Hopium, the young French manufacturer of hydrogen cars, has been placed in receivership. The aim of the procedure is to enable the company to continue its activities, pay off its debts and reorganise.
Yesterday, we learnt from a press release that Hopium had asked Euronext to suspend the listing of its share price. Now we know why. In a ruling from 19 July, the Paris Commercial Court opened receivership proceedings in favour of Hopium for an initial period of 6 months (until 19 January 2024). They are renewable for a further 6 months if need be.
This type of situation applies to companies that suspended their payments and do not have enough liquid assets to pay off their debts.
A continuity plan to pay off debts
In its press release, Hopium stated that the procedure places it under the protection of the Court by freezing all debts incurred prior to 19 July. These will be repaid under the continuity plan that the company intends to submit to the Court during the observation period. In the meantime, Hopium will continue to benefit from the support of its financial partner Atlas Special Opportunities.
The situation is serious, but not necessarily desperate.
Despite the receivership Hopium is determined to keep developing its fuel cell
Thanks to this new support Hopium will be able to continue developing its hydrogen fuel cell up to TRL 6 technology level, developing a prototype close to mass production by concentrating its resources on R&D. The company’s aim is to demonstrate “the maturity of its proprietary technology and its ability to serve the mobility sector.” The observation period will also enable the company to “pursue ongoing contacts and discussions with potential industrial and commercial partners.”
Article written by Laurent Meillaud and translated by Logan King