Uber has invested an undisclosed amount into French hydrogen vehicle leasing and refuelling company HysetCo, with a view to incorporating nearly 2,000 “premium hydrogen taxis” in Paris into its ride-hailing platform within five years.

 

The deal will also see one in five of the vehicles in its Parisian Business Taxi fleet being a HysetCo fuel-cell car — specifically, a Toyota Mirai — by the end of this year.

 

The news comes less than a year after Hype, the self-billed “world’s largest hydrogen taxi operator”, ceased operation of its fleet of fuel-cell taxis in the Paris area on the back of surging H2 prices.

 

Hype set up HysetCo as a subsidiary back in 2017, although the former has since divested of its shares in the latter and they now operate as separate companies. HysetCo is now majority-owned by French hydrogen investor Hy24.

 

It is not clear what happened to the roughly 300 Toyota Mirai cars that were being operated in Paris by Hype, but it could be that they will now be used by Uber.

 

Uber has been operating its Uber Taxi service — which allows official taxis to be hailed in the same way as private cars — in Paris since October 2022, and has since introduced Business Taxi exclusively for its “Uber for Business’s professional clientele”.

 

HysetCo’s business model is to rent and lease hydrogen cars and vans, while also operating eight hydrogen refuelling stations in the Paris area — which allow it to include H2 fuel as part of its rental agreements.

 

“Active in the Paris region for five years, HysetCo offers a complete hydrogen-vehicle rental and management service including the provision of vehicles, maintenance, repairs, insurance, replacement vehicles, onboarding support, and access to its network of stations open 24/7,” the company explains.

 

“This model has already been proven with more than 800 vehicles in operation, notably in the taxi and corporate fleet segments, with 90 million km travelled without emissions since 2021. Opening up to the VTC [ie, ride-hailing] market marks a new stage in the rollout of hydrogen mobility on a large scale.”

 

Uber adds: “By investing in HysetCo, we are not only supporting a technology of the future, we are strengthening ties with a profession that is reinventing itself. HysetCo is a player anchored in the history of the Paris taxi for nearly a century [through its acquisition of long-standing Parisian taxi operator Slota in 2021].

 

“By joining our forces, we are allowing self-employed taxi drivers to access what is best: premium vehicles, a 24-hour refuelling infrastructure, and the power of the Uber network.”

 

Uber’s investment in HysetCo is in the form of a convertible loan that is “intended to support HysetCo’s growth”.

 

A convertible loan is a financial tool in which an investor lends money to a company with the expectation that the interest-accruing loan will be converted into shares at a future date, rather than repaid in cash.

 

““This partnership with Uber sends a strong signal: hydrogen mobility is ready for large-scale deployment, particularly for intensive uses,” said HysetCo president Loïc Voisin.

 

“The infrastructure is in place, the vehicles are available, and the uses are there. Uber’s commitment alongside us is a very positive decisive step. Together, we are continuing with confidence and determination on a path that is both ambitious and concrete for decarbonised mobility and improved air quality.”

 

Uber began operating 200 hydrogen cars in Berlin back in 2023 as part of a two-year trial called H2 Moves Berlin, and the mobility-as-a-service provider is still offering H2 vehicles in the German capital.

 

Source: FuelCellsWorks