The UK-based company Hydrogen Vehicle Systems (HVS) has secured a GBP5 million capital injection from Beehive Equity Limited, a wholly owned subsidiary of EG Group (EG).
The company will proceed with prototyping and demonstration to enable manufacturing to begin.
Jawad Khursheed, chief executive of HVS, said: “This is a massive moment for HVS. Our incredible design team have created two amazing Zero emission vehicles, we have all of our component suppliers lined up and ready to go and we even have a range of end-users across the logistics, heavy-duty transport and health care sectors ready to demonstrate our game-changing vehicles in the real world.”
EG Group, having invested many tens of millions of pounds in initiatives to reduce its carbon footprint globally, is optimistic in the prospects for HVS. “Most credible data points indicate that the hydrogen industry is expected to grow significantly in the next decade. We are therefore delighted to be investing in HVS at a time where they are working hard to be thought and design leaders for hydrogen-fuelled medium and heavy goods vehicles. We look forward to being part of that journey, alongside HVS’ founders, management team, and broader stakeholders as EG broadens our own fuels and mobility proposition,” says Zuber Issa CBE, coFounder and co-Group CEO, EG Group.
HVS was advised by clean technology merchant bank Turquoise, leading Scottish law firm MacRoberts, N4 Advisors & Mike Ward from The FD Centre. Moving forward with team members such as Steve Clayton who oversaw the development of the LEVC electric van, Pete Clarke who designed the Modec electric van and Dr David Telford who was the lead consultant for both the AECC Fuel Cell CHP and Electrolyser and the new Energy and Heating system for the SEC in Glasgow, HVS is well on the way to revolutionising the transport sector.