Scottish hydrogen truck developer Hydrogen Vehicle Systems has been sold for 145,000 pounds ($190,000) through a pre-pack administration deal after entering insolvency proceedings, according to a report by The Herald citing the company’s administrators.
Founded in 2017, the Glasgow-based company focused on developing fuel cell-powered electric commercial vehicles and related technologies. The business operated for nearly seven years before financial pressures forced it into administration.
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The pre-pack arrangement allowed the company’s business and assets to be sold as part of the insolvency process in an effort to avoid full liquidation.
According to the report, HVS previously employed around 70 people across engineering, research, development, administration and finance functions. The company relied on a combination of partnerships, investor backing and UK government funding to support the development of proprietary hydrogen vehicle technologies.
However, financing difficulties intensified in early 2024, prompting cost-cutting measures and the closure of the company’s Glasgow headquarters in May that year.
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Despite announcing a partnership with a Chinese company in August 2024, HVS was unable to secure a financial recovery.
“By January 2025, the company was being operated on a limited budget by the directors and a small group of founding staff members working voluntarily,” The Herald reported.
The administrators said a marketing process resulted in an offer from H2 Vehicle Systems, a connected company with a similar name and the same registered office address in Glasgow.
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The agreed purchase price of 145,000 pounds covered both tangible and intangible assets, including intellectual property and ongoing research and development projects.
According to the administrators, the transaction preserved “the ability to continue with ongoing research and development projects.”
The future plans of H2 Vehicle Systems have not been disclosed publicly.