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Universal Hydrogen closes after failing to raise sufficient funds

photo_camera Unlike many tech startups, Universal Hydrogen had a working aircraft and a number of orders

Alternative fuel start-up Universal Hydrogen is reported to have closed after failing to meet is Round B funding targets.

The firm was founded in early 2020 and initially found a number of willing investors, including Playground Global, Tencent, Templewater, Coatue and others.

Proponent of the project are keen to point out that the technology owned by the company were fundamentally sound. Indeed, it launched an experimental aircraft in 2023 and flew test flights up to 10,000 feet throughout the year.

In September, it reported that it had passed 250 orders for hydrogen conversion kits for ATR turboprop aircraft.

READ: Universal Hydrogen completes maiden flight of hydrogen regional aircraft

“There will be people who say that because the company failed, the technology was wrong—and that’s the furthest thing from the truth,” investor Peter Barrett of Playground Global told a reporter from Fortune magazine.

“We can only make progress by sometimes having our reach exceed our grasp. This is a good example of that, but I’m unrepentant about picking that team. Hopefully, we’ll get to see their technology in some form—that all of us can experience—at some point in the next couple of years.”

Universal Hydrogen CEO Mark Cousin is reported as saying that it “remains to be seen” who will purchase the company’s residual assets, which include the startup’s hydrogen fuel cell technology and intellectual property.

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