Viritech is a Cleantech engineering company set up to develop hydrogen powertrain solutions for the Automotive, Aerospace, Marine and Distributed Power industries. With a highly experienced management team, Viritech is an opportunity to invest in a company with a mission to deliver solutions for the hydrogen economy
Global electrification will require massive storage to meet off-grid demand. Lithium batteries are part of the solution but hydrogen outperforms batteries as power requirements increase, and for long term storage.
The Hydrogen Council forecasts hydrogen will meet 18% of global energy demand by 2050, and governments are now committing huge investment.
Viritech, a start-up led by a highly experienced management team, is using F1-derived engineering to develop hydrogen powertrain solutions and related technologies.
Like ARM, Viritech's primary model is to design, prototype, test and license technology to global manufacturers, targeting high margin recurring revenues.
In early discussions with a manufacturer and energy provider, Viritech will use this round to work towards the completion of the R&D for its first powertrain (for the Apricale/HGV/SUV), planning a larger raise and listing on AQSE in 2022.
Based at MIRA, Viritech has access to R&D facilities used by many of the world's major automotive manufacturers, allowing it to scale its resources to meet the demands of every type of project.
With funds from this round, Viritech plan to produce test hydrogen tanks; build the Apricale test vehicle and complete designs for HGV, SUV and Power Generator. Further funds will then be raised to start to commercialise this technology with their partner.