HVR Energy funding in order to build its first 20 hydrogen distribution stations (ACTIVA) intended to supply vehicles.
Some updates since the launch of round 1 :
Since the launch of round 1 (1,500,000 EUR), HVR Energy has secured strategic partnerships with several companies in the energy and automotive sectors.
Moreover, the initial target of installing 20 stations by 2027 has been revised upwards. The new objective is now 25 ACTIVA stations, representing a 20% increase in the number of subsidized stations since the launch of round 1, reflecting the interest this model generates among European and Spanish authorities.
Since the launch of round 2 (EUR 1,000,000), HVR Energy has completed the installation and commissioning of the first ACTIVA station on BMW’s test track in France. The performance has exceeded all expectations.
Moreover, with the aim of diversifying its client portfolio, HVR Energy has also launched a new offer targeting independent fuel stations (over 5,000 in Spain), based on an innovative compensation model for the installation of hydrogen stations. Initial discussions with interested operators are underway.
Finally, the company’s financing plan also includes two major updates:
- A strategic agreement has been signed with CSI Renting de Tecnología, S.A.U. to explore financing of up to EUR 25 million.
- ICO has approved EUR 13 million in financing to support the deployment of the 30 stations included in the CEF 30 plan.”
The essentials :
This project concerns HVR Energy corporate financing. The company will use the funds to build its first 20 hydrogen refueling stations (ACTIVA type).
The amount requested for the third round of funding is 1,000,000 EUR, for a total of 5,000,000 EUR, in several rounds, with an investment term of 48 months (since the closing date of round 1) and an interest rate of 12%. The simple bonds issued are of senior range.
A pledge of 15% of the shares of the parent entity, Langur Holding Corporation, S.L. is settled as a guarantee.
The project
HVR Energy is a Spanish company founded in 2020 that develops hydrogen refueling stations and currently operates a project for production, storage, and distribution of green hydrogen in Coslada (Spain). This first installation serves as a show platform.
The company produces and distributes green hydrogen by purchasing electricity through green energy contracts.
The company offers solutions in various sectors and for various applications:
- Mobility: urban mobility, interurban mobility, and light vehicles
- Logistics: heavy transport, light transport, last-mile transport, as well as forklifts
- Data centers:Memorandum of Understanding signed with Nvidia and certified as official H2 supplier to supply hydrogen in Nvidia data center backup systems
HVR energy works with car manufacturers, energy companies, and logistics companies to promote the use of hydrogen.
ACTIVA Type Stations:
ACTIVA is a distribution hydrogen project. This type of station will be installed in existing gas stations or directly in the facilities of companies that require a hydrogen supply (such as logistics operators and car manufacturers).
Features of an ACTIVA station:
- Distribution: dual connection at 350 bar and 700 bar
- Installed power: 15 kW
- Dispensing capacity: 1 ton/day
- Storage system: 900 bar
- Occupied surface: 20 m²
- Construction time: 6 to 8 months
The technology has been developed by Wolftank, an Austrian group and global player in energy solutions.
The 20 stations funding is part of a larger deployment strategy that foresees a total of 75 ACTIVA stations across Spain. Exact locations have not been precisely defined yet as the client will decide the exact location at the time of signing the contract.
The company development is based on an increase in capital and also on the support of European organizations:
- EIT (European Institute of Innovation & Technology)
- CEF (Connecting Europe Facility – European Commission)
- ICO (Instituto de Crédito Oficial)
The company has structured its operation by dividing it into implementation phases that are named after the awarded grant.
- EIT: 1 station (grant awarded)
- PATSYD: 4 stations (grant awarded)
- CEF 20: 20 stations (grant awarded)
- CEF 30: 30 stations (application submitted)
- CEF 20.2: 20 stations (application currently being finalized)
With the installation of the first 20 stations, HVR Energy aims to demonstrate the reliability of its model and gain credibility before launching a fundraising equity campaign.
The crowdfunding is carried out within the framework CEF 20 for which the grant has already been awarded.
Business Model:
1) The ACTIVA stations will be leased to two types of clients for a monthly rental:
- Traditional fuel companies with a distribution network settled
- Companies using hydrogen vehicles (cars, buses, trucks, forklifts)
In this way, HVR Energy ensures part of its income that will not be directly affected by hydrogen demand.
2) In addition, HVR Energy will also receive a commission of 0.5 € per kg of hydrogen sold.
