EG Group joins the hydrogen fueling race
With a five million investments in a Scottish company working on hydrogen-powered vehicles, the Issa brothers expand their energy portfolio.
EG Group’s owners have agreed to invest £5 million ($6.8M) in Scotland-based HV Systems (HVS) to produce hydrogen-powered heavy vehicles.
The investment was made through Beehive Equity Limited, a wholly-owned subsidiary of EG Group.
HVS will now take its innovative hydrogen vehicle designs through prototyping and demonstration, allowing manufacturing to commence. Having secured the investment from EG, HVS aims to take a vital step towards a net-zero future for all, creating a safer living environment with cleaner air and quieter roads.
“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 broadens our own fuels and mobility proposition,” says Zuber Issa CBE, coFounder and co-Group CEO, EG Group.
The amount of vehicles HVS aims to produce by 2030 will save as much carbon emission that is given off by Heathrow airport annually.
“This is a massive moment for HVS. Our incredible design team has 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,” says Jawad Khursheed, CEO, HVS.
