EG Group continues its push for net zero energies with £25m investment
The retailer has quintupled its funding of £5m for Hydrogen Vehicle Systems from last year in support for fuel transition.
EG Group has increased its backing of Hydrogen Vehicle Systems (HVS) with a new investment of £25 million. The amount has quintupled since the firm’s support of £5 million for the Scottish truck company of last year, which was provided by Beehive Equity Limited, a wholly-owned subsidiary of EG Group.
"We are proud to be providing the solution of state-of-the art technology, design, efficiency within hydrogen vehicles. We are leading in the Net Zero target, providing the logistics industry with a pioneering vehicle that will give range, comfort and a greener drive," commented Jawad Khursheed, CEO of HVS, according to a report by local news site Business Live.
Founded in 2017 and based in Glasgow, HVS is a start-up focused on the design and development of zero-emission hydrogen-powered medium commercial vehicles (MCV) and heavy goods vehicles (HGV). Each of the company’s hydrogen-powered HGVs can prevent 104 tonnes of CO2 emissions per year. In the last year, the firm completed its first hydrogen MCV prototype and is well underway in developing its second flagship HGV.
"We are committed to driving sustainability across our extensive UK and global fuel forecourt network by investing in HVS trucks, influencing the demand for hydrogen and vehicles in parallel from our large selection of partnerships," said Ilyas Munshi, Commercial Director at EG Group.
The news comes after EG announced an increase of almost 25% in its total revenue for the first half of 2022, from $12.2bn to $15.2bn.
