Vantage Power completes investment round to fund development of retrofit hybrid system for double-decker buses
Vantage Power, the London-based engineering company, has received support from investors, a trade partner and a Smart Award from the Technology Strategy Board in its first funding round. The combined £0.8m investment will be used to develop and commercialise Vantage Power’s diesel electric hybrid powertrain technology, which will be tested and driven on double-decker buses throughout the UK.
The venture stems from the team’s extensive experience with hybrid and electric vehicles. Most recently, founders Alexander Schey and Toby Schulz instigated the Racing Green Endurance project which saw a 400bhp electric supercar designed and built in 9 months, and driven down the full length of the 26,000km Pan-American Highway.
Vantage Power has developed the B320 system to be retrofitted into UK’s most popular double-decker buses, allowing operators to hybridise their existing fleet, reducing upfront and through-life cost by up to 55% and 40% respectively.
“Vantage Power’s B320 powertrain will make a tremendous impact on the bus industry and beyond,” said CEO and co-founder Alexander Schey. “We are enormously fortunate to have an experienced group of investors and the largest used bus dealer in the country backing us to bring this idea to fruition. Vantage Power's successful round of investment shows that despite these tough economic times, there are still real opportunities to get innovative startup businesses off the ground, and we hope many other young people follow in our footsteps”.
“Vantage Power is excited to complete this round of investment and bring together experienced players in the industry to commercialise its hybrid drivetrain technology for buses,” said Vantage Power’s CTO and co-founder Toby Schulz. “Not only has Vantage Power’s technology received financial backing, the company is also strengthened by the investors’ industry knowhow, its technology partners’ standing and its partnership with the Ensign Bus Company. We look forward to proving our
innovative, fuel and emission saving hybrid technology, and providing real world benefits to the bus industry.”
Vantage Power secured investment from a syndicate led by Martlet, Qi3 Accelerator, Synergy Energy, i2o, Global Reach Investments and other individual investors. The company is the first graduate of the pioneering Qi3 Accelerator High Value Manufacturing bootcamp held in July 2012 to close a subsequent investment round. Nat Billington of Synergy Energy, who joins the board of Vantage Power, commented “we enjoy supporting early-stage engineering companies and working together with the skills and financial resources of a wide range of investors with technology and business experience. I’m particularly pleased that Vantage Power’s products will improve bus travel, providing lower cost for operators as well as positive environmental impact. I look forward to seeing this enthusiastic and entrepreneurial team roll up their sleeves for Vantage Power’s product launch”.