Viritech goes into crowdfunding overdrive
A world-leading developer of high-performance hydrogen powertrain solutions for the automotive, aerospace, marine and distributed power sectors has again smashed its Crowdcube fundraise, with 10 days remaining.
Nuneaton-based Viritech develops high-performance hydrogen powertrain solutions for the automotive, aerospace, marine and distributed power sectors.
In its latest round of fund-raising, it was seeking £650,000 but has already raised more than £792,000, with 10 days remaining.
The company, which was founded by a successful serial entrepreneur and motorsports engineer Tim Lyons, has 12 patents and 22 trademarks granted or pending across the globe.
It is aiming to develop advanced hydrogen powertrain solutions for automotive, aerospace, marine and distributed power industries leveraging hydrogen fuel cell technology to provide zero-emission alternatives without compromising on performance or efficiency.
It says by 2050, hydrogen could provide 18 per cent of world’s energy needs, powering more than 400 million passenger vehicles, 20 million trucks and five million buses. The global market for hydrogen power and derivative technologies estimated to reach $1 trillion, it says.
Viritech is funding its commercial scale-up with equity capital, grant income and revenues from engineering services and product sales, with the ultimate goal of licensing its technologies to OEMs and Tier 1 manufacturers.
In total it has raised £6.7 million from the likes of Energy Revolution Ventures and Arosa Capital. £3 million UK government grants and more than 3,000 Crowd investors.