The press is talking about the project!
- https://elperiodicodelaenergia.com/hvr-energy-recibe-ayudas-de-los-fondos-europeos-para-instalar-20-hidrolineras-en-espana/
- https://hidrogeno-verde.es/proyecto-hvr-energy-movilidad-hidrogeno/
- https://elperiodicodelaenergia.com/eit-apoya-la-propuesta-de-hvr-energy-para-potenciar-la-movilidad-impulsada-por-hidrogeno/
- https://www.bolsamania.com/noticias/empresas/economia–eit-apoya-la-propuesta-de-hvr-energy-para-potenciar-la-movilidad-impulsada-por-hidrogeno–18957380.html
- https://elmercantil.com/2025/02/24/la-comision-europea-apoya-con-65-millones-seis-proyectos-espanoles-en-fueles-verdes/
Project owners
Langur Holding Corporation
Founded in 2016, Langur Holding Corporation (LHC), a Spanish company, is a private entity created to manage minority and majority stakes in a variety of companies in Europe, LATAM, and GCC (Gulf Cooperation Council) countries.
Langur provides strategic consulting, business structuring expertise, and market penetration services to all the companies it invests in, across the following sectors:
- Energy sector
- Fintech
- Home services
The subsidiary Langur Portugal is dedicated to the development, construction, and operation of photovoltaic assets in Portugal.
Our analysis
Risk overview
Commercialization risk
Risk related to the commercialization of a new offering
Mitigation methods
HVR Energy develops numerous partnerships to guarantee a solid customer portfolio.
Construction risks
Risk related to errors or defects during assembly that may affect the final quality of the product
Mitigation methods
The first ACTIVA station is now constructed. The Wolftank group, responsible for assembling the stations, has significant experience. Wolftank, which manufactures the stations, is an internationally renowned group that has already developed hydrogen projects.
Construction risks
Risk of higher construction costs due to rising raw material prices
Mitigation methods
The first ACTIVA station is now built, allowing for time estimates to be verified. The volume of stations under construction will help reduce costs. HVR Energy also has a first facility that serves as a decommissioning center. This installation also allowed for a better understanding of the estimates.
Construction risks
Risk of construction delays or failure to complete the work
Mitigation methods
The stations are built on a production line within very short timeframes.
Counterparty risk
Risk associated with emerging markets in which there are only one or a small number of electricity consumers, not necessarily with a strong balance sheet or credit history.
Mitigation methods
The hydrogen market is not yet mature. Demand for hydrogen for mobility remains low, but various national and European stakeholders have expressed their willingness to include hydrogen in the energy mix.
Development risk
Risk relating to authorizations issued to the company and land, and third-party appeals against authorizations issued.
Mitigation methods
The first 20 ACTIVA stations will be deployed within conventional gas stations. These stations do not require any significant modifications.
Refinancing risk
Credit risk related to the company's ability to refinance and meet its debt obligations.
Mitigation methods
HVR Energy provides guidance to maximize grant opportunities and has engaged a consulting firm to raise funds. Various grant have been awarded, while the others grants missing are being awarded by the same institution.
Market risk
This risk can be caused, for example, by a change in macroeconomic circumstances, a decrease in demand in the sector in which the equity crowdfunding project operates and dependencies on other sectors.
Mitigation methods
The hydrogen market is not yet mature. Demand for hydrogen for mobility remains low, but various national and European players are demonstrating their willingness to integrate hydrogen into the energy mix.
Operating risks
Technological risk that the system will not perform as expected, or that performance will degrade more rapidly than anticipated.
Mitigation methods
A first demonstration station is operational in Colsada, Spain. This station demonstrates the successful operation of the GENESIS and ACTIVA projects. Construction of the first ACTIVA station is now over. Wolftank, which manufactures the stations, is an internationally renowned group with experience in developing hydrogen projects.
Investing in this participatory financing project involves risks, including the risk of total or partial loss of the capital invested. Your investment is not covered by the deposit guarantee schemes established in accordance with directive 2014/49/EU of the European Parliament and of the Council. Your investment is also not covered by the investor compensation schemes established in accordance with Directive 97/9/EC of the European Parliament and of the Council. Return on investment is not guaranteed. This is not a savings product, and we recommend that you not to invest more than 10% of your net assets in participatory finance projects. You may not be able to sell the investment instruments when you wish. If you are able to sell them, however, you may incur losses.
