Glasgow-based Hydrogen Vehicle Systems (HVS) has secured a £5m from Beehive Equity, a subsidiary of petrol station giant and Asda owner EG Group.
HVS will now be able to take its hydrogen vehicle designs through prototyping and demonstration, allowing manufacturing to commence.
The amount of vehicles HVS aims to produce by 2030 will save as much carbon emission that is given off by Heathrow Airport annually.
HVS chief executive Jawad Khursheed commented: “Our 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 UK hydrogen-powered vehicles on our roads as we demonstrate our van first, then our truck.”
Zuber Issa, co-founder and co-chief executive of EG Group, stated: “Most credible data points indicate that the hydrogen industry is expected to grow significantly in the next decade, so we are 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 and Mike Ward from The FD Centre.
HVS includes 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 and the new energy and heating system for the SEC in Glasgow.
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