A specialist in hydrogen filling stations, Grenoble-based startup HRS (Hydrogen Refueling Solutions) carried out the largest IPO on the Euronext Growth Paris market, raising nearly 85 million euros.
A pioneer in hydrogen mobility, HRS expects to take advantage of this fund-raising to accelerate its deployment in Europe.
ounded in 2004, the HRS startup is originally an engineering and industrial piping company. Since 2009, it has taken a decisive turning point alongside the Air Liquide Group in the manufacture of hydrogen stations, which include a complex piping system. Today, a pioneer in hydrogen mobility, HRS has the most developed offer of high-capacity hydrogen refueling stations on the market, with 34 stations in Europe and the United States.
Democratization of hydrogen in transportation.
The hydrogen sector is a particularly buoyant market, strongly supported by public authorities. The European Union has announced the release of 35 billion euros for the period 2020-2030 to support the deployment of hydrogen as part of the energy transition and in particular the decarbonization of transport. This is a windfall for society, which is counting on the accelerated development of hydrogen in the heavy mobility sector and private vehicles.
With 17 years of expertise in industrial piping engineering, HRS is perfectly positioned to take advantage of very favorable market dynamics. It already has numerous commercial opportunities, including an order for three stations to be delivered between 2020 and 2022, an agreement signed with ENGIE Solutions to develop 15 joint projects between 2021 and 2025, and positioning itself for nearly 44 additional station projects to be delivered between 2021 and 2027.
Becoming a European reference in the hydrogen industry
A few days after its IPO, HRS raised nearly 85 million euros. This fund-raising will make a significant contribution to the company’s development as a key player in the hydrogen industry in Europe and around the world. These funds will be used in particular to build a new production site which will accommodate the R&D teams in the Grenoble region.
Today HRS designs, develops and produces its own range of high-capacity stations capable of supplying up to 500 kg of hydrogen per day. The objective is to reach a capacity of 2 tons per day by 2022 and to deliver 100 new stations by 2025, thus reaching an annual turnover of 85 million in 2025.
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