Hydrogen offers a system-wide solution to the challenge of decarbonising 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. These include zero emissions at the point of use, silent operation, no odour, or vibrations, effortless refueling in three to five minutes, and a range of up to 600 km.
Unleashing this potential, HysetCo, a Paris-based startup offering hydrogen-powered electric vehicles for taxi drivers has secured nearly €200 million in funding. Hy24 (invested in H2 Mobility) via its Clean H2 Infra Fund, the led investment in this round saw participation from RAISE Impact and Eiffel Investment Group (invested in Electra). Apparently, Hy24 becomes the majority shareholder in HysetCo and joins existing shareholders Air Liquide, TotalEnergies, Toyota France, and Kouros.
The fundraising will accelerate the development of HysetCo’s integrated mobility model combining hydrogen distribution infrastructure and vehicle fleet management focused on hydrogen mobility solutions. The funding will also help the company expand its operations beyond the French capital.
Hydrogen-powered mobility solution
Founded in 2019 and led by Loïc Voisin, 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, it offers customers a comprehensive turnkey solution, encompassing all services related to vehicle usage, from procurement to maintenance, repair, insurance, and training.
It has developed a unique positioning with its network of hydrogen distribution stations in France and an integrated hydrogen vehicle rental offer, including all the services useful to its customers.
With a robust track record in operating vehicle fleets, HysetCo has achieved a whopping 100% annual growth in hydrogen mobility over the past three years. To date, it has converted over 500 professionals to its solution (primarily taxi drivers) and distributes nearly 30 tonnes of hydrogen every month.
Loïc Voisin, CEO of HysetCo, commented: “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.”
Pierre-Etienne Franc, co-founder and CEO of Hy24, added: “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.“
