HRS AND PHYNIX CONTINUE THEIR COLLABORATION FOR THE DEPLOYMENT OF EUROPEAN HYDROGEN MOBILITY PROJECTS

Grenoble, 20 June 2024 - HRS, a European designer and manufacturer of hydrogen refueling stations, announced that it has signed an amendment to the framework agreement of 19 January 2023 with pHYnix, an independent European producer of green hydrogen and related services, to adapt to the deployment of pHYnix's hydrogen stations projects.

Under the terms of this amendment, HRS will deliver to pHYnix, before the end of 2027, 3 HRS40 stations with a capacity of 1 ton/day and 3 HRS14 stations with a capacity of 200 kg/day^[1]. These 6 stations, worth a total of €12.5m, are already in production since 2023. The partners have agreed on a new payment schedule running from June 2024 to December 2027.

The order for 2 additional HRS40 stations with a capacity of 1 ton/day included in the initial framework agreement has been withdrawn. Currently in production, the cumulative sales since 2023 of these stations recognized by the percentage-of-completion method amounted to €2.1m on 31 December 2023, representing a percentage-of-completion rate of around 30%. HRS will redirect these stations to other orders currently under negotiation, with similar or similar characteristics, which will neutralize the impact of their reallocation.

In addition, a strategic partnership has been signed with pHYnix to boost sales of HRS stations, particularly in new markets. This partnership provides for technical and commercial assistance from HRS, enabling pHYnix to benefit from increased support in the eventual resale of HRS stations already acquired, and in the conclusion of new orders.

This agreement, valid until the end of 2027, reflects HRS's long-term commitment to the success and growth of its partners. 

ABOUT HRS (Hydrogen Refueling Solutions)

HRS is one of the world leaders in large-capacity hydrogen refuelling stations. HRS offers a complete and unique range of modular and scalable stations, from 200 kg/day to 4 tonnes/day.

A pure player, from design to commissioning of the stations, HRS has state-of-the-art industrial production facilities capable of assembling up to 180 stations a year, with lead times of 6 to 12 weeks. This industrial site includes a test area, the only one of its kind in Europe, to test and trial the range of stations and develop future products and solutions for the hydrogen mobility market.

HRS also proposes a complete range of services, including maintenance an on-call support 24/7/365. The performance of stations installed in Europe and around the world is monitored in real time from its state-of-the-art control room.

HRS now has one of the largest installed bases of high-capacity stations on the market, with 18 200 kg/day stations, giving a combined capacity of nearly 4 tonnes/day. All the refueling stations are equipped with dual-pressure pumps and nozzles for 350 bar, 350 HF, and 700 bar, thus catering to the full range of hydrogen mobility needs.

HRS stands out for its rigorous economic discipline, offering long-term financial solidity while continuing to allocate substantial resources to R&D, ensuring its position at the forefront of innovation.

During the 2022/2023 fiscal year, HRS achieved a turnover of €30.1 million, growing by +77%, and aims to achieve a turnover of €85 million by 2026, incorporating recurring revenue streams from services associated with its continuously expanding installed base.

ISIN code: FR0014001PM5 - ticker symbol: ALHRS

For more information, visit our website www.hydrogen-refueling-solutions.fr/en/

CONTACTS

^[1] Against previously: 5 HRS40 stations with a capacity of 1 ton/day and 3 HRS14 stations with a capacity of 200 kg/day for a minimum of €18m.