Hydrogen infrastructure fund manager Hy24 has become the majority shareholder of French hydrogen mobility specialist HysetCo.

Hy24’s Clean Hydrogen Infrastructure Fund was the leading investor in a €200m funding round, which also included Raise Impact and Eiffel Investment Group.

HysetCo rents hydrogen-powered vehicles to taxi drivers in and around Paris and the new investment is intended to expand the business across Europe.

Hy24, a joint venture between infrastructure fund manager Ardian and hydrogen specialist FiveT Hydrogen, joins existing HysetCo shareholders Air Liquide, TotalEnergies, Toyota France and Kouros.

HysetCo has developed what it terms an “integrated mobility solution to facilitate a system-wide transition to hydrogen”, providing vehicles and access to a network of hydrogen distribution stations, as well as vehicle services, including maintenance, repair, insurance and training.

HysetCo hydrogen vehicle station in Porte de Saint-Cloud, Paris

Source: HysetCo

HysetCo hydrogen vehicle station in Porte de Saint-Cloud, Paris

The firm said it now had more than 500 professionals – primarily taxi drivers – using its vehicles and network and distributes close to 30 tonnes of hydrogen every month.

Hy24 said its acquisition of the majority stake was in line with its “mission to invest in large-scale strategic projects and technologies to unlock clean hydrogen for decarbonisation goals”.

The investment “signifies the dawn of a new era for HysetCo”, said Loïc Voisin, CEO of 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.”

Pierre-Etienne Franc, co-founder and CEO of Hy24, said: “The decarbonisation 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.

“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 decarbonising our transport systems.”

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