ULEMCo funding news – Liverpool-based ULEMCo Secures over £5 Million in Funding

The capital raised will help accelerate ULEMCo’s development activities in hydrogen dual fuel, fuel cell and zero-carbon emission combustion.

The round was led by Mercia Ventures, which was investing from its own funds and the first Northern Powerhouse Investment Fund (NPIF), and included existing investors Equity Gap, Scottish Enterprise and the North West Fund.

The new funding will allow the company to grow more rapidly, expanding its capability and building its highly skilled team in upgrading, upcycling and future proofing essential machinery, equipment and vehicle assets in commercial applications.

Read also - PolyAI funding news – UK-based PolyAI Secures $50Million in Series C Round Funding

Demand for cost effective routes to decarbonising heavy-duty vehicles, non-road machinery and specialist services is increasing dramatically on the back of global plans for scaled production of clean hydrogen.

The funding comes at the ten-year anniversary of ULEMCo’s founding, the company having since grown through sales of its dual-fuel conversion service. The company is especially strong in Scotland, where Aberdeen alone has 55 hydrogen-enabled vehicles.

It’s first “Fleetwide Conversion Contract” with the City Council supports the development of their local hub and cluster, creating potential demand for over 50 tonnes of hydrogen per annum. These vehicles are out in the real world, on city roads, now contributing to cleaner air and net zero ambitions.

Fraser Lusty, Director of Equity Gap said, “We are excited to increase our support for ULEMCo and its management team, Hydrogen is an important part of achieving net zero, and ULEMCo is showing itself well placed to drive implementation of this clean fuel with immediate benefits.”

Rob Hornby of Mercia Ventures added: “Almost all heavy-duty vehicles and machines are powered by diesel, but fleet operators are under pressure to reduce carbon. However, there are limited options – electric vehicles do not work for heavy duty use, and biofuel solutions have not yet proven to be scalable. ULEMCo offers a practical and effective alternative.”

Debbie Sorby, Senior Manager, British Business Bank, said: “Innovative businesses like ULEMCo are a key component to achieving the UK’s net zero goals. ULEMCo is ahead of the trend, providing a solution in sustainable fuels for heavy duty vehicles. The forward-looking business answers an unmet demand for hydrogen-based fuels paving the way towards a more sustainable future. We look forward to supporting ULEMCo in its growth journey throughout Scotland and across the UK.”

About ULEMCo

ULEMCo are pioneers of technologies that enable commercial vehicles to run off hydrogen. Focussed on customers that operate HGVs and LGVs, they provide practical solutions for the deployment of hydrogen vehicles, here and now, that will deliver significant reduction in fleet-wide carbon emissions.