ULEMco closes £5 million funding round

ULEMCo announced a successfully closed funding round worth over £5 million, and has added new names to its investor base. The funding is to be used for the company's development activities in hydrogen dual fuel, fuel cell and zero-carbon emission combustion.

The company has a strong track record in hydrogen commercial vehicle conversion, which, according to ULEMco, creates further demand for clean fuel in transport and construction applications. The capital raised is planned to be used to accelerate ULEMCo’s development activities in hydrogen dual fuel, fuel cell and zero-carbon emission combustion.

Among the new investors is Mercia Ventures, who led the investment round, as well as the Northern Powerhouse Investment Fund (NPIF), which were joined by existing investors Equity Gap, Scottish Enterprise and the North West Fund.

“These investments are a strong endorsement of our technology, capabilities and vision. The time is right for hydrogen to take an even more important role in the move to clean mobility and net zero,” said Amanda Lyne, Founder and Managing Director of ULEMCo.

Rob Hornby of Mercia Ventures added: “Almost all heavy-duty vehicles and machines are powered by diesel, but fleet operators are under pressure to reduce carbon. However, there are limited options – electric vehicles do not work for heavy duty use, and biofuel solutions have not yet proven to be scalable. ULEMCo offers a practical and effective alternative.”

ULEMco has been active in the UK, both on the side of converting combustion vehicles to hydrogen operation and contributing to research. Last year, ULEMco was a recipient of two major funding rounds sponsored by the British government, with a hydrogen project taking off in Tees Valley in August, and a major funding release from the Advanced Propulsion Centre in May. A contract with the city of Aberdeen was also signed to convert the city’s utility vehicle fleet to hydrogen operation in February.

ulemco.com