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new-ceo-at-uk-hydrogen-powertrain-solution-firm-as-it-launches-5m-funding-programme
© Viritech
new-ceo-at-uk-hydrogen-powertrain-solution-firm-as-it-launches-5m-funding-programme
© Viritech

New CEO at UK hydrogen powertrain solution firm as it launches £5m funding programme

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.

Phil Wild © Viritech

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.

Join H2 View in Kuala Lumpur this December (2023)

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