Paul Dounis and Mark Harper of Opus Restructuring & Insolvency were appointed as joint administrators for the process.

Earlier this year HVS was named a PwC NetZero Future50 company, underscoring industry recognition of its potential to deliver measurable decarbonisation at scale. The company will continue investing in its breakthrough AI- SEMAS ™emissions -reduction technology for diesel trucks. Originally developed for hydrogen platforms, the system can deliver immediate fuel and CO ₂ savings across existing diesel fleets.

Paul Dounis, Partner at Opus, said:

"A robust sales process was required to rescue HVS’s intellectual property and years of investment in innovation. Despite the financial challenges faced, we identified a viable opportunity to restructure the business as a going concern, and we are pleased to have achieved such a positive outcome."

Abdul Waheed, Chief Executive Officer at HVS, commented:

"The Paris Agreement entered into force in 2016, accelerating global climate action. In the same period the European Commission fined major truck manufacturers a combined €2.93bn for price -fixing and delaying cleaner emissions technologies. This underlines the urgency of decarbonising freight and the need for independent innovation. With our restructured operations, HVS is leaner and focused on delivering diesel fuel and emissions reductions now, while advancing hydrogen truck programmes in parallel for the long term.” 

“We are pleased that the supply chain continues trading, and that the combined private and public investment has been protected. Our technology – and the company behind it – are the result of £50m of investment to date.” 

“To support the next phase of growth, we are recruiting a Chief Marketing Officer (CMO)  and a Head of HR. A phased hiring plan will add up to 25 specialist engineering and delivery roles. Candidates can contact HVS through our website: www.hvs.co.uk .”