HYDROGENE DE FRANCE: HDF Energy Poised for Growth, Set to Surpass €100 Million Revenue Mark by 2027

By December 5, 2023 6   min read  (1105 words)

December 5, 2023 |

Fuel Cells Worksl, Ballard & HDF Energy Announce World’s First Multi-Megawatt Scale Base-load Hydrogen Power Plant

Bordeaux (France)- Hydrogène de France (HDF Energy), developer of large hydrogen infrastructures and manufacturer of high-power fuel cells, provides an update on the latest developments of its large-scale projects and the outlook associated financial services.


  •  New milestones reached for the first two Renewstable ® hydrogen power plants ;
  •  Confirmation of the technical and financial expertise enabling the deployment of the largest hydrogen infrastructures in the world;
  •  Scheduled commissioning of the world’s first mass-manufacturing plant for high-power fuel cells;
  •  Progress on significant projects now making it possible to reach the €100 million turnover milestone in 2027.

A pioneer in the field of green, stable and guaranteed energy production for electrical networks, HDF Energy is developing its flagship model of Renewstable ® hydrogen power plant . These plants combine the production of electricity from intermittent renewable energy sources and massive on-site energy storage in the form of green hydrogen.

First Renewstable ® project , the Centrale Electrique de l’Ouest Guyanais (CEOG) has successfully passed a key technological milestone. Indeed, the tests carried out recently with our Canadian partner Ballard Power Systems on the first 1.5 MW fuel cell for CEOG were conclusive. This test validates HDF Energy’s industrial mastery in the development of high-power fuel cells, a critical technological element of large hydrogen electricity production infrastructures. The two 1.5 MW batteries will be transferred to the site in Guyana during 2024.

After a delay of more than a year due to some local protesters, the clearing is completed and the construction site has resumed. The plant is due to be commissioned in the summer of 2026.

At the same time, HDF Energy has reached a new milestone for its Renewstable ® Barbados (RSB) plant in the Caribbean by securing $41 million in financing from the World Bank and the Green Climate Fund (GCF), the largest climate fund , under the auspices of the UN. RSB thus becomes the first green hydrogen-electricity project to benefit from such financing, which constitutes an important step in the financial structuring of the project in which the company Rubis holds 51% alongside HDF.

These advances make the Renewstable® model viable for all future projects.

Confirmation of technical expertise on large hydrogen infrastructures

Beyond the Renewstable ® power plants , HDF Energy has initiated, since its IPO, numerous projects to develop large green hydrogen production infrastructures, thus strengthening the valorization of its expertise as a developer in this area.

In 2022, the Group took an interest in the “NewGen” project in Trinidad and Tobago (total investment of $200 million). In November 2023, HDF Energy announced a second major project in Morocco with the signing of a co-development agreement for the “White Dunes” giga-green hydrogen production project, for an investment amount of 2 billion dollars, in partnership with Falcon Capital Dakhla, a leading Moroccan developer. HDF Energy will provide its expertise in the development of infrastructure for a hydrogen production target from 2028.

Delivery of the Blanquefort factory in January 2024

At the heart of these major infrastructure projects are high-power fuel cells. In order to become an integrated industrial player, HDF Energy is committed to the construction of the world’s first factory for the mass production of high-power fuel cells, in Blanquefort (Gironde).

The plant will be delivered in January 2024 and its commissioning is scheduled for summer 2024. Series production can thus begin in 2025.

These high-power fuel cells are intended for the market for the production of green electricity for networks, in particular through Renewstable ® power plants , and also that of carbon-free heavy mobility (maritime and rail) in which HDF Energy is focused. significantly invested with strategic equity investments in the maritime and rail freight sectors.

The factory is part of a global industrial project including the development of very high power batteries (up to 10 MW) and their industrialization. This project was selected as an Important Project of Common European Interest (PIIEC) by the French government. Final validation by the European Commission on the level of support requested is expected in spring 2024.

Enrichment and realization of the project pipeline

These advances demonstrate HDF Energy’s ability, in a complex economic environment, to maintain its industrial and strategic trajectory while continuing to develop its project portfolio. Two years after the Group’s IPO, the portfolio of projects under development has grown and matured, particularly in Mexico, Namibia and Indonesia. The start of construction is now possible from 2024/2025 for several projects which represent a total investment of $940 million and a power plant capacity of 260 MW, out of a portfolio of power plants under development totaling a power of 909 MW as of June 30. 2023.

However, some projects suffered delays in their execution. HDF Energy has therefore updated its financial projections based on the new schedule of its main projects and is now targeting 2027, rather than 2025, to reach a turnover milestone of 100 million euros, and an EBITDA rate of more than 30%.

Damien Havard, Chairman and CEO of HDF Energy , declares: “ Given the progress of current projects, the excellent commercial dynamics and the recognized industrial capacity of HDF Energy, we are in a position to win our bet of become a major industrial player in the hydrogen sector. We have secured the foundations of our development potential both in the hydrogen-electricity infrastructure market and in the heavy hydrogen mobility market, always with the desire to establish ourselves as a leading player in the decarbonization of the energy and energy sectors. transport. »


HDF Energy is a leading global player in the hydrogen sector, developer of large-scale hydrogen infrastructure and multi-megawatt fuel cell manufacturer. Thanks to its cutting-edge technological solutions, the Group is working to decarbonize the electricity production, heavy mobility and industry sectors.

With its flagship model of Renewstable® hydrogen power plant, HDF Energy provides, turnkey, green, stable and guaranteed energy for electricity networks, from intermittent renewable energy sources and massive energy storage on site in the form of green hydrogen. With a team of hydrogen infrastructure experts with more than 10 years of operational experience across the entire value chain, HDF Energy has already built up a significant portfolio of projects currently being deployed.

In addition, HDF Energy has key technological know-how in the development of multi-megawatt fuel cells. From 2024, the Group will launch their mass production in its factory near Bordeaux. HDF fuel cells are intended for integration into hydrogen power plants, freight locomotives and ships.

HDF Energy has more than 30 nationalities among its workforce distributed between its French headquarters and its regional subsidiaries in Latin America, the Caribbean, Asia, Africa and Oceania. The group, listed on the Euronext Paris stock exchange since 2021, is a member of the Euronext Tech Leaders segment.

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