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Birmingham Post
Birmingham Post
Business
Jon Robinson

Billionaire Issa brothers' EG Group invests £25m in zero-emission vehicles firm

The petrol station and retail giant run by the billionaire Issa brothers has invested £25m in a zero-emission vehicles firm.

Blackburn-headquartered EG Group has further backed Hydrogen Vehicle Systems (HVS) having previously invested £5m in the Scottish truck company last year.

The business was founded in 2017 and is led by chief executive Jawad Khursheed.

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He said: "We are proud to be providing the solution of state-of-the art technology, design, efficiency within hydrogen vehicles.

"We are leading in the Net Zero target, providing the logistics industry with a pioneering vehicle that will give range, comfort and a greener drive."

The investment in HVS last year was provided by Beehive Equity Limited, a wholly-owned subsidiary of EG Group

In a statement, EG Group commercial director Ilyas Munshi said: "We are committed to driving sustainability across our extensive UK and global fuel forecourt network by investing in HVS trucks, influencing the demand for hydrogen and vehicles in parallel from our large selection of partnerships."

EG Group recently announced that its total revenue increased by almost 25% during the first half of 2022 from $12.2bn to $15.2bn, on a reported basis.

However, its group EBITDA has decreased from $645m to $625m over the same period.

As well as Euro Garages, the group's brands include LEON, Cooplands and Cumberland Farms.

It is backed by TDR Capital which partnered with the Issa brothers to buy Asda for £6.8bn in 2020.

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