HRS secures financial support from BPI to expand in the USA

HRS secures financial support from BPI to expand in the USA

Station manufacturer HRS has announced an exceptional grant of €1.35 million from Bpifrance. This funding will support research, as well as the company’s move into the United States, where it will open a subsidiary.

The funding consists of an €800,000 Innovation Loan with a 3-year grace period, and €550,000 in Business Development Assistance (repayable subject to certain conditions relating to sales achieved in the USA). The BPI loan will be used to develop innovations to adapt HRS stations to heavy and intensive hydrogen mobility, as well as to the specific standards and climatic conditions in the USA and the Middle East.

An HRS subsidiary in the USA in the second half of 2024

BPI’s Assistance Prospection is a repayable subsidy. It covers part of the cost of prospecting for foreign markets, in the form of an advance, most of which is only repaid if the prospecting is successful. HRS will also benefit from Bpifrance’s International Project Guarantee, which will guarantee 50% of the equity invested in its future US subsidiary, with a maximum commitment of €2.1 million over three years. The subsidiary is scheduled to open in the second half of 2024.

The US market is a promising one, with a projected 4,300 stations specifically for HGV use by the end of this decade, according to a study conducted by the Fuel Cell and Hydrogen Energy Association. In addition, California has set ambitious targets for creating a network of 1,000 hydrogen filling stations by 2030.

“This strategic decision demonstrates the BPI’s unwavering confidence in HRS’s growth prospects,” commented Hassen Rachedi, Founder and CEO of HRS. He then concluded: “the extension of this partnership not only validates our strategic vision, but also testifies to the solid growth trajectory we have mapped out. The BPI shares our belief that we are on the verge of making significant progress, both domestically and internationally.”

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Article written by Laurent Meillaud and translated by Mariem Ben Tili

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About the author

Laurent Meillaud

Laurent Meillaud

Freelance automotive journalist and consultant, author as well, focused on technologies and new trends for more than 30 years, convinced that hydrogen is one of the energies for the future.

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