Viritech Launches £5 Million Funding Program for Hydrogen Powertrain Solutions

Photo by Joey Kyber

Viritech, a leading developer of high-performance hydrogen powertrain solutions, has initiated a funding program to raise £5 million from venture capitalists, family offices, and strategic investors. The company, founded in 2021, aims to overcome the weight and range challenges faced by battery-electric vehicles by developing sector-leading hydrogen Energy Management and Energy Storage technologies.

Since its launch, Viritech has raised £6 million of equity capital and been awarded £2.8million in Innovate UK Grants to fund its advanced R&D program. This week the business launched a funding program to raise an additional £5 million from VCs, family offices and strategic investors, including an allocation on the Seedrs crowdfunding platform for retail investors. The raised capital will support the business’ next phase of growth, moving from R&D to revenue generation.

Earlier this month, Viritech also appointed a new CEO, Phil Wild, who joined from the AIM-listed company, James Cropper PLC, as well as Ajay Saldanha, formerly Head of Energy M&A at KPMG, to bolster the senior team during this next growth phase.

Viritech was founded in 2021 by serial entrepreneur Timothy Lyons and his co-founder, ex-Formula 1 high-performance powertrain engineer, Matt Faulks. Viritech’s mission is to be the leading developer of high-performance, hydrogen powertrain solutions for automotive, aerospace, marine, and distributed power applications.

Viritech’s sector-leading hydrogen Energy Management and Energy Storage technologies are designed to overcome the weight and range challenges presented by battery-electric vehicles, with the aim of delivering ‘Sustainable Transportation’ without compromise.

Phil Wild, CEO of Viritech, comments: “Viritech presents a unique opportunity to realise the untapped potential of hydrogen in the automotive space and I’m delighted to have joined such a dynamic business at this exciting juncture. The team has rapidly positioned Viritech as a global leader in the development of high-performance hydrogen powertrain solutions, and this new fundraising program 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 £90 billion addressable market by 2030”.

Timothy Lyons, Founder and Chair of Viritech, comments: “Hydrogen is critical to global decarbonisation and the long-term sustainability of our planet. Viritech is passionate about its mission to deliver cutting-edge technologies that will make the transition to clean energy more deliverable, cost-effective and ultimately more attractive to businesses and consumers.”

Innovative technologies and growing Partnerships

Since launching in 2021, Viritech has focused on research and development, creating, patenting, and protecting a suite of key enabling technologies for hydrogen powertrains, including innovative hydrogen storage, and advanced, multi-vector energy management systems. Viritech’s business model is to generate recurring, high margin revenues, by licencing its IP to Tier-One suppliers and global vehicle manufacturers, removing the need for it to invest in major manufacturing facilities.

While ultimately applicable to a broad spectrum of mobility, early adoption of Viritech’s hydrogen powertrain technology is expected in commercial transport, and Viritech was recently named as the project leader for a £3m government-funded project to build a 40-tonne hydrogen fuel cell Heavy Goods Vehicle (HGV) alongside HORIBA MIRA and Intelligent Energy, with the goal of delivering parity of payload and cost of operation with equivalent diesel-powered vehicles.

In April, Viritech was also selected as a project partner for a £16.3m Innovate UK-funded project with Ford, BP and Ocado to develop and test a fleet of hydrogen fuel cell Transit vans, to demonstrate the business case for hydrogen Light Commercial Vehicles (LCVs).

Explore more topics
Author
Prolific News
Related news stories
Advertisement