Sponsored by Viritech
Viritech, the leading developer of high-performance hydrogen powertrain solutions for the automotive, aerospace, marine, and distributed power industries, has announced that Phil Wild will join as Associate Director board member from 1st April to help develop its commercial scale-up plan for 2024 onwards.
Viritech is a cleantech technology company which develops advanced hydrogen powertrain technology for licensing to vehicle manufacturers and major component suppliers.
Find out more on Viritech’s Crowdfunding page
Following two years of R&D, Viritech is focussed on a development pipeline of 24 products for hydrogen powertrains, including hydrogen storage, advanced battery systems and power electronics. It will introduce these over the next 24-months, with sales revenues expected to commence by Q4 this year.
In addition to its ambitious product development pipeline, Viritech has also recently announced two major partnerships. The first is with the Anand Group in India to establish a manufacturing JV in 2024. The second is with Horiba MIRA, a leading European automotive engineering and testing consultancy, and Intelligent Energy, the leading British fuel cell manufacturer, to develop hydrogen fuel cell powertrain solutions suitable for 40-tonne Heavy Goods Vehicles (HGVs). Further high-profile projects in partnership with major manufacturers are expected to be announced in the near future.
With the company demonstrating commercial engagement with major global manufactures over the next six months, Mr Wild will work with Viritech’s CEO & Founder, Timothy Lyons to develop the company’s long-term scale-up strategy for implementation in 2024.
To support this plan, the company will be seeking a £5m equity raise later this year, targeting Venture Capital investors, Strategic Investors and Family Offices.