Renault’s H2 subsidiary Hyvia is being liquidated

Hyvia announced in a brief statement that the Court of Economic Activities of Versailles had converted the insolvency proceedings, which had been ongoing for several weeks, into a court-ordered liquidation on 18 February. The reason given by the joint venture is that the insolvency administrator had not come across a “credible takeover offer” in his search for potential buyers. It added: “The difficulties encountered by HYVIA essentially result from the too slow emergence of hydrogen mobility ecosystems in Europe and the very significant development costs required for hydrogen innovation.”

As reported earlier this month, Hyvia filed for bankruptcy in December at the Versailles Commercial Court and has since obtained an extension of the so-called judicial restructuring period (originally due to end on 31 January) to find a buyer. The entire procedure was a ‘procedure de redressement judiciaire,’ i.e. a judicial procedure with the aim of reorganisation. Initially, it was not a liquidation procedure (‘procedure de liquidation judiciaire’).

However, it is now clear that Hyvia’s fight for survival is over. It had apparently not been possible to find a reorganisation solution by the second deadline in mid-February. Hyvia itself recently stated that it was one of the first companies to invest in hydrogen mobility for three years to develop an offering in a market “which unfortunately still remains absent.”

Hyvia set out in 2021 to commercialise fuel cell-powered light commercial vehicles in Europe from its base in France. Renault and Plug Power first announced the joint initiative in January 2021, before the joint venture was founded in the summer of 2021. Hyvia then approved two versions of H2 vans (in April 2023 and June 2024) and initiated the development of a third generation, which the company also gave a first glimpse of a few months ago at the IAA Transportation and the Paris Motor Show. At the same time, Hyvia inaugurated a plant for the assembly and testing of fuel cells in Flins, France, in 2022.

Initially, Hyvia succeeded in attracting public funding. For example, the joint venture was recognised as an important project of common European interest (‘IPCEI – Hy2Tech’). Hyvia quickly claimed to aim for a market share of 30 per cent in Europe by 2030. The workforce grew accordingly – to 110 employees at the time of the insolvency.

Parallel to the ongoing insolvency proceedings, Renault CEO Luca de Meo spoke to the National Assembly’s Economic Committee at the beginning of this month about the situation and prospects of the Renault Group in France. He also discussed the demand for hydrogen-powered passenger cars and light commercial vehicles. Despite many initiatives, Luca de Meo currently sees “no market” in this area, and the situation for Hyvia is thus “very difficult.” Despite considerable financial investment and numerous public subsidies, hydrogen-powered vehicles “are not selling due to a lack of demand.” According to the Renault boss, 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.” However, he emphasised that a van planned for 2026 from Flexis (a joint venture between Renault, the Volvo Group and CMA-CGM) could be equipped with a fuel cell.

media.hyvia.eu