Hydrogen Vehicle Systems (HVS) has secured its first international investment from Qatar’s Excelledia Ventures Group, which specialises in AI software that “optimises business performance.”
The hydrogen-powered commercial vehicle manufacturer has been developing its AI Emissions Reduction Technology, which serves as an important part of its strategy by optimising efficiencies and reducing emissions.
Furthermore, the deal also enhances HVS’ eligibility for the £1bn ($1.2bn) Qatar-UK Climate Tech Fund, a joint initiative between the two countries designed to support and scale climate technology solutions.
“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,” HVS CEO, Abdul Waheed explained.
“Our mission is to optimise diesel trucks for cleaner performance today while advancing hydrogen-powered trucks for tomorrow,” the CEO added.
Muhamed Faroque, CEO of Excelledia Ventures, stated that the investment company saw the “potential” in HVS’ AI innovations. “It’s essentially the same transformative technology we use applied to the trucking industry,’ Faroque said.
Hydrogen’s role in mobility remains a contentious issue for energy industry stakeholders. However, as highlighted in H2 View’s Mobility webinar last week, innovators are confident that hydrogen power will find its footing in heavy, long-distance trucking logistics.
Read more:Breaking ground in mobility with hydrogen: H2 View webinar
Speaking to H2 View last year, HVS’ Chief Commercial Officer (CCO) John McLeister reiterated this point. “We all know the trucking industry is the most polluting and therefore it needs to change,” he said.
“We are solely committed to zero-emission products and in that sense, we are unique. An HVS vehicle has the potential to remove at least a tonne of CO2, circa 1,000 miles of displaced diesel operations.”
Read more:Riding the hydrogen wave: HVS to continue testing and deploying hydrogen-powered HGVs
You can catch up on Friday’s (January 24) mobility webinar here.
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