Since its launch, Viritech has raised £6million of equity capital and been awarded £2.8million in Innovate UK Grants to fund its advanced R&D program. This week the business launched a funding program to raise an additional £5 million from VCs, family offices and strategic investors, including an allocation on the Seedrs crowdfunding platform for retail investors. The raised capital will support the business’ next phase of growth, moving from R&D to revenue generation.
Earlier this month, Viritech also appointed a new CEO, Phil Wild, who joined from the AIM-listed company, James Cropper PLC, as well as Ajay Saldanha, formerly Head of Energy M&A at KPMG, to bolster the senior team during this next growth phase.
Viritech was founded in 2021 by serial entrepreneur Timothy Lyons and his co-founder, ex-Formula 1 high-performance powertrain engineer, Matt Faulks. Viritech’s mission is to be the leading developer of high-performance, hydrogen powertrain solutions for automotive, aerospace, marine, and distributed power applications.
Viritech’s sector-leading hydrogen Energy Management and Energy Storage technologies are designed to overcome the weight and range challenges presented by battery-electric vehicles, with the aim of delivering ‘Sustainable Transportation’ without compromise.
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