Viritech, a high-performance hydrogen powertrain company, the recent crowdfunding campaign has exceeded expectations, reaching beyond its £600,002 target.
The achievement comes as part of a comprehensive £5m funding initiative that marks a pivotal phase in Viritech’s journey towards revolutionizing clean energy solutions across automotive, aerospace, rail, and marine sectors.
Since its inception, Viritech has showcased its prowess by securing £6m in equity capital and bagging £2.8m from Innovate UK grants, a testament to its commitment to advanced research and development. The recent crowdfunding triumph on Seedrs, with a total of £620,708 raised from 568 investors, signals strong investor confidence and underscores the growing interest in the hydrogen powertrain sector.
The infusion of capital is strategically timed to propel Viritech from the realms of R&D into the lucrative domain of revenue generation. The company’s ambitions align with a broader fundraising program initiated in November, targeting an additional £5m from venture capitalists, family offices, and strategic investors.
Phil Wild, the newly appointed CEO, brings a wealth of experience from AIM-listed company James Cropper PLC, infusing fresh leadership to navigate Viritech’s next growth phase. Ajay Saldanha, former head of energy M&A at KPMG, joins as a key addition to the senior team, reinforcing the company’s strategic vision.
Viritech, founded in 2021 by entrepreneur Timothy Lyons and ex-Formula 1 high-performance powertrain engineer Matt Faulks, is on a mission to play a pivotal role in global decarbonization. Lyons asserted, “Hydrogen is critical to global decarbonization and the long-term sustainability of our planet.” The company is committed to delivering technologies that streamline the transition to clean energy, making it more feasible, cost-effective, and appealing to businesses and consumers alike.
As Viritech steers towards a projected £90bn addressable market by 2030, the successful crowdfunding round serves as a robust testament to the growing momentum and investor confidence propelling the hydrogen powertrain revolution.