Clean hydrogen project investor Hy24 has joined forces with HysetCo, a company at the forefront of developing hydrogen-powered transportation solutions. Together, they have secured nearly €200 million in funding to speed up making transportation more environmentally friendly.
Green hydrogen offers a system-wide solution to the challenge of decarbonising mobility, with applications spanning intensive use, heavy transport, captive fleets, and light commercial vehicles (LCVs).
Hydrogen offers zero emissions at the point of use, silent operation, no odour, or vibrations, effortless refueling in three to five minutes, and a remarkable range of up to 600 km.
However, access to hydrogen refuelling has arguably been the biggest barrier to mass adoption and mainstream commercialisation. This creates a chicken and egg problem where a lack of refueling access disincentivises hydrogen vehicle ownership, and a lack of vehicles disincentives an increase in refuelling options.
France has been betting big on hydrogen since launching a national plan in June 2018. It aims to have 225 hydrogen stations available by 2025, with the possibility of up to 1000 by 2030.
In response, HysetCo has developed an integrated mobility solution to facilitate a system-wide transition to hydrogen.
In addition to providing convenient access to its network of hydrogen distribution stations, HysetCo offers customers a comprehensive turnkey solution, encompassing all services related to vehicle usage, from procurement to maintenance, repair, insurance, and training.
HysetCo has successfully converted over 500 professionals (primarily taxi drivers) to its solution and now distributes nearly 30 tonnes of hydrogen every month. The company owns the world’s largest fleet of hydrogen taxis, operated by Hype.
In 2021, it acquired Slota Group, a long-standing Parisian taxi operator. It added 150 Peugeot E-Expert hydrogen vans to its fleet in February 2024, which currently includes the Toyota Mirai and Renault Master van.
Hy24 is a joint venture between private investment house Ardian and FiveT Hydrogen, a 360° financial partner exclusively to the clean-hydrogen industry.
Hy24's acquisition of a majority stake in HysetCo aligns with Hy24's mission to invest in large-scale strategic projects and technologies to unlock clean hydrogen for decarbonisation goals.
Loïc Voisin, CEO of HysetCo, commented:
"The success of this fundraising signifies the dawn of a new era for HysetCo.
It heralds an era where we will expedite our expansion across France and Europe, thereby making an even more significant contribution to a tangible, swift, and effective transition toward a low-carbon society, while concurrently preserving air quality.
We are filled with enthusiasm and pride at the trust bestowed upon us by Hy24, our longstanding shareholders, and our associated co-investors in this endeavor.
Their confidence not only validates our mission and ambition but also amplifies our capacity to deploy hydrogen mobility on a grand scale "
Pierre-Etienne Franc, co-founder and CEO of Hy24, added:
"The decarbonisation of our energy system still needs to be completed, particularly in the transport sector where reliance on fossil fuels is most pronounced.
We believe that transitioning to hybrid electric and hydrogen models, especially for intensive and heavy-duty engines, is the best solution for operators, as it offers the advantages of electric power without compromising the user experience.
HysetCo stands out as a pioneer in deploying comprehensive carbon-free mobility solutions. HysetCo's model is replicable and scalable across all major cities seeking to adopt cleaner and more efficient transport systems."
Hy24 is the leading investor in this funding round. Other investors include Eiffel Investment Group and RAISE Impact.
Hy24 has now become the majority shareholder in HysetCo and joins existing shareholders Air Liquide, TotalEnergies, Toyota France, and Kouros in supporting the company's development.
Lead image: HysetCo. Photo: uncredited.
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