Truck manufacturer Hydrogen Vehicle Systems (HVS) said it had secured investment from Excelledia Ventures Group, a Qatari-based specialist in AI software.
It said the partnership marked a critical milestone in its mission to revolutionise sustainable transportation and its AI emissions reduction technology was a cornerstone of the strategy.
Excelledia said it had identified the potential of HVS’ AI technology and that it was based on the same software it used, applied to the trucking industry.
HVS chief executive Abdul Waheed said: “Excelledia Ventures’ support enhances our eligibility for the £1bn Qatar-UK Climate Tech Fund, thanks to Excelledia’s strong relationships with key stakeholders such as Qatar’s Transport Authority and Qatar Investment Authority.
“Thanks to its resources and expertise, the Middle East is also uniquely positioned to lead the global hydrogen charge and is already making significant progress.
“Our mission is to optimise diesel trucks for cleaner performance today while advancing hydrogen-powered trucks for tomorrow,” he added.
The investment will be a much-needed boost for HVS, which had recently been forced to scale back operations and make redundancies.
A petition ordering that the Glasgow company was wound up and placed into liquidation was also lodged in the Court of Session late last year.
Meanwhile, HVS said it now featured on JP Jenkins, the UK’s oldest private share trading marketplace, giving international investors an opportunity to trade its shares.
“AI is revolutionising industries worldwide, as governments pour trillions into climate fundin - and investors are paying attention,” Waheed said.
