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Eodev raises 46 million euros to accelerate the development of its hydrogen generators

EODev has just completed a fundraising of 46 million euros.

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Eodev raises 46 million euros to accelerate the development of its hydrogen generators

EODev has just completed a fundraising of 46 million euros. The funding round is led by TiLT Capital Partners (Siparex Group), accompanied by Supernova Invest, CapHorn PULSE, the CMA CGM Energy Fund, as well as the group's historic shareholders. This fundraising is intended to finance the development of EODev. Created in 2019, the start-up is a subsidiary of Energy Observer, known for having developed a laboratory boat capable of producing its own hydrogen.

“The technologies made in France that EODev develops and markets are fully in line with the national hydrogen strategy led by the government since 2018, and which has dedicated 9 billion euros to the development of hydrogen equipment manufacturers and users. It is with projects like that of EODev that France will become a world leader in hydrogen,” greets Roland Lescure, the Minister of Industry.

EODev manufactures and markets electric generators running on a hydrogen fuel cell. These generators replace traditional diesel generators in many uses. The young company initially targeted the events market, a traditional user of generators, whether to supply electricity to an off-grid event or to secure its electricity supply. Quickly, new types of customers appeared, notably site managers. In an urban environment, for example, replacing a diesel generator with one that runs on hydrogen makes sense: they are silent and non-polluting. There are many uses, to provide backup energy during maintenance work on the electrical network or to replace the diesel generators usually used in data storage centers, which cannot afford to suffer power outages. This switch from diesel to hydrogen significantly reduces users’ carbon footprint.

The start-up has also developed a generator model intended for ship propulsion and life on board. Here again, the decarbonization of activity is the main advantage of these generators.

Led by Jérémie Lagarrigue under the presidency of Thierry Best, who succeeded founding partner Victorien Erussard in the summer of 2023, EODev, today an independent company, employs 90 people. The company claims “significant growth, going from 4 generators delivered in 2021 to more than a hundred units sold worldwide in 2023”. It recently entered into a partnership with Toyota Australia, which became EODev's first franchisee to assemble and sell generators in this region. International development continues for the French company which already covers 25 countries.

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