8 Dec 2023
Viritech, the UK-based hydrogen powertrain solution firm, is embarking on a new £5 million funding program as part of its strategic shift from research and development (R&D) to revenue generation. The funding initiative, expected to debut on the Seedrs Crowdfunding platform, aims to secure investment from venture capitalists, family offices, and strategic investors.
Viritech has set its sights on raising £5 million to augment the £6 million previously raised in equity capital and an additional £2.8 million in grants. The fresh capital injection is earmarked to propel the company forward in transitioning from R&D activities focused on hydrogen energy management and storage technologies to the critical phases of commercialization and revenue generation.
Key Appointments to Accelerate Growth
In tandem with its funding program, Viritech has strengthened its leadership team with key appointments. Phil Wild, previously associated with James Cropper PLC, has assumed the role of Chief Executive Officer (CEO). Additionally, Ajay Saldanha, formerly the Head of Energy M&A at KPMG, has been appointed as a strategic advisor.
Phil Wild's Vision for Viritech
Commenting on his new role, Phil Wild expressed his enthusiasm, stating, “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 programme will provide the resources to continue the development of sector-leading technologies.”
Viritech's Noteworthy Achievements
Viritech garnered attention with the unveiling of its Pininfarina-styled Apricale hypercar featuring an experimental hydrogen fuel cell powertrain in 2022. Subsequently, the company has become a key partner in various commercial vehicle projects. In May 2023, Ford selected Viritech as the powertrain partner for a three-year trial of its E-Transit van equipped with hydrogen fuel cell range extenders.
Recently, Viritech announced a £3 million UK Government-funded project to develop a 40-tonne hydrogen heavy goods vehicle (HGV) in collaboration with HORIBA MIRA and Intelligent Energy. The project aims to achieve cost parity with diesel vehicles, aligning with the broader goals of advancing sustainable transportation.
Strategic Shift Towards Hydrogen-Powered Solutions
Viritech's strategic initiatives underscore the growing momentum in the hydrogen-powered transportation sector. The funding program and leadership appointments signify a pivotal phase in the company's journey, aligning with the broader industry trends towards sustainable and innovative solutions in the field of hydrogen powertrain technology.