Hy24’s investment in HysetCo was a shoo-in for the Transport Acquisition of the Year with judges applauding its innovation.  

In April 2024, HysetCo has raised €200 million ($217m) and onboarded investor Hy24 as a majority shareholder. 

Hy24 – a JV of Ardian and FiveT Hydrogen – led the funding through its Clean Hydrogen Infrastructure Fund with backing from startup investor RAISE Impact and Eiffel Investment Group,  who join existing HysetCo investors Air Liquide, TotalEnergies, Toyota France and Kouros.  

HysetCo is expected to have 8 operational hydrogen refueling stations in the Greater Paris Region by the end of 2024. The stations will distribute approximately 30 tons of hydrogen per month to support close to 1,000 FCEVs in the fleet.  

Hy24’s investment will allow HysetCo to open more stations, expand their current taxi fleet and begin serving Fuel Cell Light Commercial Vehicles (LCV) in their business model. 

Hy24, which the largest hydrogen investment fund, used a combination of convertible bonds and common equity to refinance existing debt holders and fund future capex expansion. The submission said the structure allowed it to help develop a nascent market while providing built-in flexibility and downside protections in case the market fails to develop. 

One member of the independent judging panel said: “It is a very innovative transaction, where hydrogen an important fuel of the future (EV cannot do it alone). To actually commercially fund and position a venture for growth has proven to be incredibly difficult. This structure attempts to solve profitability in a scaleable way, for the benefit of all stakeholder.” 

Another judge said: “Hy24’s investment is highly innovative - very few transactions in the hydrogen space, and this innovative structure attempts to solve the profitability conundrum through a captive fleet.” 

While another also lauded the deal: “Evolving technology sitting behind EV – setting up a closed network of hydrogen stations. This transaction sets a strong example for how this technology / fuel source can be built out in the future. A truly innovative transaction.” 

In conclusion as another member of the judging panel put it: “Hy24 demonstrated success in an innovative project that can have significant impact.”