Viritech, a Cleantech investment opportunity in the global hydrogen economy, has raised 141% (£1,414,140) of its £1,000,000 target via Crowdcube from 772 investors (at the time of writing) with 11 days left in the firm’s crowdfunding campaign.
Viritiech claims that it has “a world-class engineering team and highly experienced management.”
The firm’s mission is to be “the world’s leading developer of hydrogen powertrain solutions for the Automotive, Aerospace, Marine & Distributed Power industries.” Based in the UK, the firm offers Equity (9.74%), reports a £13,100,000 pre-money valuation and a £2.00 share price.
Here are the key business highlights:
- Solution-focused, F1-derived, agile engineering culture
- Pipeline includes a Hypercar and HGV & light aircraft powertrains
- Seeking to deliver powertrain solutions suitable for multiple industries
- Patents pending: Energy Management, Hydrogen Storage
As clarified in the update, £1m of funds on the progress bar “represent funds raised by the Company prior to launching the campaign.” The company has “already received these funds,” the announcement confirmed.
Shares may be “issued in respect of this investment whilst the campaign is live, and funds spent in line with the business plan.” Completion of the Crowdcube raise “will occur on the same material terms and share price,” the update noted.
As mentioned in the update, global electrification is currently happening. Grids are “adopting renewables and becoming greener. Abundant green hydrogen is on the horizon.”
Lithium prices are “soaring and supply chains challenged.” As noted by the firm, hydrogen is vital to “the future of a transportation industry facing a revolution.” The company added that OEMs are “facing existential challenges and many solutions will come from new disruptive technologies and disruptive business models.”
The firm’s management also mentioned:
“Viritech is applying F1-derived engineering disciplines and highly innovative IP to the development of revolutionary hydrogen powertrain solutions for the automotive, aerospace, marine & distributed power industries.”
They also shared:
“Based at MIRA in Nuneaton, with access to R&D facilities and engineering resources used by many of the world’s major automotive manufacturers, Viritech’s business model is to design, develop and license proprietary hydrogen powertrain technologies to global OEMs and Tier-1 suppliers, with the aim of generating high margin, recurring revenues.”
As confirmed in the update, the second round will be used to accelerate development of:
- The prototype of the Apricale® Hypercar – to be built and tested in 2022
- Viritech’s Tri-Volt™ energy management system
- Graph-Pro™ pressure vessels – bringing them to manufacturing readiness
- An HGV powertrain for testing and road trials
- A light aircraft powertrain for testing on a ‘mule’ aircraft
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!