Hydrogen mobility startup HysetCo announced that it has raised nearly €200 million (USD$217 million) in a new financing round led by hydrogen-focused investor Hy24, with proceeds from the financing to be used to the company’s solutions aimed at decarbonizing urban transport.

Founded in 2015, France-based HysetCo offers solutions to support hydrogen mobility, including the development of hydrogen refueling stations, an integrated hydrogen vehicle rental offer, and fleet management. The company offers fleet customers a turnkey solution encompassing all services related to vehicle usage, from procurement to maintenance, repair, insurance, and training as well as the stations to fuel the fleets. Hysetco aims to deploy a dozen new stations by 2025.

The startup has achieved 100% annual growth in hydrogen mobility over the past three years and successfully converted over 500 professionals to its solution (primarily taxi drivers). It distributes nearly 30 tons of hydrogen every month, and has already

helped displace 20 million kilometers worth of drivers’ emissions.

Loïc Voisin, CEO of HysetCo, said:

“The success of this fundraising, totaling nearly 200 million euros, signifies the dawn of a new era for HysetCo. 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.”

With the new funding round, Hy24 becomes the majority shareholder in HysetCo, joining existing shareholders Air Liquide, TotalEnergies, Toyota France and Kouros. The investment was made through Hy24’s €2 billion Clean Hydrogen Infrastructure Fund.  Additional investors participating in the financing round included RAISE Impact and Eiffel Investment Group.

Pierre-Etienne Franc, co-founder and CEO of Hy24, said:

 “The decarbonization of our energy system remains incomplete, particularly in the transport sector where reliance on fossil fuels is most pronounced. 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.”