Hydrogen specialist Viritech in £5m fundraising programme
Viritech has launched a £5m funding programme in order to support the hydrogen powertrain manufacturer’s next phase of growth.
The company said it aimed to move from research and development to revenue generation and so it hoped to raise the money from VCs, wealth management firms and strategic investors.
Its campaign has already started with an allocation on the Seedrs crowdfunding platform.
Viritech’s hydrogen energy management and energy storage technologies are designed to overcome weight and range challenges presented by battery-electric vehicles.
Read More
- Viritech appoints Phil Wild as CEO with brief to drive growth
- New venture paves way for hydrogen fuel cell batteries in HGVs
- Tech firm urges industry to back hydrogen for heavy freight
Viritech chief executive Phil Wild, who was appointed to the post earlier this month, said: “The team has rapidly positioned Viritech as a global leader in the development of high-performance hydrogen powertrain solutions, and this new fundraising programme will provide the resources to continue the development of the sector-leading technologies, and to drive the commercial scale-up strategy, which targets a projected £90bn addressable market by 2030.”
Early adoption of its hydrogen powertrain technology is expected in commercial transport and the firm was recently named as the project leader for a £3m government funded project to build a 40-tonne hydrogen fuel cell HGV, alongside HORIBA MIRA and Intelligent Energy.
The post Hydrogen specialist Viritech in £5m fundraising programme appeared first on Motor Transport.