HDF (EPA:HDF) Strategic investments in 2023, setting a promising course from 2024 onwards

Transparency directive : regulatory news

04/04/2024 17:50

Bordeaux (France), 4 April 2024 - Hydrogène de France (HDF Energy), a developer of large-scale hydrogen infrastructure and manufacturer of high-power fuel cells, presents its business activity and financial statements for the 2023 financial year. The consolidated financial statements were approved by the Board of Directors on 3 April 2024. The audit procedures on the consolidated financial statements have been completed and the auditors' report will be issued shortly.

Key figures 2023 2022
Number of projects under development 25 13
Total investment budget (USD bn) 5.5 1.8
Annual average headcount1 89 57
Revenues (€000) 3,935 3,462
Gains on disposal of securities2 (€000) - 1,041
Consolidated net income/(loss) (€000) (7,839) (3,371)
Shareholders' equity (€000) 100,695 107,410
Cash and cash equivalents (€000) 62,668 87,359


  1. Employees and contractors in countries where the Company has no dedicated legal entity
  2. Sale of shares to investors in SPVs

Expansion and major progress in the project portfolio

The commercial rollout and development of projects across all the regions in which we operate remained a priority in 2023. International financing institutions have deemed these projects technically reliable and economically relevant solutions: our project in Barbados is the first to secure financing from the World Bank and the Green Climate Fund (GCF).

As such, despite an adverse economic environment and the increasing complexity of development stages, significant progress was made in 2023 on a number of projects on which construction now looks likely to begin in 2024/2025, notably in Namibia, Mexico and Indonesia.

Portfolio monitoring provides the earliest indicator of HDF's value creation for both the Group and all project stakeholders. HDF estimates that it is able to generate revenues representing between 12% and 17% of the cost of construction during the development and construction phases, including via the provision of engineering services and supply of fuel cells during the power plant construction phase.

Stable revenues

Consolidated revenues for 2023 amounted to €3.9 million (compared to €3.5 million in 2022), including €3.2 million in project management assistance, excluding re-invoicing, without margins, for services outsourced to external service providers. It mainly comprises development work on the RSB project in Barbados (€2.9 million, compared to €3.0 million in 2022) and the Newgen project in Trinidad and Tobago (€0.8 million, compared to zero in 2022).

For the 2023 financial year, the development services provided by HDF on projects in which the Group remains the majority shareholder, the impact of which is eliminated in the consolidated financial statements, amounted to €1.1 million (compared to €3.0 million in 2022). These projects will contribute to the Group's consolidated revenue once shares are sold to investors and control of the SPV is lost. At that date, the value creation initially eliminated in the consolidated financial statements will be recognised through gains or losses on disposal of the investments.

Significant investments in line with the strategic plan

The increase in operating expenses reflects the successful implementation of the Group's development plan.

For HDF, human capital remains the primary investment target for the future. The Group therefore continued to strengthen its teams in 2023. Average headcount (employees and contractors) rose from 57 in 2022 to 89 in 2023, mainly due to the doubling of the technical workforce dedicated to projects and the industrial programme.

As a result, personnel costs increased from €4.3 million in 2022 to €6.9 million in 2023.

Sales momentum and prospecting activity also impacted feasibility study costs and fees, thus explaining the increase in external expenses from €3.7 million to €5.9 million.

Lastly, net income for the year included a €1.5 million impairment charge on intangible assets due to delays in the project schedule.

Consequently, the Group posted a €7.8 million net loss for the year, compared to a €3.4 million loss in 2022.

Meanwhile, the Group invested €16 million of its financial resources on preparations for the rollout of its programmes. This overall investment breaks down as follows:

  • €12 million for the construction of the Blanquefort plant, where HDF will manufacture the first high-power fuel cells from 2025;
  • €1 million for strategic partnerships in the marine propulsion and rail traction sectors (investments in Digas and Hynaval) to support the industrial programme;
  • €2 million of investments related to progress in the project portfolio.

Investments in real estate and intangible assets directly impacted the Group's cash position, which nevertheless remained extremely strong at €62.7 million at 31 December 2023 (compared to €87.4 million at 31 December 2022).

A promising course

After two years of rollout, the Company now boasts the human, material and financial resources required to fulfil its ambitions. The maturity of the project portfolio and launch of industrial operations make it possible to envisage tangible results from 2024 onwards.

Damien Havard, Chairman and CEO of Hydrogène de France, said: “Our achievements in 2023 perfectly reflect HDF's twofold ambition: to implement projects that contribute directly to energy decarbonisation while becoming a major industrial player. Our presence across five continents, the expertise of our technical teams and our industrial investment all strengthen the application of our know-how across the entire hydrogen value chain. HDF's teams are fully committed to solidifying our ambitions from 2024 onwards.”


HDF Energy is a leading global player in the hydrogen industry, dedicated to developing large-scale hydrogen infrastructure and advanced multi-megawatt fuel cell technology.

These fuel cells generate electricity from hydrogen, driving the decarbonization efforts across the power generation, heavy maritime and rail mobility sectors. Set to commence mass production in 2025 at HDF Energy's facility near Bordeaux, these fuel cells serve as the cornerstone of the power plants and heavy mobility solutions developed by HDF Energy.

HDF Energy's Renewstable® power plants deliver non-intermittent renewable, stable and baseload power by seamlessly integrating intermittent renewable energy sources with substantial on-site energy storage in the form of green hydrogen. HDF Energy is also developing extensive infrastructure for the mass production of carbon-free hydrogen.

Backed by a team of over 100 hydrogen experts boasting more than a decade of operational experience across the value chain, HDF Energy is currently developing a portfolio of projects valued at over €5 billion.

Headquartered in France, HDF Energy has regional offices in Latin America, the Caribbean, Asia, Africa, and Oceania with 30+ nationalities among its staff. Since 2021, the Group has been listed on the Euronext Paris stock market, member of the Euronext Tech Leaders segment.

For more information: www.hdf-energy.com


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Hélène de Watteville
+ 33 (0)1 53 67 36 33
Serena BONI
+33 (0)4 72 18 04 92

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