The hydrogen van manufacturer Hyvia has confirmed it has been placed into liquidation.
The judgment dated February 18, 2025, by the Court of Economic Activities of Versailles, France, confirmed that it would be legally liquidated.
Hyvia had previously begun bankruptcy proceedings on December 10, 2024 and placed under legal restructuring in France. The hydrogren van maker was then given an extended window to find a suitable investor, increasing the 31 January deadline, but Hyvia has today confirmed that no suitable funding has been found.
The joint venture between Renault and hydrogen power specialists Plug Power filed for bankruptcy in December, which would have seen in wound-up by 31 January. However, the courts then extended the time permitted to find a buyer or additional investment.
Hyvia was supposed to revolutionise hydrogen-powered commercial vehicles in Europe, but the company has now officially collapsed.
It had been placed under legal restructuring in France's "Tribunal de Commerce de Versailles", which is a separate legal system for handling bankruptcies.
Renault CEO Luca de Meo has previously said that there's little market for hydrogen vehicles, effectively signalling Renault's intentions for the future of the project.
Renault, however, has launched the Master H2-Tech, a van with fuel cell technology, but the market responded with lukewarm interest.
Accoridng to a statement, "HYVIA employees will now all be supported or reclassified, with the support of shareholders and the implementation of an Employment Protection Plan".
SELARL Asteren, under the care of Maître Axel Chuine, has been appointed by the Court as judicial liquidator.
The main challenge for the company is that the costs of hydrogen operation are still too high, the infrastructure is not sufficiently developed, and the demand for hydrogen-powered vehicles is too low to justify the investments.
Renault CEO Luca de Meo has previously stated that hydrogen cars are simply not economically sustainable in today's market.
During a parliamentary hearing in France, he described Hyvia's situation as "difficult" and pointed out that there simply is no commercial market for such vehicles yet.
The legal process that Hyvia is now a part of, known as "redressement judiciaire" in French law, gives the company a limited period to find a financial solution.
A court-appointed administrator has been given the responsibility of mapping Hyvia's financial situation and assessing options for continuing operations. This could mean renegotiating debts, selling parts of the business or a full takeover of the company.
If no investors come forward, Hyvia will be liquidated, which means that the company's assets will be sold to cover its debts, and the business will cease.
For now, intensive work is underway to find a buyer who believes in hydrogen-powered vehicles and is willing to invest in further development.
Hyvia's collapse raises a larger question about the future of hydrogen. Does it have a future in the light commercial vehicle sector?
Stellantis are said to still be backing their hydrogen products. They started with a test vehicle in Europe, launching the Vauxhall Vivaro-e Hydrogen and will add an electric version of all of their large vans like the Vauxhall Movano Hydrogen van.
Other brands, including Toyota and Hyundai are still investing, with Toyota removing plans for its passengers cars, but instead focusing on hydrogen for commercial vehicles. They have collaborated on a hydrogen version of their pick-up truck with JCB.
For heavy trucks, where batteries are not enough, hydrogen has long been seen as the most logical solution for high tonnage transport.
Hydrogen will also prove to be useful for valuable energy storage, should certain regions ever find themselves in the position of producing too much energy from renewable sources like wind and solar.
