UK-based hydrogen powertrain solution firm Viritech has kicked off a new £5m ($6.1m) funding programme and appointed a new CEO and strategic advisor as it looks to move from R&D to revenue generation.
Expected to initially take place on the Seedrs Crowdfunding platform, the funding programme is hoped to raise £5m from venture capitalists, family offices and strategic investors, adding to a previous raise of £6m ($7.4m) of equity capital and £2.8m ($3.4m) in grants.
The additional capital is intended to drive forward the company in moving from R&D of its hydrogen energy management and storage technologies to commercialisation and revenue generation.
Viritech has also appointed Phil Wild as CEO – joining from James Cropper PLC – as well as KPMG’s former head of energy M&A, Ajay Saldanha, who will act as a strategic advisor.
“I’m delighted to have joined such a dynamic business at this exciting juncture,” Wild 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 sector-leading technologies.”
Having unveiled a Pininfarina-styled Apricale hypercar equipped with its experimental hydrogen fuel cell powertrain in 2022, Viritech has since been announced as a key partner for several commercial vehicle projects.
Read more: Hydrogen hypercar unveiled at Goodwood
In May (2023), Ford named Viritech as the powertrain partner for a three-year trial of its E-Transit van with hydrogen fuel cell range extenders equipped.
Most recently, the company announced a £3m ($3.7m) UK Government-funded project to build a 40-tonne hydrogen heavy goods vehicle (HGV) with HORIBA MIRA and Intelligent Energy, with the goal of delivering cost parity with diesel vehicles.
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