Hydrogen Vehicle Systems (HVS) enters administration
It means the end of the road for the newcomer, specializing in the development of hydrogen-powered heavy-duty vehicles. Headquartered in Glasgow, HVS has been active for several years, as we reported multiple times. Over 70 people used to work for the company.
Scotland-based hydrogen truck company Hydrogen Vehicle Systems (HVS) enters administration. It means the end of the road for the newcomer, specializing in the development of hydrogen-powered heavy-duty vehicles. Headquartered in Glasgow, HVS has been active for several years, as we reported multiple times. Over 70 people used to work for the company.
The news has got consequences on the employment rate, with jobs inevitabily lost. According to newspapers such as the Scottish The Herald, “by January 2024, the company had failed to raise any investment over the previous two years, resulting in carrying ordinary unsecured debt of £7 million over and above the floating charge holder’s investment of £25m. During this time, staff had started to notice a reduction in spending, resulting in staff opting to move on from the company.”
Hydrogen Vehicle Systems: the end of a story
“By January 2025, the company was being operated on a limited budget by the directors and a small group of founding staff members working on a voluntary basis”, continues The Herald. “Work was limited to essential tasks to allow the company to continue to operate, with contractor usage limited to an as-needed basis.” The company was then reportedly sold for about £145,000.
The last web post we published dates back to January 2025, when HVS announced first international investment from Qatar-based Excelledia Ventures. Not enough to provide a valuable future for the Scottish newcomer.
