HDF Energy Secures Record Financing of €168.9M from Bpifrance
On December 5, 2025, Hydrogène de France signed a financing contract with Bpifrance for a maximum amount of €168.9M, aimed at supporting its industrial project for the development of high-power fuel cells. The company also entered into a co-development agreement with ABB for maritime markets in December 2025.
Significant Financial Support for Industrial Project
HDF Energy signed a financing contract with Bpifrance on December 5, 2025, for their industrial project, with a maximum amount of €168.9M. This project, recognized by the European Commission as an Important Project of Common European Interest (IPCEI) in May 2024, aims to develop and industrialize high-power fuel cells for stationary sectors and heavy-duty maritime and rail mobility. In 2025, the company recorded a grant income of €16.6M, including €6.6M for catching up on the previous years (2022-2024).
Strategic Milestones and Co-development with ABB
The program is divided into six key stages with deliverables extending until 2031. HDF received an initial installment of €12.7M on December 19, 2025. Additionally, a co-development agreement was signed with ABB in December 2025 for maritime markets, marking the first commercial application of the industrial program.
Financial Performance and Portfolio Rationalization
The consolidated net loss amounted to -€5.7M in 2025, compared to -€10.9M in 2024. The Group's cash reserves stood at €33.5M as of December 31, 2025. HDF has rationalized its project portfolio: the Los Cabos project in Mexico was downsized to about a third of the original project, resulting in a loss of €0.5M, while the assets of the South Africa project were fully written off for €1.5M. The total investment budget for the advanced project portfolio decreased from $3.0 billion in 2024 to $2.3 billion in 2025.
