Viritech, a cleantech engineering company set up to develop hydrogen powertrain solutions for the Automotive, Aerospace, Marine and Distributed Power industries, has raised more than £572,000 in a fundraise through private investors and Crowdcube.
Viritech, a start-up led by a highly experienced management team based at Horiba Mira in Warwickshire, is using F1-derived engineering to develop hydrogen powertrain solutions and related technologies.
Global electrification will require massive storage to meet off-grid demand. Lithium batteries are part of the solution but hydrogen outperforms batteries as power requirements increase, and for long term storage.
The Hydrogen Council forecasts hydrogen will meet 18 per cent of global energy demand by 2050, and governments are now committing huge investment.
In early discussions with a manufacturer and energy provider, Viritech will use this round to work towards the completion of the R&D for its first powertrain (for the Apricale/HGV/SUV), planning a larger raise and listing on AQSE in 2022.
Based at MIRA, Viritech has access to R&D facilities used by many of the world’s major automotive manufacturers, allowing it to scale its resources to meet the demands of every type of project.
With funds from this round, Viritech plan to produce test hydrogen tanks; build the Apricale test vehicle and complete designs for HGV, SUV and Power Generator. Further funds will then be raised to start to commercialise this technology with their partner.
Viritech’s business model of delivering rapid, cost-effective design, development, and implementation of advanced powertrain solutions and related technologies, is designed to meet the needs of global OEMs and Tier-1s as they face the existential challenge of transitioning from fossil fuels to electric vehicles
Through its technical partnership with Horiba-MIRA, Viritech has access to 40 major engineering facilities, over 700 engineers, and an engineering eco-system stretching across the UK Midlands, meaning no engineering project is beyond its capacity. This technical partnership also provides access to a global network of relationships with OEMs and Tier-1 manufacturers.