EODev, the spin-off company from Energy Observer, has announced a major fundraising. It welcomes new shareholders to support its development plan.

Headed by Jérémie Lagarrigue, under the chairmanship of Thierry Best, who took over from its founder Victorien Erussard last summer. EODev is now an independent company. And it is surrounded by leading shareholders such as the Accor, Amfil, Thélem assurances, Monnoyeur and Toyota groups.

The fundraising was led by TiLT Capital (Siparex Group), which was supported in this operation by two financial investors, Supernova Invest and CapHorn, and the industrialist CMA-CGM via PULSE, its Energy fund. EODev’s historical shareholders were also involved. The €46 million (about $50 million) will enable the company to strengthen its position as leader in the hydrogen generator market. It will thus be able to finance its investment programme, expand its product range and accelerate its commercial development.

A significant sales growth

The company is developing a range extender for boats (REXH2) and a hydrogen generator set (GEH2). Both use Toyota fuel cells. It is the GEH2 product that is driving growth. The company, which already covers 25 countries, has gone from delivering 4 generators in 2021 to selling more than a hundred units worldwide in 2023. EODev recently signed its first licensed factory contract with Toyota Australia, which will assemble GEH2s in Melbourne and sell them in the South Pacific.

“In just four years, we have managed to demonstrate the relevance of our solutions and raise the company to the rank of leader in the market for zero-emission power generators,” says Jérémie Lagarrigue, EODev’s CEO.

Do you want to learn more about EODev? Then our latest 2 articles on the French company should interest you. You can read them here and there. 

Article written by Laurent Meillaud and translated by Logan King