Hyvia, the hydrogen mobility joint venture between Renault and Plug Power, has been placed into court-ordered liquidation following unsuccessful attempts to secure a buyer. The Court of Economic Activities of Versailles issued the liquidation order on February 18, 2025, after the insolvency administrator reported the absence of a “credible takeover offer.”
The company attributed its financial difficulties to the “too slow emergence of hydrogen mobility ecosystems in Europe and the very significant development costs required for hydrogen innovation.”
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Established in 2021, Hyvia aimed to commercialize hydrogen fuel cell-powered light commercial vehicles in Europe. The venture approved two versions of hydrogen vans and initiated the development of a third-generation model, showcased at industry events such as the IAA Transportation and the Paris Motor Show. In 2022, Hyvia inaugurated a fuel cell assembly and testing plant in Flins, France.
Despite initial progress, the company faced challenges due to the slow development of hydrogen infrastructure and high innovation costs. In December 2024, Hyvia entered a legal recovery procedure, seeking potential investors or buyers. However, the lack of viable offers led to the recent liquidation decision.
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Renault CEO Luca de Meo highlighted the broader market challenges, stating earlier this month that there is currently “no market” for hydrogen-powered passenger cars and light commercial vehicles. He noted that, despite significant investments and public subsidies, hydrogen vehicles “are not selling due to a lack of demand.”
Hyvia has expressed gratitude to its customers, shareholders, partners, and employees for their support since its inception. The company has committed to supporting its employees through reclassification efforts, with assistance from shareholders and the implementation of an Employment Protection Plan. The court has appointed SELARL Asteren, represented by Maître Axel Chuine, as the judicial liquidator to oversee the process.
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