Renault and Plug Power’s hydrogen mobility joint venture (JV) Hyvia is to be liquidated after it failed to find a buyer.
The French JV entered receivership proceedings in December after facing challenges in the “slow evolution of hydrogen mobility ecosystems in Europe and the very high development costs required for hydrogen innovation.”
However, a judgement by the Court of Economic Activities of Versailles, dated February 18, converted the process into a legal liquidation.
“This decision follows the absence of a credible takeover offer as part of the search process for candidate buyers carried out by the judicial administrator,” a Hyvia statement said.
Launched in 2021 by Renault and Plug, Hyvia set out to market hydrogen fuel cell-powered light commercial vehicles and refuelling infrastructure.
During its near-four-year existence, the JV had two versions of hydrogen vans approved and inaugurated a fuel cell assembly and testing plant in Flins.
Hyvia has said that is employees will all be “supported or reclassified,” with shareholder support.
The deployment comes amid a tough period for hydrogen trucking. In Q1 this year, Nikola filed for Chapter 11 bankruptcy, Hyzon awaits a vote to dissolve the firm, and UK-based HVS has pivoted away from truck making to licensing to take it away from the “brink of collapse.”
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