ULEMCo, a Liverpool, UK-based company that converts commercial vehicles to run on hydrogen fuel, raised over £5M in funding.
The round was led by Mercia Ventures, which was investing from its own funds and the first Northern Powerhouse Investment Fund (NPIF), and backed by existing investors Equity Gap, the North West Fund and Scottish Enterprise.
The company intends to use the funds to expand its conversion team and develop new products in hydrogen dual fuel, fuel cell and zero-carbon emission combustion.
Founded by Amanda Lyne, ULEMCo has developed a ‘dual fuel solution’ (H2CED), which enables heavy duty vehicles to run off hydrogen but continue to use diesel where necessary. It allows operators to switch to cleaner fuel and reduce their carbon emissions without having to replace their existing fleet. The technology is suitable for different makes and types of vehicles including refuse trucks, road sweepers and other machines and equipment.
The company expects to create around 100 new jobs across the UK over the next three to five years.
FinSMEs
15/05/2024