Energy Transition & Sustainability

Bryan, Garnier & Co acts as Joint Global Coordinator & Joint Bookrunner on a €20m secondary offering of HRS shares

Hydrogen-Refueling-Solutions is a French-based designer and manufacturer of hydrogen refueling stations.

Founded in 2004 and then listed in 2021 HRS has been delivering hydrogen refueling stations for the last 15 years. HRS has developed a complete range of hydrogen refueling stations that can be used by all types of fuel cell vehicles and are perfectly adapted to the needs of the fast-growing European market.

HRS is one of the key players of the hydrogen mobility on the European Market with an installed base of more than 40 stations.

HRS has a strong backlog of €109m (including 58 stations) and more than €1bn pipeline.

The rationale of the transaction was to increase the free float and liquidity of the stock.

Bryan, Garnier & Co acts as Joint Global Coordinator and Joint Bookrunner alongside Gilbert Dupont and Portzamparc on a €20m secondary offering of HRS shares.

The majority shareholder sold 834,582 shares to Tier-1 impact specialists and institutional generalists (80% of the deal) as well as retail investors (20% of the deal) with a 210% oversubscribed book of demand. It leads to an increase of free float to approximately 33% of HRS’ share capital, contributing to foster the liquidity of HRS’ shares on the Euronext Growth market in Paris.

The transaction was priced at €24 a share, representing a discount of 15.8% to the last market closing price on February 8.

It is another visible transaction for the Hydrogen Franchise of Bryan Garnier following Lhyfe €118m IPO, HDF €152m IPO or McPhy €180m Follow-On.

Founded in 2004, Hydrogen-Refueling-Solutions (HRS), formerly TSM, is pioneer in hydrogen mobility. European designer and manufacturer of hydrogen refueling stations, for over ten years, the Company has been committed to reducing transport emissions.

Thanks to its unique experience and know-how, HRS has developed a complete range of hydrogen refueling stations for all types of fuel cell vehicles that is perfectly suited to the needs of a fast-growing European market. At its Champ-sur-Drac site, HRS has mass production capacities that enable it to assemble up to 60 units per year in record time, in as little as 8 weeks.

The Company posted 2021/2022 revenue of €17.0 million. As of June 30, 2022, the company had 78 employees.