A North East designer and manufacturer of power systems has used £3.8m of bank funding to launch high power electric vehicle charging products.
Gateshead's Turbo Power Systems, which supplies the rail, road and industrial sectors, has started production of ultra rapid EV chargers suited to commercial vehicle users. The firm says its tech will be targeted at fleet operators and can create micro networks with energy storage for charging.
The chargers can be scaled up to deliver 480kW of power per vehicle, which means they can be used by electric heavy goods vehicles and Turbo Power Systems has ambitions to double the output to 1MW of power. Initial small volumes of the products will go into production at the firm's Team Valley premises this summer.
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Carlos Neves, CEO at Turbo Power Systems, said: "Helping businesses to reduce their carbon footprint is vital. As more and more organisations move to EVs, more pressure will be put on local grid networks. HSBC UK’s support has boosted our working capital, allowing us to further the development of, and commercialization strategy for, these innovative rapid EV chargers as well as our wider energy product portfolio – efforts which will help to accelerate the uptake of electric vehicles.”
Stuart McLaren, relationship director at HSBC UK, said: "HSBC UK is committed to working with businesses and helping them on their sustainability journeys. We’re thrilled to support Turbo Power Systems, as it helps to deliver a greener future for a number of industries. We look forward to hearing about how these UK-manufactured chargers are received in the UK and internationally."
A recent report from the Society of Motor Manufacturers and Traders (SMMT) suggests the UK's zero emission HGV market is being "shackled" by an absence of infrastructure and Government strategy. From 2035, all new HGVs weighing under 26 tonnes and sold in the UK must be zero emission – that's despite the SMMT's claims the EV truck market is around two decades behind that of passenger cars.
The trade association has called for the Government to deliver a strategy within the next 12 months that focuses on the specific requirements of HGVs, which includes a plan to drive installation of public and depot-based charging and refuelling points for hydrogen-fuelled trucks.
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