Lhyfe to quadruple its turnover by 2024

Lhyfe turnover quadruple 2024
Lhyfe to quadruple its turnover by 2024

Lhyfe has doubled its turnover in 2023, and It will do even better in 2024 thanks to the ramp-up of its projects.

With a €1.3 million turnover, the result may seem very low given the company’s ambitions and the number of projects in progress. But scaling up is well under way. In a press release, Lhyfe is delighted to have signed up a number of new customers in France and Germany, including Avia, Manitou, Iveco, John Deere, Hypion, Hype and Symbio. The company also points out that it currently has 3 production sites and that 8 others are under construction.

The large-scale projects should turn the tide. By the end of the year, a partnership for 1 GW of projects is expected. Going to scale will also be boosted with €149 million in subsidies from the French government for a 100 MW industrial project in France near Le Havre. This should give Lhyfe cause for confidence, as it claims to hold €114 million in funds and to have secured €238 million in subsidies.

By 2024, the company expects to quadruple its turnover. Which will then increase significantly to reach over €100 million in 2026.

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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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