MacRoberts is delighted to have advised Glasgow-based Hydrogen Vehicle Systems (HVS) in securing a £5m investment from Beehive Equity, a subsidiary of petrol station giant and Asda owner EG Group.
The investment will enable HVS to take its hydrogen vehicle designs through prototyping and demonstration, allowing manufacturing to commence.
The number of vehicles HVS aims to produce by 2030 will save as much carbon emission that is given off by Heathrow Airport annually.
HVS chief executive Jawad Khursheed commented:
“Our design team have created two amazing zero emission vehicles, we have all of our component suppliers lined up and ready to go and we even have a range of end-users across the logistics, heavy-duty transport and health care sectors ready to demonstrate our game-changing vehicles in the real world.
“Over the next two years we are going to see not one, but two, revolutionary UK hydrogen-powered vehicles on our roads as we demonstrate our van first, then our truck.”
Corporate Finance Partner Michael Kelly, who led the MacRoberts team advising HVS, said:
“This was a strategically important deal for our client, and we are delighted to have assisted them in their journey to obtaining this significant investment. They should be incredibly proud of what they have achieved, and we look forward to continuing to work with them in the next chapter for their business.”
Alongside MacRoberts, HVS was advised by clean technology merchant bank Turquoise, N4 Advisors and Mike Ward from The FD Centre.