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04 July 2014

Low emission technology for fleet vehicles receives boost

Press Release 4th July 2014

A Merseyside business in the process of exploiting its hydrogen diesel combustion technology in commercial vehicles has secured a £150,000 investment from The North West Fund for Energy & Environmental, which is managed by 350 Investment Partners.

ULEMCo Limited, which retrofits diesel transit vans to enable them to run on commercially available hydrogen is a spin-out from automotive design and consultancy firm Revolve Technologies. The technology allows vehicle fleet managers to significantly reduce their carbon dioxide emissions to ultra-low levels. 

The Liverpool firm will use the investment to identify commercial fleets in the region, and across the UK, which will benefit from a reduced carbon foot print while still having the full range capability of standard diesel vehicles.

Alongside various partners, ULEMCo already supports a fleet of 20 vehicles across a range of hydrogen hubs in the UK. The company is targeting commercial fleet retrofits to grow the market significantly over the next 18 months, and then expand into other vehicle types over the longer term. Part of its growth plans include creating a hydrogen re-fuelling network in Merseyside, to capitalise on the existing local infrastructure for this
"green" fuel.   

Leading the company is managing director Amanda Lyne who said: "Developing hydrogen-based energy systems like this is of international significance as world governments seek to address the issue of global warming. Significant resource has been put into this technology and we're delighted to receive this investment and look forward to identifying customers to work with."

Adam Workman, partner at 350 Investment Partners said: "This is the 16th investment the fund has made to date and we're pleased to be able to provide an opportunity for a start-up which has real potential to disrupt the marketplace.

"The Government has set strict targets to reduce carbon emissions by 2020 so it's important to continue driving green products such as this."

The North West Fund for Energy & Environmental has invested £12.8m to date with 30 per cent invested in the Liverpool City Region. Investments in the Liverpool City Region include Acal Energy, Acoustic Sensing Technologies Limited, Ultromex, Community Switch, Arvia Technologies and SignLights.

The investment into ULEMCo has been made by The North West Fund for Energy & Environmental, which is financed jointly by the European Investment Bank and the European Regional Development Fund and managed by 350 Investment Partners.

350 Investment Partners is one of Europe's leading co-investors in clean technology companies. In addition to managing The North West Fund for Energy & Environmental it also advises the Carbon Trust on its venture capital activities.

Adam Workman will be speaking at the Clean and Cool event as part of the International Festival for Business on July 17th where he will be looking to engage with businesses seeking funding.

 

 


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