EG Group invests £25 million into Scottish hydrogen truck firm
The petrol station and retail giant run by the billionaire Issa brothers has invested GBP25m in a Scottish zero-emission vehicles firm. Euro Garages (EG) Group has further backed Glasgow-based Hydrogen Vehicle Systems (HVS), having previously invested GBP5m in the company last year. The partnership means EG can potentially provide the infrastructure and HVS its hydrogen-powered trucks.
The business was founded in 2017 and is led by chief executive Jawad Khursheed, who stated: "We are proud to be providing the solution of state-of-the art technology, design, efficiency within hydrogen vehicles. "We are leading in the net zero target, providing the logistics industry with a pioneering vehicle that will give range, comfort and a greener drive." The investment in HVS last year was provided by Beehive Equity, a wholly-owned subsidiary of EG Group.
EG Group's commercial director Ilyas Munshi said: "We are committed to driving sustainability across our extensive UK and global fuel forecourt network by investing in HVS trucks, influencing the demand for hydrogen and vehicles in parallel from our large selection of partnerships." Heavy goods vehicles (HGVs) contribute 26% of road transport emissions, despite making up only 2% of vehicles on the road. Each of HVS' hydrogen-powered HGVs can prevent 104 tonnes of CO2 emissions per year.
In the last 12 months alone, HVS completed its first hydrogen medium commercial vehicle prototype and is well underway in developing a second flagship HGV.
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