Universal Hydrogen: the French subsidiary wants to bounce back

In an interview with *L’Usine Nouvelle, the General Manager of Universal Hydrogen Europe, Pierre Farjounel, looks back at the company’s bankruptcy. He explains how the know-how acquired could be put to good use, including in other areas. 

“I feel a mixture of sadness and frustration,” says Pierre Farjounel. This former Airbus employee had a hard time with the bankruptcy. “Our main investor, based in the Middle East, has postponed indefinitely his contribution to a new fund-raising of 75 million dollars, as it was restructuring,” he explains. “This complicated everything for the other investors.” Since it was launched, the American company had managed to raise $120 million. But it still had a long way to go to reach the $500 million needed to complete the certification of an aircraft, according to L’Usine Nouvelle.

L’Usine Nouvelle also points out that “the possibility of a partnership with the American airline Silver Airways, which had been on the cards for a while, ultimately came to nothing. The Florida-based company was also in financial difficulty.” Pierre Farjounel admits that the company “was wrong to focus on the Asian market to the detriment of Europe and the United States, regions with the greatest potential for hydrogen production.” 

But there is still hope. In Toulouse, where 38 employees are based, the French subsidiary of Universal Hydrogen believes that its hydrogen capsules solution makes sense. “We have acquired a great deal of technical expertise in hydrogen, which we could put to good use in other sectors, such as road transport and shipping,” says Pierre Farjounel.

*L’Usine nouvelle is a monthly French magazine covering business and technology

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Article written by Laurent Meillaud and translated by Logan King