Riversimple raises £1.5m to fund customer trials of hydrogen cars.
The funding round includes backing from Angels Invest Wales, a business angel syndicate, and the Development Bank of Wales.
Riversimple designs and manufactures sustainable hydrogen-powered vehicles aimed at eliminating environmental impact from personal transport.
Riversimple has secured £1.5m in funding to power customer trials of its hydrogen cars. The round includes £580k from Angels Invest Wales and a syndicate of business angels led by Andrew Diplock, alongside £250k match funding from the Wales Angel Co-investment Fund. The company also launched an overfunded crowdfunding campaign via Seedrs. The capital will be used to build vehicles for customer trials and enable the firm to draw down grants from the Office of Zero Emission Vehicles and Innovate UK.
From the founder
"We are delighted to welcome Andrew, all the other syndicate angel investors and the Development Bank of Wales to the growing list of Riversimple investors who want to see a shift to a more sustainable and greener economy."
Hugo Spowers
Founder and Managing Director at Riversimple
Investor perspective
"I’ve been aware of Riversimple for some time, and it feels like the stars are aligning for this forward-thinking company."
Andrew Diplock
Lead Investor, Angels Invest Wales
Use of funds
- 01Continue product development
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About the company
Riversimple
Riversimple manufactures sustainable hydrogen cars for efficient transport.