Safra SA Pursues Asian Partnership Amid Financial Struggles
Amid challenges faced by its historical shareholder, following the court-ordered receivership* of the group’s eponymous holding company, Safra SA, based in Albacete, France, is finalizing a major fundraising initiative with Asian partners.
The news, reported by La Dépêche, reveals that Safra SA—renowned for its hydrogen-powered bus solutions, including new buses and retrofits for coaches—is in advanced talks with an Asian fund to “raise several tens of millions of euros.” The financing is expected to be secured “by the end of the year.” While Safra raised €30 million (around $31.6 million USD) between 2021 and 2024, it is reportedly losing €10 million (around $10.5 million USD) annually, according to Les Echos.
Additionally, the company is planning “an industrial partnership with an Asian transport equipment manufacturer,” potentially from China. “We are excited about this collaboration, which will mark a decisive moment for Safra. This partnership will provide us with the expertise and resources needed to reach our growth and development goals,” said Vincent Lemaire, Chairman of Safra SA.
Independent Operations Despite Holding Company Challenges
Safra, which positions itself as a leader in low-carbon mobility and remains France’s top manufacturer of hydrogen buses, is backed by two main shareholders: the Safra group and Transition Evergreen. The current fundraising round aims to support the continued development of hydrogen buses, as 100% of buses will have to be zero-emission by 2035.
Despite the holding company’s difficulties, Safra SA’s operations remain entirely independent, including both day-to-day management and governance. It is also important to note that another subsidiary, Safra Automobile, which specializes in bodywork and car mechanics for private customers, is not affected by the ongoing restructuring.
*The holding company’s financial struggles are largely attributed to its interior outfitting subsidiary, Safra Agencement, which has also entered receivership.
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