Hydrogène de France (HDF Energy), a manufacturer of high-power fuel cells and developer of large-scale hydrogen infrastructure, has presented its financial results for the year ending 31 December 2024. Consolidated annual revenue reached €11.1mn, compared with €3.9mn in 2023, driven by the delivery of two fuel cells for the CEOG project. This main contribution, valued at €9.7mn, marks a pivotal commercial step for the Bordeaux-based company.
Strategic refocus and technical progress
As part of the streamlining of its operations, HDF Energy undertook a comprehensive review of its project portfolio. This process led to the prioritisation of selected assets with the potential to attract investors as early as 2025. The refocus coincided with notable progress in ongoing projects, particularly in the Caribbean, in Barbados and Trinidad and Tobago. The company also reduced the average size of its projects to improve profitability, resulting in a decrease in the overall investment budget from USD3.2bn to USD3bn.
Cumulative investments in prioritised projects amounted to €9.3mn by the end of 2024. HDF estimates it can generate between 12% and 17% of the total construction cost of a power plant through engineering services and the supply of its fuel cells.
Industrial launch supported by the State
The industrial project in Blanquefort, aimed at manufacturing fuel cells for the rail and maritime sectors, reached a major milestone with the deployment of French teams on site. Approved under the European Important Project of Common European Interest (IPCEI) scheme, the initiative benefits from French government support of up to €172.7mn, implemented via Bpifrance. Although no revenue has yet been recognised from this, expenses incurred amount to €9.2mn, with total investments nearing €35mn since 2022.
Cost evolution and financial stability
The group’s workforce increased to 125 people in 2024 from 89 in 2023, reflecting intensified industrial activity. Personnel costs rose to €8.3mn, up from €6.9mn the previous year. External expenses, including prospecting and subcontracting services under the IPCEI project, stood at €6.9mn. Excluding this framework, operational costs remained stable.
The net loss for the year was €10.9mn, compared with a loss of €7.8mn in 2023. Consolidated cash holdings stood at €39.2mn at year-end 2024, following an investment of €10.2mn in the Blanquefort industrial facility. Chief Executive Officer Damien Havard acknowledged the team’s commitment, stating the group was ready to meet the challenges of scaling industrial operations.
