Hydrogen Vehicle Systems’ CEO plans financial recovery

Abdul Waheed with the HVS tractor (Photo: HVS)

Hydrogen Vehicle Systems (HVS), a Glasgow-based developer of H2 fuel systems for commercial vehicles, has reported that it is in financial difficulty.

The company had been attempting to leverage its own H2 fuel system tech into an OEM commercial vehicle portfolio, but the move quickly used up received investment capital.

Founder and CEO Abdul Waheed has now returned to the company. His intention is to stop full vehicle development/production and instead license the company’s hydrogen technology to other OEMs.

In addition to this, the company is offering to retrofit diesel trucks with its proprietary AI-driven emissions reduction technology.

It is put forward that the AI-SEMAS system can deliver cost savings of up to £2,500 ($3,100) per truck per year, while also cutting carbon emissions by about five tonnes.

Waheed commented: ““Last year, [hydrogen vehicle OEMs] Tevva, Hyzon, Quantron and Arrival went bust. So, why are we still standing? Our vehicle control software and propulsion technology are the result of £50 million in investment to date. [That] allows us to shift from a capital-intensive manufacturing model to a lean, low-risk technology licensing model.”

The company revealed that it has issued an ‘urgent call’ for £700,000 ($875,000) needed to avert immediate legal action. This is related to the business direction of the previous directors who, it is claimed, went against advice from Barclay’s chief hydrogen investment officer.