Investments & Funding

Hy24 & HysetCo secure €200M for urban transport decarbonization

Paris – April 10, 2024 – Hy24, a investor in clean hydrogen, funds critical infrastructure projects for large-scale production, storage and distribution of hydrogen, and HysetCo, a player in hydrogen mobility building refueling stations and offering fleets and rentals to make clean transportation a reality, announced the closing of a financing round of nearly 200 million euros to accelerate the decarbonization of urban transport. Hy24 is the leading investor on this funding round including also RAISE Impact and Eiffel Investment Group. Hy24 now becomes the majority shareholder in HysetCo and joins existing shareholders Air Liquide, TotalEnergies, Toyota France and Kouros in supporting the company’s development.

HysetCo is pioneering a unique approach within the sector: by coordinating the simultaneous deployment of infrastructure and services, 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. With a robust track record in operating vehicle fleets, HysetCo has achieved an impressive 100% annual growth in hydrogen mobility over the past three years. HysetCo has successfully converted over 500 professionals to its solution (primarily taxi drivers), and now distributes nearly 30 tonnes of hydrogen every month.

Hy24’s acquisition of a majority stake in HysetCo aligns with Hy24’s mission to invest in largescale strategic projects and technologies to unlock clean hydrogen for decarbonization goals. Hy24 operates its flagship Clean Hydrogen Infrastructure Fund, utilizing its unparalleled sector expertise. It offers access to an extensive ecosystem, including leading industrial and financial players. These entities, like Hy24, operate across the entire clean hydrogen value chain.

Both HysetCo and Hy24 are committed to decarbonizing mobility and improving air quality, and believe hydrogen has a pivotal role in facilitating and accelerating these goals. Hydrogen offers a system-wide solution to the challenge of decarbonizing mobility. Its applications span intensive use, heavy transport, captive fleets, and light commercial vehicles (LCVs). Hydrogen for mobility offers several advantages when compared with other solutions. These include zero emissions at the point of use, silent operation, no odor or vibrations, effortless refueling in three to five minutes, and a remarkable range of up to 600 km.

Loïc Voisin, CEO of HysetCo, commented: “The success of this fundraising, totaling nearly 200 million euros, signifies the dawn of a new era for HysetCo. It heralds an era where we will expedite our expansion across France and Europe. This will significantly contribute to transitioning swiftly and effectively toward a low-carbon society while preserving air quality. Hy24, our enduring shareholders and associated co-investors, fill us with pride and enthusiasm through their bestowed trust in this endeavor. Moreover, their confidence validates our mission, ambition, and enhances our capacity, enabling vast deployment of hydrogen mobility on a grand scale. This historic milestone represents a significant achievement for all our employees, customers, and partners dedicated to advancing our industry.”

Pierre-Etienne Franc, co-founder and CEO of Hy24, added: “The decarbonization of our energy system remains incomplete, particularly in the transport sector where reliance on fossil fuels is most pronounced. Transitioning to hybrid electric and hydrogen models, especially for intensive and heavy-duty engines, is the best solution for operators. Moreover, 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. HysetCo is also perfectly positioned to lead this transformative effort to decarbonizing our transport systems.”

Crédit Agricole CIB and DLA Piper acted as financial and legal advisors to Hy24, and Natixis Partners and Gide Loyrette Nouel as financial and legal advisors for HysetCo.

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