Paris-based HysetCo announced that it has secured nearly €200M from investors led by Hy24 to accelerate the deployment of its hydrogen mobility solutions and drive urban transport decarbonisation.
The round also saw participation from RAISE Impact and Eiffel Investment Group.
With this funding, Hy24 becomes the majority shareholder in HysetCo, aligning with existing shareholders Air Liquide, TotalEnergies, Toyota France, and Kouros.
Loïc Voisin, CEO of HysetCo, says, “The success of this fundraising, totalling nearly €200M, 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.”
“We are filled with enthusiasm and pride at the trust bestowed upon us by Hy24, our longstanding shareholders, and our associated co-investors in this endeavour.”
“Their confidence not only validates our mission and ambition but also amplifies our capacity to deploy hydrogen mobility on a grand scale,” adds Voisin.
HysetCo: Offering solutions to promote hydrogen mobility
HysetCo is a hydrogen mobility company in Europe, with the first network of hydrogen distribution stations in France. It offers integrated hydrogen vehicle rental services and manages a fleet of over 500 hydrogen vehicles, distributing nearly 30 tonnes of hydrogen monthly.
HysetCo offers hydrogen mobility by coordinating infrastructure and services. It offers a complete solution including access to hydrogen stations and all vehicle services like buying, maintenance, repairs, insurance, and training.
The company’s vehicle fleet experience has led to a 100 per cent growth in hydrogen use annually for the past three years.
Investing in clean hydrogen projects
Hy24’s acquisition of a majority stake in HysetCo supports its mission to invest in clean hydrogen projects and technologies for decarbonisation goals.
Through its Clean Hydrogen Infrastructure Fund, Hy24 leverages expertise in the sector and a broad ecosystem of partners across the entire clean hydrogen value chain.
HysetCo and Hy24 aim to use hydrogen to decarbonise mobility and improve air quality. They believe hydrogen offers a holistic solution for decarbonising various transportation sectors, including intensive use, heavy transport, captive fleets, and light commercial vehicles.
The benefits of hydrogen for mobility include zero emissions, silent operation, quick refuelling, and an extended driving range of up to 600 km, making it a sustainable alternative for cleaner transportation.
Pierre-Etienne Franc, co-founder and CEO of Hy24, says, “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.”
Hy24: Everything you need to know
Air Liquide, TotalEnergies, VINCI Concessions, Plug Power, Chart Industries, and Baker Hughes collaborated to create the world’s largest clean hydrogen infrastructure fund, known as the “Clean H2 Infra Fund”. This initiative aims to accelerate hydrogen sector development.
The Clean H2 Infra Fund is managed by Hy24, a joint venture between FiveT Hydrogen, a clean hydrogen investment platform, and Ardian, a private investment company, regulated by the Autorité des marchés financiers.
The Fund has attracted major industrial partners including LOTTE Chemical, Airbus, and a consortium of Snam, Enagás, and GRTgaz.
Financial investors in the Fund include AXA, Crédit Agricole Assurances, CCR, Allianz, CDPQ, JBIC as well as Border to Coast Pensions Partnership, the CMA CGM Group, ERAFP, Nuveen, Ballard, Schaeffler, Société Générale Assurances, Groupe ADP, EDF, Norinchukin, Caisse des dépôts, DBJ, Itochu, Groupama and BBVA.
These partnerships bolster the fund’s mission to accelerate the development of clean hydrogen infrastructure.
The Clean H2 Infra Fund, managed by Hy24 with €2B in allocations, leverages industrial and financial expertise to accelerate the scaling up of hydrogen solutions across the value chain: production, conversion, storage and supply and usage. It also supports large early-stage projects to establish crucial energy infrastructure.
In February 2023, Denmark-based Everfuel and Hy24 announced the creation of a €200M joint venture to fund the accelerated development of electrolyser capacity across the Nordics.
Read the orginal article: https://siliconcanals.com/news/startups/travel-mobility/hysetco-raises-nearly-200m/
