HysetCo, a pioneer in hydrogen mobility solutions, announced the closing of a financing round of nearly €200 million to accelerate the decarbonization of urban transport. Hy24 is the leading investor on this funding round including also RAISE Impact and Eiffel Investment Group. Hy24 now becomes the majority shareholder in HysetCo and joins existing shareholders Air Liquide, TotalEnergies, Toyota France and Kouros in supporting the company’s development.
Founded in 2020, HysetCo is pioneering a unique approach within the sector: by coordinating the simultaneous deployment of infrastructure and services, HysetCo has developed an integrated mobility solution to facilitate a system-wide transition to hydrogen. In addition to providing convenient access to its network of hydrogen distribution stations, HysetCo offers customers a comprehensive turnkey solution, encompassing all services related to vehicle usage, from procurement to maintenance, repair, insurance, and training. With a robust track record in operating vehicle fleets, HysetCo has achieved an impressive 100% annual growth in hydrogen mobility over the past three years. HysetCo has successfully converted over 500 professionals to its solution (primarily taxi drivers), and now distributes nearly 30 tonnes of hydrogen every month.
Loïc Voisin, CEO of HysetCo, commented: “The success of this fundraising, totaling nearly 200 million euros, 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 endeavor. Their confidence not only validates our mission and ambition but also amplifies our capacity to deploy hydrogen mobility on a grand scale. This marks a historic milestone for all our employees, customers, and partners who are dedicated to advancing our industry.”
Hy24’s acquisition of a majority stake in HysetCo aligns with Hy24’s mission to invest in large-scale strategic projects and technologies to unlock clean hydrogen for decarbonization goals. Through its flagship Clean Hydrogen Infrastructure Fund, Hy24 leverages its unparalleled expertise in the sector and importantly provides access to an extensive ecosystem, comprising leading industrial and financial players who, like Hy24, operate across the entire clean hydrogen value chain.
Both HysetCo and Hy24 are committed to decarbonizing mobility and improving air quality, and believe hydrogen has a pivotal role in facilitating and accelerating these goals. Hydrogen offers a system-wide solution to the challenge of decarbonizing mobility, with applications spanning intensive use, heavy transport, captive fleets, and light commercial vehicles (LCVs). Hydrogen for mobility offers several advantages when compared with other solutions: zero emissions at the point of use, silent operation, no odor, or vibrations, effortless refueling in three to five minutes, and a remarkable range of up to 600 km.
Pierre-Etienne Franc, co-founder and CEO of Hy24, added: “The decarbonization 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 decarbonizing our transport systems.“
