The H2 joint venture between commercial vehicle manufacturer Renault and fuel cell specialist Plug Power, Hyvia, has failed and must be liquidated. This is according to a press release that the company has now sent out. With a ruling on February 18, 2025, the court for economic activities in Versailles, France, converted the judicial reorganization procedure, which was opened on December 10, 2024, in favor of Hyvia, into a judicial liquidation, the statement reads.
This decision is a consequence of the lack of a credible takeover offer in the process conducted by the court-appointed administrator to find potential buyers. The difficulties faced by the company essentially result from the too slow development of ecosystems for hydrogen mobility in Europe and the very high development costs required for hydrogen innovations, it continues.
The Hyvia Adventure Comes to an End
The employees are being supported or redeployed on the basis of their expertise with the support of shareholders and the implementation of an employment protection plan. The liquidated company expressed its gratitude to all customers, shareholders, partners, and employees, "who have supported the HYVIA adventure since its inception in June 2021." The plan of the joint venture founded four years ago was to create a complete ecosystem for the European markets, bundling light commercial vehicles with fuel cells, hydrogen refueling stations, as well as financing and maintenance fleet services.
