This company has dropped from the “interesting” category to the “to be avoided” category. The reason is the lack of a working strategy, which manifests as very poor growth. The hydrogen industry is simply at a stage where the concept must be solid. This means the company needs to offer complete solutions—either by providing them themselves or through networking and partners’ product portfolios. That is why these partnerships are made in the hydrogen sector. Refining the company’s strategy is, of course, desirable if the need arises, but in Everfuel’s case, the company’s direction seems lost. Now they are jumping into a completely different sector, and I don’t believe Everfuel has enough muscle to be a successful hydrogen producer.
The French taxi company called Hype is a good example of a functional light transport concept in the H2 sector. It has integrated hydrogen production, distribution, vehicle fleet, drivers, consumers, and an app under its own umbrella—either by doing it themselves or through partners. It has been made easy for drivers to switch to hydrogen taxis—either as an employee or an entrepreneur. In this way, they have created their own demand for hydrogen, which is then produced in-house or sourced through partners. The strategy seems quite successful, and the company is growing at a rapid pace.
“Hype, an independent pure player in hydrogen mobility solutions, has selected 7 new regions, Le Mans, Bordeaux, Brussels, Madrid, Barcelona, Lisbon, and Porto, where the company is going to replicate its proven model tested for more than seven years in the greater Paris area. This model consists of simultaneously deploying its network of green hydrogen refuelling stations and the associated uses, with taxis as the first relevant market.”
Home - First integrated hydrogen mobility platform - Hype
Another good example is Plug Power and Hyvia. Plug also offers refuelling stations, hydrogen, and equipment maintenance for hydrogen forklifts, allowing the customer to get everything they need under one roof. This has been the winning strategy in this sector. Plug and Renault offer the same concept through Hyvia: the van, equipment maintenance, stations, and hydrogen all come from the same source. The vans consume hydrogen, which is delivered to the stations by Hyvia. This is how an ecosystem is created…
Everfuel has done nothing of the sort—at least not on a sufficient scale. In my opinion, the company went into this a bit unprepared. Furthermore, the timing is poor; first bleeding for a few years and then disappearing from the market just as French hydrogen vans are entering mass production. On the other hand, it probably doesn’t matter, as better-integrated competitors are in a stronger position right now and H2 Energy’s large project is progressing in Denmark. Competition is heating up, and Everfuel is likely one of the losing companies, especially given the difficult situation in the financial markets.
I doubt the viability of the new strategy. Hydrogen production is a game for the big boys. I suspect Everfuel will be backed into a corner as a small player in this sector.
That’s that. Meh.