Hydrogen Vehicle Systems (HVS) secured £5M investment to springboard development of its hydrogen truck.
[Commercial Fleet] Hydrogen Vehicle Systems (HVS) has secured £5 million of investment to springboard the development of its hydrogen truck.The Scotland-based firm received the capital injection from Beehive Equity and will now take its vehicle designs through prototyping and demonstration, allowing manufacturing to commence.
Jawad Khursheed, CEO of HVS, said:
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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.”
“Over the next two years we are going to see not one, but two, revolutionary, world-first indigenous UK hydrogen-powered vehicles on our roads as we demonstrate our van first, then our truck.” explained
Having secured the investment, HVS aims to take a vital step towards a net-zero future. It says the number of vehicles it aims to produce by 2030 will save as much carbon emission that is given off by Heathrow airport annually.
Zuber Issa CBE, co-Founder and co-Group CEO of EG Group, which owns Beehive Equity, added:
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 broaden our own fuels and mobility proposition.”
The HVS development team includes 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.
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HVS secures investment for hydrogen truck development, July 21,2021
