expand its reach and access its customers worldwide. There’ll be a broader pool of investors, meaning continual growth and innovation.
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