- Excelledia Ventures backs HVS
- Hopes for part of climate tech fund
- Matching technology, says CEO
Qatari AI software supplier Excelledia Ventures has invested in a Scottish HGV manufacturer that is developing zero-emission hydrogen-electric trucks.
Glasgow-based Hydrogen Vehicle Systems (HVS) has developed an AI emissions reduction technology that optimises diesel, battery and hydrogen-powered trucks to enhance efficiency and reduce emissions.
The hydrogen HGV that HVS is developing has a range of 370 miles and a refuelling time of about 20 minutes.
Excelledia Ventures specialises in AI software that optimises business performance, and its CEO Muhamed Farooque said that it “immediately saw the potential in HVS’s AI innovations”.
“It’s essentially the same transformative technology we use, applied to the trucking industry,” he said.
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Abdul Waheed, CEO of HVS, said his company may now be eligible for funding from a $1.27 billion Qatari-UK climate tech fund announced last month.
“Thanks to its resources and expertise, the Middle East is uniquely positioned to lead the global hydrogen charge and is already making significant progress,” Waheed said.
The deal with Excelledia Ventures Group is HVS’s first international investment. To date, the company has raised more than $100 million in grant funding and investments, with UBS appointed as financial adviser to assist with its capital raise.
HVS also has plans for a Nasdaq listing in 2027, the company said.
