AN EG Group owned company has made a £5 million investment in a Scottish vehicle design company.
The Blackburn company, founded by Mohsin and Zuber Issa, will now work hand-in-hand with Glasgow-based HV Systems (HVS) in designing and manufacturing hydrogen vehicles.
The Issa brothers believe that, due to the impending ban on new petrol and diesel vehicles around the world, hydrogen vehicles, which are more environmentally friendly and produce less carbon emissions, could be a hugely important and profitable investment in the years to come.
Zuber Issa CBE said: “Most credible data points indicate that the hydrogen industry is expected to grow significantly in the next decade.
“We are therefore delighted to be investing in HVS at a time where they are working hard to be thought and design leaders for Hydrogen fuelled medium and heavy goods vehicles.
“We look forward to being part of that journey, alongside HVS’ founders, management team and broader stakeholders as EG broaden our own fuels and mobility proposition.”
The £5 million investment was made through Beehive Equity Limited, a wholly-owned subsidiary of EG Group.
With its new investment partners secured, HVS now plans to increase production of hydrogen powered commercial vehicles, including vans and lorries.
The company says that it aims to produce enough vehicles by 2030 that will save the equivalent of as much carbon emission as is given off by Heathrow airport annually.
HVS CEO Jawad Khursheed said: “This is a massive moment for HVS.
“Our incredible design team have created two amazing Zero emission vehicles, we have all of our component suppliers lined up and ready to go and we even have a range of end-users across the logistics, heavy-duty transport and health care sectors ready to demonstrate our game-changing vehicles in the real world.
“Over the next two years we are going to see not one, but two, revolutionary, world-first indigenous UK hydrogen-powered vehicles on our roads as we demonstrate our van first, then our truck.”