VN-CP runs all of its projects on a low-cost/no-cost basis, where the management team earn equity, not salaries. Therefore, every penny spent on R&D is on fixed-price fixed outcome contracts, making once-in-a-lifetime events like the Covid 19 Pandemic manageable. As such, the pandemic has not impacted VN-project cash-flows, or your investment. We have experienced some delivery delays due to restrictions placed upon our University Partners but in large part the projects remain on track.
VN-H Power Generation
We have been invited to participate as principal hydrogen generator technology partner in the SMaRT: Sustainable Heavy Duty Truck, Marine and Rail Transport program being run by Nottingham and Reading Universities over the next 3-years. The program is fully funded via EPSRC grants and we have reached an agreement with Nottingham and Newcastle Universities that will see the EHG design development program take place in parallel with the EPSRC work benefiting both VN Automotive Ltd and Vn H Power Generation Ltd.
As part of the technology validation process, and to ensure that the next stages of the technology development are complemented with increased scientific input, we have via Prof Keith Scott also applied for another Government grant under the EPSRC Programme, to fund the provision of academic research/validation in parallel with technology optimisation, with the target of accelerating the commercialisation of the EHG. As this grant is focussed on the Power Generation industry it made sense for the grant to be applied for via VN HPG. This grant will require match-funding and the Directors were successful in raising £200,000 pre-Pandemic to facilitate this. However, the fundraise remains open and as always we welcome further investment from you, our private Investors. As part of the road to commercialisation the Directors have decided to change the company name from VN-H Power Generation Ltd to Hydrogen Power Generation Solutions Ltd, (HPGS) and a resolution allowing us to make that change is being prepared this week. FYBI, the option on the Piombino Power Plant was once again renewed this year and the MOU with Energy Circle Plc is still in place.
VN Automotive Ltd
Despite various Government legislation changes, Diesel-Gate and finally Government insistence that the industry moves exclusively toward Electric Drive Trains, we have been unable to commercialise any VNA solution so far. Whilst we continue to monitor the large engine automotive sector to achieve a successful exit, we need another, more stable and predictable marketplace of similar size.
Following the International Maritime Organisation (IMO) decision on maritime emissions legislation, (see links below) we, in conjunction with Nottingham and Newcastle Universities, will try to ‘adapt’ the technology to suit ocean going vessels that use ammonia as a fuel source, with hydrogen acting as an accelerant in the combustion process.
Therefore, VN Automotive will change its name shortly (once development contracts with 3rd parties and Universities are signed) to Automotive and Maritime Hydrogen Solutions Ltd (AMHS). The companies rights of use and IP development license is also being expanded (at no extra cost to the company) to include Large Marine engines.
One additional benefit this delivers, is the ability for joint development of the EHG technology with the HPG team, who have been working on scaling up the technology since 2018. The cost and development benefits are obvious as both Power Generation and Maritime markets will require significantly larger EHG units than the automotive sector.
VN Aerotoxic Detection Solutions Ltd
The first ADS sensor prototype development has progressed very well through the last few months. Independent validation of the sensor by The National Physical Laboratory is imminent, pending NPL personnel availability during the current Pandemic workplace restrictions, and final design of the mass manufactured model will follow after extensive field-testing over the next few months.
The technology is now looking highly-viable from a commercial perspective, and there is now only £140K of HMRC Advanced Assured EIS investment remaining. We highly recommend taking another look if you want to top up your existing investment, or are not already invested!
VN Kerb Turbo Solutions Ltd
This project has now achieved one of its major milestones, to deliver Technology Readiness Level 4, TRL 4 and is poised, subject to further high-pressure and fluid-flow testing, to move to the next phase of development by integrating the turbo onto an engine.
Once this has been done, the company can start the process of involving potential industry users into the project, with a view to the preferred industry partner becoming the first licensee/buyer of the solution. With this extremely exciting prospect in the next 18 months, there remains some HMRC Advanced Assured SEIS investment, so if you haven’t already invested we would encourage you to take a look ASAP.