Truck maker Hydrogen Vehicle Systems (HVS) said it was teetering on the edge of collapse due to what it claimed were “misjudgements” by its former leadership and was focusing on licensing its hydrogen propulsion system to save the business.
The company, which recently secured investment from a Qatari-based specialist in AI software, said a previous strategy to concentrate resources on manufacturing hydrogen-powered HGVs had proven to be financially untenable.
HVS has received millions in taxpayer-funded grants for the development of gas-powered lorries but chief executive Abdul Waheed said its vision had failed.
He said it was now pivoting towards licensing the technology it had developed to existing truck manufacturers.
He added that HVS was also targeting existing fossil fuel trucks by retrofitting diesel fleets with AI-driven emissions reduction technology, in a move aimed at stabilisation and recovery.
Waheed said the company was issuing “an urgent call” for investment of £700,000 to avoid legal action, which he alleged was due to the previous leadership ignoring warnings from a Barclays hydrogen investment expert that focusing on manufacturing without generating revenue from licensing the technology was unsustainable and destined to fail.
He said that decision had resulted in £7m of supply chain debt and a £1.4m creditor demand.
“Last year, Tevva, Hyzon, Quantron, and Arrival went bust,” Waheed said.
“So, why are we still standing?
“Our vehicle control software and propulsion technology are the result of £50m in investment to date, allowing us to shift from a capital-intensive manufacturing model to a lean, low-risk technology licensing model.”
HVS said central to its new strategy was its AI-Semas product, an emissions reduction technology that reduced carbon emissions by five tonnes per truck per year.
Waheed added that his goal now was transforming the business into a revenue-generating company guided by the Barclays Unreasonable Impact programme, which had recognised HVS for its innovative potential.
PwC has also recognised HVS as a leading UK AI Climate Tech company, listing it in its upcoming March Net Zero Future50 report of top companies driving global decarbonisation.
Chris Tindall started writing for the haulage and logistics industry in 2002 and quickly realised there was enough going on to keep him busy for a very long time.View full Profile
