Hype orders two HRS stations

HRS has just subscribed to convertible bonds issued by Hype in the amount of €6 million.

Hydrogen-Refueling-Solutions (HRS) has announced the order by Hype of the first two HRS stations, intended to integrate the network of Hype stations, open to all.

As announced on December 14, 2021, HRS has just subscribed to convertible bonds issued by Hype in the amount of €6 million, with a capitalized interest rate of 4.5% and a maturity of nine years.

Holding HR, majority shareholder of HRS, whose capital is 96.86% owned by Hassen Rachedi, Chairman and CEO of HRS, also subscribed for these bonds in the amount of €2 million. These bonds may be converted into Hype shares before their maturity date under certain conditions and in limited cases for a period of two years, including a change of control, an initial public offering or an issue of securities in excess of €10 million.

In accordance with the partnership contract signed with Hype in December 2021, which plans the order of 8 stations(6 with a capacity of 1,000 kg/day and 2 with a capacity of 200 kg/day), HRS received an order today, in accordance with the announced schedule, for the first 2 stations: one for 200 kg/day and one for 1,000 kg/day.

The other stations, which could represent revenue of up to €19 million, will be ordered subject to the obtaining of grants requested by Hype, according to the following terms:

  • 5 stations with a capacity of 1,000 kg/day, 2 before June 30, 2022 and 3 stations between June 30, 2022 and June 30, 2023.
  • 1 additional station with a capacity of 200 kg/day before March 2023.

The agreement also contains a commitment by Hype to be supplied exclusively by HRS for the next five 200 kg/day stations that it requires for its operations in France, as well as a commitment to negotiate before the end of 2022 a co-exclusivity framework agreement for the joint deployment of a minimum of 50 HRS stations.

The stations will be installed mainly in Île-de-France to support the implementation of Hype’s agenda: the deployment of 10,000 vehicles for taxi use and the integration of new uses, supplied by a network of 26 locally produced green hydrogen refueling stations, including 20 of 1,000 kg/day.

Furthermore, Hype plans to expand to 15 other cities in France and worldwide, the next two cities will be announced during 2022.

Zohaib Ali

Zohaib is the editor of H2 Bulletin. Please click on the email icon to contact me if you want to talk about a news.
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