Hopium remains hopeful

The French start-up Hopium is facing bankruptcy. The company wanted to start production of its hydrogen limousine Machina in 2025. According to the company, the Paris Commercial Court opened insolvency proceedings on 19 July for a period of six months.

The proceedings, which may be extended by a further six months under certain circumstances, initially place Hopium under the court’s protection by freezing all debts on the cut-off date of 19 July. These will be reimbursed as part of the continuation plan Hopium plans to submit to the court during the six-month observation period.

In the meantime, Hopium says it will continue to benefit from the support of its financial partner Atlas Special Opportunities, increasing its existing convertible bond financing line by 3.5 million euros. This should allow Hopium to advance the development of its hydrogen fuel cell technology to the demonstration of a prototype by focusing the company’s research and development resources. The observation period should allow the company to continue ongoing contacts and discussions with potential industrial and commercial partners.

hopium.com (company announcement in French), boursorama.com (announcement on Atlas Special Opportunities, also in French)