Hyvia, the hydrogen fuel cell joint venture between Renault and U.S.-based Plug Power, remains in financial distress as insolvency proceedings continue in France, with Renault CEO Luca de Meo citing the absence of a viable market for its products.
The Versailles Commercial Court approved Hyvia’s insolvency filing in December, launching a legal recovery process aimed at reorganizing the company rather than liquidating it. Initially set to expire on Jan. 31, the procedure has been extended for several weeks to allow for potential rescue options, including a takeover or new investors.
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“The situation is very difficult—there is no market,” de Meo told the French National Assembly’s Economic Committee, underscoring the struggles faced by Hyvia despite significant investment and public subsidies. He added that hydrogen-powered vehicles “are not selling due to a lack of demand.”
Founded in 2021, Hyvia aimed to commercialize hydrogen-powered light commercial vehicles in Europe. The company launched two versions of hydrogen vans and initiated development on a third, which it showcased at the IAA Transportation and Paris Motor Show. In 2022, it inaugurated a fuel cell assembly and testing plant in Flins, France. Hyvia also secured public funding and was recognized as an Important Project of Common European Interest (IPCEI) under the Hy2Tech initiative.
Despite these efforts, the company struggled financially due to what it described as “the too slow evolution of hydrogen mobility ecosystems in Europe and the very significant development costs required for H2 innovations.” Hyvia had initially set a goal of capturing 30% of the European hydrogen van market by 2030 and had grown its workforce to 110 employees by the time of its insolvency filing.
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De Meo remains cautious about hydrogen’s short-term prospects in the automotive sector but suggested it may find a role in other industries. “Hydrogen will power trucks on the main roads and perhaps be used to make green steel. But I see things taking off more slowly than we expected,” he said. He also noted that a future van from Flexis, a joint venture between Renault, Volvo Group, and CMA-CGM, could incorporate a fuel cell.
The coming weeks will determine Hyvia’s fate as the company awaits potential recovery solutions. Production of its latest hydrogen vans was scheduled to begin at Renault’s Batilly plant in 2025 alongside other vehicle models. Hyvia had previously stated that the vans would feature a WLTP range of 700 kilometers in all weather conditions with a refueling time of five minutes. However, no further technical details have been disclosed since late 2023.