HysetCo’s fundraising of nearly €200 million, led by Hy24, which has become a majority shareholder in the process, highlights the role of this investment fund. It is equally owned by Ardian, one of the world’s leading private equity firms, and FiveT Hydrogen, a low-carbon hydrogen investment platform.

Of course, we could be straightforward and say that the support of Hy24, headed by Pierre-Etienne Franc, is quite logical given that he was previously with Air Liquide, one of HysetCo’s shareholders, and was already familiar with the business. However, the reality is more complex. The taxi operator, which had its own partners, saw several potential investors. But Hy24 and HysetCo hit it off immediately, as the two companies share the same vision.

The world’s largest hydrogen fund

It is worth noting that the world’s largest infrastructure fund for clean hydrogen is the result of an initiative by Air Liquide, Total Energies and Vinci Concessions, along with Plug Power, Chart Industries and Baker Hughes. These major players in the sector shared a common goal: to accelerate the development of the hydrogen industry with the launch of the “Clean H2 Infra Fund”. The fund has reached €2 billion. It is funded in particular by Airbus, Ballard and Schaeffler, as well as major French companies in the sectors of energy (EDF), transport (ADP Group, CMA CGM), banking and insurance (Caisse des Dépôts, Société Générale, Groupama…).

The aim is to facilitate the scaling up of mobility. Pierre-Etienne Franc, co-founder and CEO of Hy24, commented: “the decarbonization of our energy system remains incomplete, 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.”

Deploying H2 mobility on a large scale

Meanwhile, HysetCo is delighted with the arrival of this new majority shareholder. “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. This marks a historic milestone for all our employees, customers, and partners who are dedicated to advancing our industry.”

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Article written by Laurent Meillaud and translated by Mariem Ben Tili