Hopium Placed Under Judicial Reorganization
This page is translated from the original post "Hopium placé en redressement judiciaire " in French.
- 21/07/2023 14:50
The French company specialized in hydrogen cars has been going through a tough period since 2022.
The company had placed its hopes on manufacturing a hydrogen car, but now its project is facing setbacks. This Friday, it announced that it has entered into judicial recovery. “By judgment dated July 19, the Paris Commercial Court opened a judicial recovery procedure for the benefit of the company HOPIUM for an initial period of 6 months (until January 19, 2024), possibly renewable for another 6 months,” reads a statement published on the brand’s website.
Last March, the French company was led by former Transport Minister Jean-Baptiste Djebbari. In 2022, the manufacturer’s losses amounted to €22.9 million, compared to €8 million in 2021. The cause was the hiring of a large number of employees, a total of 116.
In May 2022, the company warned that it would seek funding to continue developing its fuel cell technology. The first hydrogen vehicle from the brand, the Machina, is scheduled to be released in 2025, but the project will be delayed due to funding issues.
A second statement that changes everything
Later in the morning, the French manufacturer announced in a second statement that it has found a way to finance itself with Atlas Special Opportunities. The injection of funds into Hopium will allow the company to focus on developing its fuel cell and to continue its operations for another year. One more year to enable the company to also develop its prototype.
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