Clean Power Solutions, a provider of renewable energy solutions based in Chorley, is set to create seven jobs after securing finance to develop a hydrogen power system for vehicles.
The £140,000 loan will support the company’s SmartPower Hydrogen system, which converts excess energy into hydrogen, which can then be used to provide heating or power vehicles.
The project is currently being piloted in the north west and has already received interest from the logistics, forestry and recycling sectors.
Michael Hough, co-founder of Clean Power Solutions, said: “We are pleased to receive financial support and are excited to continue working on the SmartPower Hydrogen system.
“This technology will be of vital importance in the fight against vehicle pollution, particularly in heavily suburbanised areas, where pollution has already been shown to have serious adverse effects on health.”
Cllr Niki Penney, chair of Lancashire County Developments Ltd, which is supporting the venture, added: “There’s a lot of growth potential in the renewable energy sector, which is why we’re keen to support Lancashire-based companies in this innovative field of work.
“Clean Power has identified a commercial opportunity which would make use of its existing technologies in a new application, and it is looking to deliver this new system with support from Innovate UK and [finance provider] Rosebud.”
“As well as creating new jobs and growth, [the] investment will also reduce pollution, which will benefit everyone.”
The government is steadily increasing its support for innovative vehicle technologies, having recently launched a £24 million competition to enable industry-led trials and development of innovative vehicles or on-vehicle technologies that reduce emissions.
Further funding to reduce emissions from HGVs was announced in July 2016.