London-based Vantage Power, a hybrid powertrain manufacturer for buses, has raised £2.5 million. John Winter, the former CEO of Barclays Corporate Banking, led the round. The Angel CoFund and Till Becker, president and CEO of Daimler Asia, Turkey, and India also participated in the round. Winter and Becker will be joining the board of Vantage Power.
Vantage Power manufactures hybrid systems for new buses and retrofits those already on the road. The company's solution can convert four traditional diesel buses into fuel-efficient hybrids for the cost of one new bus. The company also provides highly advanced remote control and telemetry with all its hybrid systems, allowing bus operators to streamline fleet management, maintenance, fuel economy and emissions.
“The need for more responsible energy consumption has been understood for some time, but the negative impact of emissions at a local level is something that the public and policy makers are only just beginning to get to grips with," commented Tim Mills, investment director at the Angel CoFund, in a statement.
"London’s streets have some of the highest levels of NO2 in the world, with the city’s transport infrastructure, namely buses, playing a big part," added Mills. "Vantage Power’s exceptional engineering takes hybrid technology to a new level, creating a genuinely practical and cost effective solution for urban centres globally. We’re very pleased to be backing the team with such opportunity to deliver true local and worldwide benefits.”
The funding will be used to further develop the technology behind the company’s products as well as to hire more engineering, manufacturing, sales and C-level staff.
“Attracting investment and top talent are two of the most critical aspects to any business, but particularly high tech growth companies like Vantage Power," said Alexander Schey, the company's co-founder, in a statement. "I am delighted that with this investment round we have been able to secure the best of both, and I very much look forward to working with John, Till, and the Angel CoFund to build Vantage Power into a truly stellar global enterprise.”
Read more: Private Equity Wire (Press release)