HysetCo Raises Nearly €200 Million from an Investor Consortium Led by Hy24 to Accelerate the Deployment of Its Integrated Hydrogen Mobility Solutions and Decarbonize Urban Transport
Paris– Hy24, a French investment company dedicated to the global hydrogen economy, and HysetCo, a pioneer in integrated hydrogen mobility, announce a fundraising of nearly €200 million to accelerate the decarbonization of urban transport. The fundraising was finalized with Hy24, which becomes the majority shareholder of HysetCo, accompanied by financial actors Eiffel Investment Group and Raise. HysetCo and Hy24 share the same vision regarding the urgency of decarbonizing mobility and improving air quality, and the key role of hydrogen in facilitating and accelerating this necessary transition. Hydrogen is a strategic energy vector that offers a relevant mobility solution for intensive uses and heavy transport, for captive fleets, and light commercial vehicles (LCVs). This low-carbon mobility solution has several advantages: it is noiseless, odorless, vibration-free, and offers user comfort with refueling that takes only 3 to 5 minutes for a range of up to 600 km.
By developing a unique approach in the sector, which coordinates the deployment of infrastructure and uses in parallel, HysetCo has created an integrated mobility offering that facilitates the scaling up of hydrogen mobility. Thus, in addition to easy access to its hydrogen distribution station network, HysetCo offers its customers a turnkey solution that integrates all services related to vehicle use, from provision to maintenance and repair, insurance to training. It also has solid experience in fleet vehicle operations and has recorded a 100% annual growth in hydrogen mobility for three years. HysetCo has already converted more than 500 professionals to its solution (mainly taxi drivers), and currently distributes nearly 30 tons of hydrogen each month. More than 20 million kilometers were traveled by HysetCo customers in 2023.
The majority stake of Hy24 in HysetCo is in line with Hy24’s vision, which invests in large-scale projects and technologies to allow decarbonized hydrogen to fully play its role in decarbonization. By investing with its “Clean H2 Infra Fund” infrastructure fund, Hy24 brings its unique sector knowledge as well as access to a unique ecosystem of leading industrial and financial players who, like Hy24, operate across the entire value chain of decarbonized hydrogen. Hy24 thus joins the existing shareholders of HysetCo: Air Liquide, TotalEnergies, Toyota, and Kouros.
Loïc Voisin, President of HysetCo, states: “The success of this fundraising of nearly €200 million marks the beginning of a new era for HysetCo. An era where we will accelerate our expansion in France and Europe to contribute even more actively to a concrete, rapid, and efficient transition to a decarbonized society, and improve air quality. We are enthusiastic and proud of the trust of Hy24, the historical shareholders, and the co-investors associated with this operation, which validates our mission and ambition, and allows us to amplify our capacity to deploy hydrogen mobility on a large scale. This key step is historic, for all our employees, our clients, and our partners engaged in the development of our sector.”
Pierre-Etienne Franc, co-founder and CEO of Hy24, adds: “The decarbonization of our energy models remains unfinished in transportation, where the dependence on fossil fuels is still the strongest. The shift towards hybrid electric and hydrogen models, especially for intensive and heavy engines, is one of the most relevant solutions for operators, as it brings the benefits of electric without compromising the user experience. HysetCo is the most advanced actor in the world in deploying complete decarbonized mobility solutions. This model is replicable in all major agglomerations that wish to switch to clean and efficient transport models. HysetCo will be the spearhead of this change.”
About HysetCo
HysetCo, a pioneering hydrogen mobility company and a European leader, has established a unique position with France’s first hydrogen distribution station network and an integrated hydrogen vehicle rental service that includes all necessary services. Experiencing rapid growth, HysetCo currently supplies its clients with nearly 30 tons of hydrogen per month and manages a fleet of over 500 hydrogen vehicles. https://www.hysetco.com
About Hy24
Hy24 manages the world’s largest infrastructure fund dedicated to clean hydrogen, resulting from a collaboration between Air Liquide, TotalEnergies, and VINCI Concessions, along with Plug Power, Chart Industries, and Baker Hughes. These companies shared a common goal: to accelerate the development of the hydrogen sector with the launch of the “Clean H2 Infra Fund.”
The Clean H2 Infra Fund, managed by Hy24, a 50/50 joint venture between Ardian, a global leader in private investment, and FiveT Hydrogen, an investment platform for decarbonized hydrogen, facilitated the merger of these two initiatives. The fund has also attracted other key industrial partners such as LOTTE Chemical, Airbus, Snam, Enagás, GRTgaz (united in a consortium for this investment), and key financial investors such as AXA, Crédit Agricole Assurances, CCR, CDPQ, and JBIC, along with other investors: Border to Coast Pensions Partnership, Groupe CMA CGM, ERAFP, Nuveen, Ballard, Schaeffler, Société Générale Assurances, Groupe ADP, EDF, Norinchukin, Caisse des dépôts, DBJ, Itochu, Groupama, and BBVA. The fund is now operational with €2 billion in allocations.
With its industrial expertise, the fund possesses a unique capability to accelerate the scaling of hydrogen solutions across the value chain: production, conversion, storage, supply, and use. Hy24 will support major strategic projects in their startup phase to become essential energy infrastructures. https://www.hy24partners.com/
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