€22 million to scale up across Europe
Atawey, the French leader in hydrogen refueling stations, announces a strategic €22 million equity fundraising round to accelerate its industrial scale-up and strengthen its position as a trusted partner for hydrogen mobility projects across Europe.
With 51 stations deployed, two production sites, 150 employees, and a strong growth in 2024, Atawey now has all the key levers in place to meet rising demand, support ongoing projects in France and Europe, and drive the emergence of a sovereign, high-performance and competitive hydrogen mobility sector.
Strong growth in a challenging market
In 2024, Atawey recorded +113% revenue growth, reaching €18 million, supported by clear strategic choices: customizable solutions, an extended service offer, and a strong client-centric approach.
Despite slower-than-expected growth in the hydrogen sector, this performance demonstrates Atawey’s operational resilience and financial robustness.
Looking ahead, the company benefits from strong commercial momentum, with €30 million in confirmed order potential—reflecting renewed trust from long-standing clients as well as growing interest from new ones in France and abroad, such as Brétéché – Groupe Avia Picoty, GCK Energy, HYmpulsion, Hynamics, and major industrial players.
Atawey now aims to:
- Achieve positive EBITDA by the end of 2025;
- Strengthen its European footprint following initial deployments in Italy, Spain, and the Benelux;
Rapidly roll out reliable, competitive, and high-performance hydrogen solutions.
"This fundraising is an importantmilestone in Atawey’s growth. It enables us to accelerate without compromising our DNA: customer intimacy, technological excellence, and deep commitment. We want to be the go-to partner for regions and industries committed to hydrogen mobility and decarbonizing their operations. "
Jean-Michel Amaré
Président et cofondateurA strategic investment round to deliver more stations, faster, across Europe
This funding round was led by long-time investor Starquest, alongside the French State through the France 2030 program, ARMOR GROUP, an industrial consortium, and the Auvergne-Rhône-Alpes Regional Industry Future Fund.
They comment:
"Atawey has experienced a strong and accelerating growth since its inception, despite the turbulence in the hydrogen distribution market caused by political uncertainty and the learning curve of a young industry. The company has wisely looked beyond national borders to tap into future growth. Compared to competitors, Atawey has demonstrated an ability to minimize CAPEX through a product line strategy aligned with real-world demand and market pace. By the end of 2025, Atawey could become the first European hydrogen player to reach operational profitability. With this funding, the company is well-positioned to address Europe’s growing need for heavy-duty hydrogen mobility and lead the coming market consolidation."
"Through this new investment as part of our ARMOR GROUP Open Industry program, our Group is branching out to support decarbonized mobility, complementing our ARMOR BATTERY FILMS activity. It reflects our ambition to foster industries with both environmental and economic impact. Beyond capital and our board observer seat, we are contributing Atawey the industrial know-how of our century-old group to help realize its 2025 ambitions and beyond."
"Atawey fits perfectly with the investment strategy of the Auvergne-Rhône-Alpes Regional Industry Future Fund, advised by UI Investissement. Our participation in this capital increase is aligned with a shared goal: structuring the hydrogen industry, contributing to the decarbonization of heavy mobility, and advancing regional, national, and European energy sovereignty."
Concrete ambitions for 2025 and beyond
This capital raise will enable Atawey to accelerate along three key strategic priorities:
- Expand its commercial footprint across Europe to meet the rising demand for heavy-duty mobility (goods and passenger transport, special vehicles, off-road applications, and industry) with competitive, regulation-compliant solutions;
- Enrich its integrated services—broadening operations, maintenance, training, and ecosystem development to support clients throughout the full station lifecycle;
- Optimize its industrial chain, through structured operational excellence and increased production capacity at its Chambéry and Grenoble sites located in the French Alps.
Atawey is thus reaffirming its position as a full-service player at the heart of large-scale, reliable, and competitive hydrogen mobility. The company aims to play a leading role in shaping the European ecosystem for decarbonized transport.
Customizable solutions to support Europe-wide hydrogen mobility
Hydrogen is a critical lever for achieving carbon neutrality and securing Europe’s industrial independence.
Atawey is fully aligned with this vision by providing reliable, efficient and ready-to-use solutions. To support this transformation, the company relies on:
- Sovereign technologies, designed and manufactured in France, tailored to the needs of regions and industries;
- The Atawey Academy, a training hub for both internal and external stakeholders to build the skills required for the sector’s rapid growth;
- Mastery of core fundamentals: top-tier safety, cutting-edge technology informed by ongoing regulatory and technical monitoring, and operational excellence.
Trusted partners
This operation was supported by:
- Joffe & Associés (legal counsel),
- Société Générale (M&A advisory),
- Alpha Capital Partners (M&A advisory).
