Hydrogen-fuelled vehicle firm ULEMCo has secured a further £5m in funding and has added to its investor base.
The company has a strong track record in hydrogen commercial vehicle conversion; the new capital raised will help accelerate its development activities in hydrogen dual fuel, fuel cell and zero-carbon emission combustion.
The funding round was led by Mercia Ventures, which was investing from its own funds and the first Northern Powerhouse Investment Fund (NPIF), and included existing investors Equity Gap, Scottish Enterprise and the North West Fund.
ULEMCo said the new funding will allow it to grow more rapidly, expanding its capability and building its highly skilled team in upgrading, upcycling and future-proofing essential machinery, equipment and vehicle assets in commercial applications.
It added that demand for cost-effective routes to decarbonising heavy-duty vehicles, non-road machinery and specialist services is increasing dramatically on the back of global plans for scaled production of clean hydrogen.
In recent months, ULEMCo has focused its activity on offering commercially viable solutions that enable companies, operators and the public sector to implement the use of hydrogen fuel in their fleets. It has standardised its globally innovative dual-fuel solution (H2CED) across different makes and types of vehicles, machines and equipment, including refuse trucks, road sweepers and other specialist applications.
The company is especially strong in Scotland, where Aberdeen alone has 55 hydrogen-enabled vehicles. ULEMCo’s first ‘Fleetwide Conversion Contract’ with the City Council supports the development of their local hub and cluster, creating potential demand for over 50 tonnes of hydrogen per annum. These vehicles are out in the real world, on city roads, now contributing to cleaner air and net zero ambitions.
Amanda Lyne, founder and managing director of ULEMCo, said: “These investments are a strong endorsement of our technology, capabilities and vision. The time is right for hydrogen to take an even more important role in the move to clean mobility and net zero.”
“We are excited to increase our support for ULEMCo and its management team”, said Fraser Lusty, director of Equity Gap. “Hydrogen is an important part of achieving net zero, and ULEMCo is showing itself well placed to drive implementation of this clean fuel with immediate benefits.”
Rob Hornby of Mercia Ventures added: “Almost all heavy-duty vehicles and machines are powered by diesel, but fleet operators are under pressure to reduce carbon. However, there are limited options – EVs do not work for heavy duty use and biofuel solutions have not yet proven to be scalable. ULEMCo offers a practical and effective alternative.”
The NPIF investment was from the first Northern Powerhouse Investment Fund, which has now closed. The new Northern Powerhouse Investment Fund II was launched in March 2024 and is now open for applications.
