Vantage Power, a London, UK-based hybrid powertrain manufacturer for buses, raised £2.5m in funding.
The round was led by former CEO of Barclays Corporate Banking Mr John Winter with participation from the Angel CoFund and, ex-board member, President and CEO of Daimler AG Asia, Turkey, India (TATA) and Portugal, Dr. Till Becker. In conjunction with the deal, Winter and Becker joined the board.
The company intends to use the funds to further develop the technology as well as invest in hiring engineering, manufacturing, sales and C-level professionals to scale the business.
Founded by Alexander Schey and Toby Schulz in 2011, Vantage Power manufactures hybrid systems for both new buses and those already on the road, converting four traditional diesel buses into fuel-efficient hybrids for the cost of one new bus.
Vantage Power also provides advanced remote control and telemetry with all its hybrid systems, allowing bus operators to streamline fleet management, maintenance, fuel economy and emissions.
The company currently employs about 40 team members at its headquarters in Greenford, West London, and has raised £6.5m of equity investment and over £1m of grant funding to date.