The fundraising was led by a group of investors headed by Hy24, which has become the main shareholder in HysetCo. These funds will be used to accelerate the deployment of integrated hydrogen mobility solutions, including 10 stations by the end of 2025.

It’s a staggering amount, but at the same time it reflects the level of confidence in the company’s business model. The acquisition of a majority stake in HysetCo by Hy24 is in line with its strategy of investing in large-scale projects to enable the deployment of low-carbon hydrogen. Hy24 is investing in the operator through its infrastructure fund, the “Clean H2 Infra Fund”, alongside Eiffel Investment Group and Raise.

The world’s leading player in hydrogen mobility solutions

“The success of this fundraising, totalling 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, thereby making an even more significant contribution to a tangible, swift, and effective transition toward a low-carbon society, while concurrently preserving air quality,” said Loïc Voisin, CEO of HysetCo. And Pierre-Etienne Franc, co-founder and CEO of Hy24 added “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 perfectly positioned to lead this transformative effort to decarbonizing our transport systems.”

The press release points out that the company has recorded an annual growth rate of 100% in hydrogen mobility over the past three years. HysetCo has already converted over 500 professionals (mainly taxi drivers) to hydrogen, and now supplies almost 30 tonnes of hydrogen a month. In 2023, the company’s customers have covered more than 20 million kilometres.

Through this fundraising, Hy24 joins the existing shareholders who continue to support the company’s development namely Air Liquide, TotalEnergies, Toyota and Kouros. The fund has already made a number of investments, including the German network of hydrogen stations (H2 Mobility), tank manufacturer Hexagon Purus and Elyse Energy in the mobility sector.

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Article written by Laurent Meillaud and translated by Mariem Ben Tili