Riversimple

Idea

Introduction

At Riversimple we are developing hydrogen-powered electric cars.

With the sale of new petrol or diesel cars being banned from 2030 in the UK, we need practical, affordable alternatives.

We have designed and prototyped the Rasa, a light, convenient, zero-emission alternative to Battery Electric Vehicles (BEVs). Unlike the time it takes to recharge a BEV, our vehicles take up to 5 minutes to refuel.

We have been Beta testing our cars and service over the last year and are now ready to embark on mass production design. Using the powertrain and construction from the Rasa, we are developing a more versatile everyday runabout, with easier access and more boot space.

Rather than selling cars, we will sell Vehicles-as-a-Service (VaaS). This model makes efficiency and sustainability profitable. The more efficient the car, the longer it lasts, the more profitable it is. And with no batteries, we won't be relying on all those critical materials.

Better for the business, for customers, for the environment.

Substantial accomplishments to date

2021-22 has been a seminal year for Riversimple.

Our technology has been tested and proven over long distances and our telemetry allows us to diagnose faults in real time remotely.

Our cars have been trialled in Pembrokeshire over this year, used by the Council and testing NHS duty cycles.

We have had approaches from local authorities with specific vehicle requirements, demonstrating a demand for the local solution that Riversimple offers.
We have had tangible interest in local manufacturing capacity from both Aberdeen, where hydrogen buses have been running for years, and California, where there are thousands of hydrogen cars.

Two major grant projects have been successfully concluded; we now have an in-depth report on the business case for public refuelling in a community, showing that this is a viable proposition, and a Hydrogen Opportunity Calculator designed to support customer acquisition.

We have secured an infrastructure partner in the UK. Element 2 is committed to providing refuelling support for our rollout of vehicles and has plans to cover the UK with refuelling stations by 2027.

Our thought leadership in hydrogen continues; we have been consulted by the House of Lords, the SMMT and the DSVA on behaviour change, hydrogen for transport and hydrogen powertrains respectively.

Riversimple founder Hugo Spowers was awarded an MBE for Services to Technology in June 2022 and Juergen Maier CBE, former CEO of Siemens UK, is set to join Riversimple’s Board.

Monetisation strategy

We are aiming to meet the needs of those who would find a BEV inconvenient, impractical and expensive to run; e.g. those without access to home-charging.

Concentrating vehicles in local market segments facilitates refuelling, support and customer experience. Many people use local cars as part of their job – estate agents, delivery drivers, building inspectors, community nurses, etc. Local Authorities are a key customer base in the UK.

In our VaaS model, the monthly subscription and mileage rate covers everything, including fuel, and will be comparable to the total cost of owning and running a small petrol or diesel vehicle.

By amortising the vehicle build cost over the full lifetime of the vehicle, we can make cars affordable from the start.

Using plants making 5,000 vehicles a year we can start on a manageable scale and scale-up rapidly as demand grows, with each plant making a different vehicle. Revenue growth compounds each year as it is driven by the cumulative vehicle fleet.

Use of proceeds

Our previous rounds enabled us to develop our technology, build cars and, with the last round, run trials with potential customers – very productive use, together with additional non-diluting funds, of the £5.1M equity that we have raised through crowdfunding.

Our investors range from banks (British Business Bank and Development Bank of Wales) to businesses, angels and pioneering individuals, but we particularly appreciate those who have invested in repeat rounds.

We are ready for the next stage of evolution and will use the funds raised to:

• Build the order book, targeting local authority and corporate fleets as these have already shown interest in the Riversimple solution
• Further develop the specification and design of our first production vehicle
• Build a robust and high performance management team and Board to help the business scale up
• Develop the necessary partnerships and funding opportunities for the first production facilities within the UK and internationally