Liverpool-based hydrogen fuel pioneer, ULEMCo, has successfully raised almost £500,000 in its latest funding round.
The equity investment from Equity Gap and Scottish Enterprise will accelerate the growth of the company’s roll-out of hydrogen solutions for road transport.
ULEMCo has successfully converted large vehicles to run on hydrogen dual fuel, on hydrogen alone and in hydrogen fuel cells.
The new funds will be used within the overall business plans to build ULEMCo’s capability to support customers in Scotland, where demand for the company’s technology is accelerating particularly fast.
A number of cities across the nation appreciate the opportunity that hydrogen vehicle solutions provide to deliver practical routes to decarbonising their heavy duty utility vehicle fleets.
“Our customers such as Aberdeen City Council and other public sector fleet operators in Scotland have been important in our recent rapid growth”, said Amanda Lyne, Managing Director of ULEMCo.
“This investment will give us extra resources to widen our offer, and provide immediate practical routes to using green hydrogen as a transport fuel, something we know the Scottish government and its communities really understand.
“Creating demand for the use of hydrogen fuel now, enables investors to make the case for building a hydrogen infrastructure to deliver net zero emissions.”
“There is a strong call for cleaner mobility in Scotland”, said Fraser Lusty, Director of Equity Gap. “ULEMCo’s approach enables rapid deployment of hydrogen across utility fleets in the short term, and we believe it presents an ideal opportunity for our investors to support this important drive for cleaner air in our cities.”
ULEMCo Ltd is the world’s first hydrogen commercial vehicle conversion company, enabling fleet, commercial and niche vehicle owners to have access to zero emission hydrogen fuel, as part of their strategies to reduce transport related carbon emissions.
ULEMCo is based in Liverpool, UK and was founded in 2014 as a spin out of Revolve Technologies, to commercialise intellectual property and capability in hydrogen combustion engine technology. The company converts vehicles, having started with diesel Ford Transit vans, to enable them to run on commercially available hydrogen. The technology allows vehicle fleet managers to reduce their carbon dioxide emissions to ultra-low levels.
Commercial fleets across the UK benefit from a reduced carbon foot print while still having the full range capability of standard diesel vehicles. Alongside various partners, ULEMCo already supports a fleet of vehicles across a range of hydrogen hubs in the UK.
The company is targeting commercial fleet conversions to grow the market significantly over the next 18 months, and then expand into other vehicle types over the longer term. Its growth plans include creating a hydrogen re-fuelling network to capitalise on the existing local infrastructure for this ‘green’ fuel.
About Equity Gap
Equity Gap is an Edinburgh based angel investment syndicate, established to help match investors with entrepreneurs looking for early stage business funding.
Equity Gap members currently invest in over 30 companies, leveraging over £70m in total investment into this portfolio. Equity Gap investee companies have created over 400 jobs, primarily in Scotland, across a range of sectors including consumer product, food and drink, life science and SaaS.
About Scottish Enterprise
Scottish Enterprise is Scotland’s national economic development agency. We’re committed to growing the Scottish economy for the benefit of all, helping create more quality jobs and a brighter future for every region.