There’s no future for HYVIA. The Renault-Plug Power JV was wound up
HYVIA announced its legal liquidation following "the absence of a credible takeover offer as part of the search process for candidate buyers carried out by the judicial administrator", as stated by the company. A few days ago, Luca de Meo, Renault CEO, during an audition at the French Parliament said that there's no market for hydrogen currently.
With a press note released some days ago, the French-American joint venture HYVIA was officially wound up. In fact, HYVIA announced its legal liquidation following “the absence of a credible takeover offer as part of the search process for candidate buyers carried out by the judicial administrator”, as stated by the company.
“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”, added HYVIA. Indeed, a few days ago, Luca de Meo, Renault CEO, during an audition at the French Parliament said that there’s no market for hydrogen currently.
HYVIA, now in legal liquidation, was born in June 2021
The joint venture owned by Renault and the U.S.-based hydrogen fuel cell maker Plug Power was founded in June 2021, with the aim of developing fuel cell hydrogen vans based on the Renault Master. At Solutrans, Lyon, we met former CEO and had an interesting interview with him. Of course, things did not go as foreseen.
Now, HYVIA employees will all be supported or reclassified, “with the support of shareholders and the implementation of an Employment Protection Plan”.
