EODev raises €20M to industrialize its hydrogen solutions

EODev (Energy Observer Developments) announces the closing of a first round of funding to accelerate the industrialization and commercialization of its solutions developed around the latest hydrogen technologies.

At a time when hydrogen occupies a strategic place in the recovery plan announced by the French government *, the technologies developed by EODev respond directly to strong demand in Europe and around the world for the efficient use of hydrogen, accessible, with a low environmental footprint.

Sortir l’innovation des laboratoires

Thanks to a seed round mid-2019, EODev was able to set up its operational structure, to sign its first strategic agreements and contracts, and to finance and design prototypes.

Today, EODev announces the closing of its first round of funding, for a total amount of €20 million, thus positioning itself as one of the innovative players in the French hydrogen industry, whose growth is now a government priority.

“EODev is the economic realization of the research and development work carried out aboard Energy Observer, the first vessel to sail around the world using hydrogen. Our products and solutions are the fruit of the expertise acquired by our engineers and demonstrated over the 30,000 nautical miles already covered by our laboratory boat in the harshest conditions, with a system that combines different energy sources. renewables, and hydrogen as a means of storage.”

Jérémie Lagarrigue, CEO, EODev

EODev could count on the complete confidence and support of its shareholders and long-time partners in the Energy Observer challenge (the Accor Group and Thélem Assurances), and on the contribution of new industrial players involved in the project (the Monnoyeur Group). This commitment demonstrates the technical excellence of the products offered and the relevance of a strategy resolutely oriented towards the energy transition.

Integrate renewable energies & hydrogen technologies

Rather than confronting batteries with hydrogen, while these are complementary technologies, or solar to wind power when their intermittences are different, EODev is positioning itself as an accelerator and incubator of solutions for intelligent and optimized use, a clean energy "mix" combining different sources of renewable energy, and hydrogen as a means of storage.

This funding will accelerate the industrialization and commercialization of sustainable, reliable, innovative, and accessible energy solutions. EODev's products address the entire energy chain: medium-power hydrogen power generators (GEH₂®); on-board hydrogen energy systems (REXH₂®) for maritime and river use (propulsion and hotel load), and mobile floating hydrogen refueling stations (STSH2) for the production and distribution of green hydrogen.

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* 7 billion euros until 2030, out of which 2 billion are to be invested in 2021 and 2022 – Les Échos