AP Ventures participates as cornerstone investor in Hydrogen-Refueling-Solutions’ (HRS) IPO on Euronext Growth Paris

8th February 2021

Hydrogen-Refueling-Solutions (“HRS”) designs and manufactures hydrogen refuelling stations for on-road mobility, from passenger cars to heavy duty vehicles.

HRS will start trading on Euronext Growth Paris on 9th February.  The proceeds from this IPO, of up to EUR 97.3 million including EUR 73.6 million in new shares, will be used to: support working capital; build additional production facilities; grow the technology and the commercial teams, and finance targeted M&A activity.

Hydrogen has a critical role in decarbonising the transport sector and is particularly suited to vehicles requiring a long range and a short refuelling time such as heavy-duty trucks, coaches and buses, as well as rail transport and shipping.

Hydrogen refuelling infrastructure is a vital enabler to wider adoption of fuel cell vehicles and clean mobility in the heavy duty vehicle segments. Early adoption of hydrogen mobility is occurring across commercial fleets of vehicles which return to base at the end of each day.  This operating pattern enables targeted deployment of refuelling infrastructure and will facilitate further subsequent scale up of a wider network of public stations.

Commenting on AP Ventures’ role as a cornerstone investor in HRS’ IPO, Andrew Hinkly, Managing Partner at AP Ventures said, “We are delighted to welcome HRS to our existing portfolio of hydrogen related technologies. We believe HRS has the team and resources to deploy a large number of refuelling stations, which will enable rapid expansion of hydrogen mobility. We look forward to working with HRS and introducing the team to our network of innovative hydrogen technology companies.”

Hassen Rachedi, founder and Executive Chairman, Philippe Bottu, Chief Executive Officer, and Olivier Dhez, Business Development Director, said: “We are very happy to welcome AP Ventures as a new shareholder on the occasion of our IPO. We have much appreciated the rich interactions with this London based specialist fund that we consider as a key investor in the Hydrogen Industry.”

About HRS

Founded in 2004, Hydrogen-Refueling-Solutions (HRS), formerly TSM, is pioneer in hydrogen mobility. European designer and manufacturer of hydrogen refuelling stations, for over ten years, the Company has been committed to reducing transport emissions.

Thanks to its unique experience and know-how, HRS has developed a complete range of hydrogen refuelling stations for all types of fuel cell vehicles that is perfectly suited to the needs of a fast-growing European market. At its Champ-sur-Drac site, HRS has mass production capacities that enable it to assemble up to 60 units per year in record time, in as little as 8 weeks. The Company posted 2019-2020 revenue of €2.6 million. As of December 31, 2020, the company had 34 employees. (ISIN code: FR0014001PM5 - ticker symbol: ALHRS).

For more information: www.hydrogen-refueling-solutions.fr

About AP Ventures

AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges. The existing portfolio spans the hydrogen value chain and includes investments in Altergy Systems, ERGOSUP, Greyrock Energy, Hazer Group, HPNow, HyET, Hydrogenious LOHC Technologies, Infinium, Insplorion, Plug Power, Starfire Energy and ZEG Power.

AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner). Investors include Anglo-American Platinum, Impala Platinum, the Mirai Creation Fund, Mitsubishi Corporation, Plastic Omnium, the Public Investment Corporation and Sumitomo Corporation. More info: www.apventures.com

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