HV Systems secures £5 million funding from Beehive Equity
Glasgow-based HV Systems (HVS) has secured a £5 million capital injection from Beehive Equity Limited, a wholly-owned subsidiary of EG Group (EG).
HVS will now take their hydrogen vehicle designs through prototyping and demonstration, allowing manufacturing to commence.
There has been much said about impending bans on the sale of new petrol and diesel vehicles around the world, but despite the significant home-grown talent in the automotive sector, there are very few UK based businesses focussed on decarbonising commercial vehicles.
Having secured the investment from EG, HVS aims to take a vital step towards a net-zero future for all, creating a safer living environment with cleaner air and quieter roads. The number of vehicles HVS aims to produce by 2030, will save as much carbon emission that is given off by Heathrow airport annually.
Jawad Khursheed, CEO, 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. 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.”
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.
Zuber Issa, co-founder and co-group CEO, EG Group, 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.”
HVS was advised by clean technology merchant bank Turquoise, 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.