French Hydrogen Startup HySet Secures €200 Million in Funding

In a groundbreaking move, French hydrogen mobility startup HysetCo has secured a substantial €200 million in funding, spearheaded by the specialist hydrogen investment entity Hy24.

Crafted by industry giants Air Liquide, Idex, Step, and Toyota, HySet envisions revolutionizing mobility through a comprehensive Mobility as a Service (MaaS) platform. It will streamline hydrogen procurement, maintenance, repair, insurance, and training under one roof.

This capital infusion, unveiled just this week, propels Hy24 to the forefront as the majority stakeholder in HysetCo. It aligns with Air Liquide, Toyota France, and Kouros to bolster the company's trajectory. 

Noteworthy contributors RAISE Impact, and Eiffel Investment Group also joined the funding round, underscoring investor confidence in HysetCo's vision.

Loïc Voisin, CEO of HysetCo, said the fundraising marked "the dawn of a new era for the firm."

"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," he said.

HysetCo claims that by coordinating the simultaneous development of hydrogen infrastructure and services, it has developed "an integrated mobility solution to facilitate a system-wide transition to hydrogen."

HysetCo's innovative approach intertwines hydrogen infrastructure development with comprehensive service offerings, facilitating a seamless transition towards hydrogen adoption. Their impressive track record boasts 100% annual growth in hydrogen mobility, with a notable conversion of 500 professionals, predominantly taxi drivers, to their solution.

Anticipating continued growth, HysetCo aims to establish a dozen new distribution stations by 2025, catering to a burgeoning fleet of hydrogen vehicles.

This investment infusion injects vitality into the hydrogen mobility market amid fierce competition from battery electric vehicles. Proponents of hydrogen emphasize its viability for heavy goods vehicles, while detractors argue for the dominance of battery-electric technologies across all facets of road transport.

In navigating this landscape, HysetCo remains steadfast in its commitment to advancing hydrogen mobility, leveraging innovation to carve a niche in the evolving automotive ecosystem.