HVS secures investment from Qatari firm Excelledia Ventures

The company made a number of redundancies and slimmed down its operations while it was seeking additional funding. To date, HVS has received around £11m in grants for the development of its hydrogen-powered truck.

Alongside its vehicle hardware, HVS has been working on an AI emissions reduction technology to optimise diesel, battery and hydrogen-powered trucks. The idea behind the technology is to reduce the environmental impact of existing vehicles and promote the roll out of hydrogen-powered trucks.  

Muhamed Farooque, chief executive of Excelledia Ventures said: “We specialise in AI software that optimises business performance. Immediately, we saw the potential in HVS’s AI innovations – it’s essentially the same transformative technology we use applied to the trucking industry.” 

Excelledia Ventures supplies an AI management software solution for companies and governments including the likes of Nestle, BP and Qatar’s Ministry of Foreign Affairs. 

HVS chief executive, Abdul Waheed, said: “We are delighted to announce this latest investment in HVS. Excelledia Ventures’ support enhances our eligibility for the £bn Qatar-UK Climate Tech Fund, thanks to Excelledia’s strong relationships with key stakeholders such as Qatar’s Transport Authority and Qatar Investment Authority. Thanks to its resources and expertise, the Middle East is also uniquely positioned to lead the global hydrogen change and is already making significant progress.” 

In 2027, HVS is planning to list on NASDAQ to gain more visibility and global investment. The company’s AI development is focusing on licensing solutions to improve efficiency across the industry. Waheed said: “Our mission is to optimise diesel trucks for cleaner performance today while advancing hydrogen-powered trucks for tomorrow.” 

The company’s hydrogen trucks are due to begin customer trials towards the end of 2025.