{"id":176478,"date":"2024-07-03T15:06:05","date_gmt":"2024-07-03T14:06:05","guid":{"rendered":"https:\/\/www.aviationbusinessnews.com\/?p=176478"},"modified":"2024-07-03T15:06:05","modified_gmt":"2024-07-03T14:06:05","slug":"universal-hydrogen-closes-after-failing-to-raise-sufficient-funds","status":"publish","type":"post","link":"https:\/\/www.aviationbusinessnews.com\/low-cost\/universal-hydrogen-closes-after-failing-to-raise-sufficient-funds\/","title":{"rendered":"Universal Hydrogen closes after failing to raise sufficient funds"},"content":{"rendered":"

Alternative fuel start-up Universal Hydrogen is reported to have closed after failing to meet is Round B funding targets.<\/p>\n

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

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.<\/p>\n

In September, it reported that it had passed 250 orders for hydrogen conversion kits for ATR turboprop aircraft.<\/p>\n

READ:\u00a0Universal Hydrogen completes maiden flight of hydrogen regional aircraft<\/a><\/strong><\/p>\n

“There will be people who say that because the company failed, the technology was wrong\u2014and that\u2019s the furthest thing from the truth,” investor Peter Barrett of Playground Global told a reporter from Fortune<\/em> magazine.<\/p>\n

“We can only make progress by sometimes having our reach exceed our grasp. This is a good example of that, but I\u2019m unrepentant about picking that team. Hopefully, we\u2019ll get to see their technology in some form\u2014that all of us can experience\u2014at some point in the next couple of years.\u201d<\/p>\n

Universal Hydrogen CEO Mark Cousin is reported as saying that it \u201cremains to be seen\u201d who will purchase the company’s residual assets, which include the startup’s hydrogen fuel cell technology and intellectual property.<\/p>\n","protected":false},"excerpt":{"rendered":"

Alternative fuel start-up Universal Hydrogen is reported to have closed after failing to meet is Round B funding targets.<\/p>\n","protected":false},"author":123,"featured_media":176482,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36,1131,35,40,39],"tags":[4125,215,4302,4063,4301],"class_list":["post-176478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aircraft-oems","category-industry-news","category-low-cost","category-regional-review","category-technology","tag-hydrogen","tag-investment","tag-playground-global","tag-private-equity","tag-universal-hydrogen"],"yoast_head":"\nUniversal Hydrogen closes after failing to raise sufficient funds - Aviation Business News<\/title>\n<meta name=\"description\" content=\"Universal Hydrogen closes after failing to raise sufficient funds - Alternative fuel start-up Universal Hydrogen is reported to have closed after failing to meet is Round B funding targets. 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