This dramatic shift emerges as a direct consequence of the former leadership’s misjudgements, its strategy to concentrate resources on the manufacturing of hydrogen trucks, a path that has proven financially untenable and unsustainable.
Despite substantial investments, including £25 million in UK government grants, the vision of vehicle manufacturing has failed, as many hydrogen HGV companies having closed in the last few months. Abdul Waheed has now redirected the company’s focus towards licensing its hydrogen propulsion system designs to existing truck manufacturers. Additionally, the company is targeting existing fossil fuel trucks by retrofitting diesel fleets with AI-driven emissions reduction technology, a tactical move aimed at stabilisation and recovery.
“Last year, Tevva, Hyzon, Quantron, and Arrival went bust” said Abdul Waheed, HVS CEO. “So, why are we still standing? Our vehicle control software and propulsion technology are the result of £50 million in investment to date, allowing us to shift from a capital-intensive manufacturing model to a lean, low-risk technology licensing model.”
Currently, HVS is issuing an urgent call for £700,000 to avert immediate legal action - a stark consequence of financial turmoil caused by previous leadership who ignored a critical warning from Barclays’ chief hydrogen investment expert, Otto van Reijendam.
Backed by Barclays’ £500 million Sustainable Impact Capital mandate and £166 million already invested across over 20 innovative hydrogen and climate tech companies, Otto brought unparalleled insight into what makes hydrogen ventures successful. Two years ago, he warned HVS that focusing solely on hydrogen truck manufacturing without generating revenue from licensable technology was an unsustainable strategy destined to fail. That ignored warning has now resulted in £7 million in supply chain debt and a £1.4 million creditor demand, driving the current financial strain.
While the company announced recent engagements, such as a £1 million bridge fund investment from Qatar’s Excelledia Ventures Group to feature HVS on the JP Jenkins share trading platform, these are acknowledged as critical but reactive measures implemented by Waheed to counteract earlier strategic neglect. Additionally, EG is supporting the company by forgiving £25 million of debt, further stabilising HVS's financial position and improve its attractiveness to new investors. Next, HVS aims to engage with Barclays Climate Ventures’ £500 million fund, the £1B Qatar-UK Climate Tech Fund, and the 1.8 trillion euro European Green Fund to support its recovery and growth.
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.
Central to HVS's new strategy is the patented AI-SEMAS product offering, developed by nuclear physicist Dr Telford. This groundbreaking emission reduction technology sets a new standard in the industry with a proven record of delivering cost savings of up to £2,500 per truck annually and reducing carbon emissions by 5 tonnes per year per truck. This is up to 14 percent fuel savings on hydrogen, 10 percent on battery, and 5 percent on diesel trucks. AI-SEMAS exemplifies how innovative solutions can deliver tangible results in reducing carbon emissions, providing a pathway to net-zero for existing fleets.
Abdul Waheed is focused on settling the remaining debt and unlocking lucrative licensing opportunities, starting with India, where flexible road safety regulations enable faster deployment. His goal is to transform HVS into a thriving, revenue-generating tech company, guided by advice from the Barclays Unreasonable Impact programme, which had recognised HVS for its innovative potential.
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