Total buys into French hydrogen taxi owner Hysetco

French oil and gas major Total SA (EPA:FP) has purchased a 20% stake in domestic hydrogen taxi fleet and fueling station owner Hysetco in a move that supports its transformation into a broad-energy company.

Financial details about the acquisition were not announced in Total’s press release on Wednesday.

Paris-based Hysetco was set up in 2017 and later became a joint venture of France’s Air Liquide, Idex, Societe du Taxi Electrique Parisien (STEP) and Japan’s Toyota to develop hydrogen mobility in the Paris region. Clean energy investment manager Kouros Group is also among the company’s shareholders.

At present, Hysetco owns the largest fleet of hydrogen taxis globally, operating in the Ile-de-France region under the Hype brand. The company has around 700 taxis in Paris, most of which currently run on diesel but will be replaced by hydrogen-fuelled ones by 2024.

As part of the acquisition, Total said it will make its hydrogen service-stations available to Hysetco, supporting its goal to expand its network of hydrogen fuelling stations in the coming years

“This acquisition is a concrete commitment and an acceleration for Total in hydrogen mobility,” said Patrick Pouyanne, CEO of Total.

The French oil and gas group in February announced a plan to change its name to TotalEnergies to reflect its transformation into a broad energy company.

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