EG Group subsidiary Beehive Equity Ltd, has made a £5 million capital injection into Scotland-based hydrogen vehicle specialist HV Systems (HVS), which will now begin developing its hydrogen vehicle designs through to production.
HVS says 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 focused on decarbonising commercial vehicles.
Having secured the investment from EG Group, HVS says it aims to take a vital step towards a net-zero future for all, creating a safer living environment with cleaner air and quieter roads. It claims the amount of vehicles HVS aims to produce by 2030, will save as much carbon emission that is given off by Heathrow airport annually.
“This is a massive moment for HVS,” said Jawad Khursheed, CEO at 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 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,” said Zuber Issa CBE, co-founder and co-group CEO, EG Group.
”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.”