The Paris Commercial Court has approved Hopium’s recovery plan, which will see the company’s shift from developing premium hydrogen-powered passenger cars to becoming a fuel cell supplier for the heavy-duty mobility market.
In 2023 the French firm was placed into receivership, in which an independent third party takes control of company assets, operations and finances. At the time, the court froze Hopium’s debts as it determined a recovery plan.
The focus is now on delivering 100kW and 200kW fuel cell modules, which Hopium has said will be 30% smaller and 20% lighter than competitor products, weighing 25kg.
Hopium has also cut its headcount to around 30 people and significantly streamlined its cost structure. To support its strategic shift, the company estimates it will need an additional €8m ($8.6m) in 2025 and a total of €30m ($32m) in funding between 2025 and 2028.
Additionally, the company replaced its planned capital increase with a €12.5m ($13.5m) convertible bond agreement with Atlas Special Opportunities – spread over 15 months – knowing that Atlas does not intend to remain a long-term shareholder.
Stéphane Rabatel, CEO of Hopium, said the court decision “marks the end of a period of uncertainty,” and the start of a new chapter.
“We are not there yet – we still have a long road ahead before our technology is adopted – but this is a decisive step that Hopium has just taken,” the CEO added.
The French manufacturer first revealed plans for its hydrogen-powered luxury car, the Machina, in 2021. The company claimed that by 2022 it had received 1,000 pre-orders for the €120,000 ($130,000) vehicle.
However, just a year later, the company was placed in receivership due to financial difficulties, effectively shelving its plans for the Machina.
Can hydrogen cars still drive the future of mobility?
BMW’s September announcement that it would launch a series-produced hydrogen fuel cell electric vehicle (FCEV) in collaboration with Toyota was bound to catch the eye of many.
The German automotive giant said it would work with Toyota on jointly developing a powertrain system for passenger vehicles that would be used in their own distinct models.
Following on from the iX5 Hydrogen pilot fleet that has undergone testing in various geographies, BMW Chairman, Oliver Zipse, claimed the effort would “herald an era of significant demand for FCEVs.”
While collaborations like BMW and Toyota’s signal continued commitment to hydrogen technology, the broader market context paints a more complex picture, with several challenges blurring the rationale of hydrogen mobility.
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