HRS and HAFFNER ENERGY sign a strategic Memorandum Of Understanding for the supply of green H2 production/distribution solutions for mobility

HRS will participate in the capital increase in HAFFNER ENERGY´s IPO

Grenoble, Vitry-le-François, France, January 26, 2022 – HRS, designer, manufacturer and European leader in hydrogen refuelling stations, and Haffner Energy, designer and manufacturer of technologies and services enabling its customers to produce decarbonated hydrogen, announce that they have signed a Memorandum of Understanding for the establishment of a strategic and capital partnership. In this context, HRS and its majority shareholder have committed to subscribe €8 million in new shares which will be issued on the occasion of the IPO of Haffner Energy.

HRS and Haffner Energy, two leaders in French hydrogen, are joining their unique and complementary know-how to develop low-carbon mobility. The agreement set up a strategic partnership for an initial period of 3 years. It will make offer common solutions for mobility, including the production of Hynoca® green hydrogen from Haffner Energy by thermolysis of biomass, and HRS refuelling stations for hydrogen vehicles. The two partners thus intend to offer a 100% green solution to accelerate the deployment of the hydrogen sector in France and Europe. Hynoca® is a competitive and unique technology dedicated to the production of green hydrogen allowing the sequestration of 16 kg of CO2 per kg of hydrogen produced with a net carbon footprint of -12 kg of CO2.

This partnership also includes a mutual distribution agreement in which Haffner Energy will systematically and exclusively offer its customers an option to integrate HRS stations. In return, HRS will offer Hynoca® Mobility solutions to its customers looking for 100% green alternatives to electrolysis. For these joint projects, the supply of the partner’s solution will be carried out through a simple supply contract or by the creation of a consortium.

In order to perpetuate the partnership, HRS will commit to €3 million into the capital increase of Haffner Energy within the framework of the admission of its shares to the Euronext Growth Paris market as an industrial investor. In addition, HR Holding, majority shareholder of HRS whose capital is 93.16% owned by Hassen Rachedi, Chairman and CEO of HRS, will also subscribe €5 million, bringing the total investment of the Company and of its majority shareholder to €8 million.

Hassen Rachedi, Founder and CEO of HRS adds: “This new strategic partnership with such an innovative and ambitious player as HAFFNER ENERGY is another important step in the development of HRS. The union of our complementary skills will make it possible to offer global solutions ranging from the production to the distribution of green hydrogen. We also wish the best to HAFFNER ENERGY in its first step in stock market life- an exhilarating adventure in itself.”

Philippe Haffner, Co-Founder and CEO of Haffner Energy, alongside his brother Marc Haffner, Deputy CEO and Co-Founder, adds: “We are delighted with this partnership with HRS, as it will allow us to offer our customers an integrated and agile solution with strong potential for synergies. Hynoca’s “super green” hydrogen production modules for mobility can be installed locally where the hydrogen is needed and without any particular constraints on access to electrical energy, which is very differentiating, both for both private and public use.”

About HRS

Created in 2004, Hydrogen-Refueling-Solutions (HRS), formerly TSM, is a pioneer in hydrogen mobility. A European designer and manufacturer of hydrogen refuelling stations, the Company has been committed for more than 10 years to the decarbonization of transport.

With unique know-how and experience, HRS has developed a complete range of hydrogen refuelling stations usable by all types of hydrogen vehicles and perfectly suited to the needs of a rapidly growing European market. At its Champ-sur-Drac site, HRS has a mass production capacity to assemble up to 60 units per year and in a record time of only 8 weeks.

During the 2020/2021 financial year, the Company achieved revenue of €10.5 million. As of June 30, 2021, the company had 38 employees. ISIN code: FR0014001PM5 – mnemonic: ALHRS

About Haffner Energy

A family company co-founded and co-directed by Marc and Philippe Haffner, players in the energy transition for 28 years, Haffner Energy designs and provides technologies and services enabling its customers to produce carbon-free hydrogen from thermolysis and steam reforming biomass through its HYdrogen NO Carbon (“Hynoca®”) process. This process allows the production of hydrogen at a highly competitive cost, carbon negative of 12 kg (net) of CO2 per kg of hydrogen, while depending very little on the electricity grid and the cost of electricity.

Haffner Energy announced on January 14 the approval of its Registration Document by the Autorité des marchés financiers as part of its proposed IPO on Euronext Growth® in Paris. The Registration Document can be downloaded from the website www.haffnerenergy-finance.com