Image: HVSHVS was founded in September 2017 and, in effect, operated for just under seven years. The Glasgow-based company was a manufacturer and developer of fuel cell-powered electric vehicles. Following the initiation of insolvency proceedings, it has now been sold, according to a report in The Herald, which cited the insolvency administrators. The pre-pack deal was an agreed sale within the framework of insolvency administration to avoid complete liquidation.What can be said about HVS? The company operated from leased premises in Glasgow and previously employed around 70 staff across research, engineering, development, administration, and finance. Its goal was to develop proprietary systems and technologies through partnerships, investor funding, and UK government grants. However, by early 2024, financing began to dry up, forcing HVS to adopt cost-cutting measures and ultimately close its Glasgow headquarters in May 2024. Despite announcing a partnership with a Chinese firm in August 2024, the company could not recover.“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 newspaper report states. It adds that following a marketing campaign, ‘an additional offer was received from H2 Vehicle Systems Ltd (H2VS), a connected company.’ Indeed, the names of the buyer and the acquired company are strikingly similar. The agreed price was just £145,000—equivalent to €168,000—for the acquisition of the company and its tangible and intangible assets.The insolvency administrators stated that the sale preserved ‘the ability to continue with ongoing research and development projects.’ The assets and intellectual property have been retained. However, the buyer’s exact plans, H2VS, remain unclear. It is known that the company shares the same head office address in Glasgow as the acquired business.heraldscotland.com