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Pre-pack advances HVS growth plans

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Following the completion of a Pre-pack Administration process, through which H2 Vehicle Systems Ltd acquired the business and specific assets of Hydrogen Vehicle Systems (HVS), the company is now positioned for a phase of investment and growth.

HVS’s primary focus now is the testing and licensing of the breakthrough AI-SEMAS™ emissions-reduction technology for diesel trucks. This technology, originally developed for the hydrogen platform, can deliver immediate fuel and emissions savings across existing diesel fleets.

The Pre-pack Administration process followed the appointment of Paul Dounis and Mark Harper at Opus Restructuring & Insolvency as Joint Administrators.

“A robust sales process was required in this case to ensure we could rescue the Intellectual Property and years of investment in innovation to help drive cleaner emissions.  Whilst recognized by PWC as a Future50 climate-tech company earlier this year, HVS had still faced financial and operational challenges, like many businesses in the UK economy.  However, there was a viable opportunity to restructure and save the business as a going-concern and we are pleased to have achieved such a positive outcome,” comments Paul Dounis, Partner, Opus.  
 
“The 2016 Paris Agreement accelerated global climate action.  That same year, the European Commission then fined major truck manufacturers nearly €3 billion for a 14-year cartel that fixed prices and delayed the introduction of cleaner emissions technologies – underscoring the urgency of decarbonising freight and the need for independent innovation.  We established HVS and invested in this technology to provide exactly that,” explains Abdul Waheed, CEO, HVS.  “With our structure, we’re leaner and more focused to be able to support plans to prioritize diesel emission reduction now while progressing a hydrogen truck programme in parallel.”