Atawey raises €22m to ramp up hydrogen refuelling station rollout across Europe
France’s Atawey has raised €22 million to accelerate production and deployment of its hydrogen refuelling stations across Europe, as the company targets profitability by the end of 2025.
The new equity funding round includes contributions from existing backer Starquest, industrial firm ARMOR GROUP, the French government via France 2030, and the Auvergne-Rhône-Alpes Region’s Industry Future Fund.
The company says the investment will allow it to scale its manufacturing output, strengthen its European presence, and expand its suite of services – including station operations, maintenance and training.
“We want to be the go-to partner for regions and industries committed to hydrogen mobility and decarbonising their operations,” said Jean-Michel Amaré, Atawey’s co-founder and president.
51 stations and counting
Based in the French Alps, Atawey has so far deployed 51 hydrogen stations – including 39 dedicated to road mobility – and operates two production sites with an annual output capacity of 80 stations. Its modular units have already been installed in France, Italy, Spain and the Benelux.
The firm says it is now seeing strong commercial momentum, with a €30 million order pipeline from clients including HYmpulsion, Hynamics, GCK Energy, and Brétéché-Groupe Avia Picoty.
Revenue reached €18 million in 2024 – up 113% year-on-year – and Atawey is now aiming to reach positive EBITDA within the next 18 months.
According to investor Starquest, that would make it the first European hydrogen station firm to achieve operational profitability.
Industrial backing and sovereign tech
Atawey has positioned itself as a French hydrogen infrastructure champion, leaning on local manufacturing and a modular platform designed to meet evolving regulation and market needs.
The company also runs an in-house training centre, the Atawey Academy, to upskill partners and clients.
Support from state-backed investors and legacy industrial firms reflects growing interest in supply-side hydrogen mobility.
“Compared to competitors, Atawey has demonstrated an ability to minimise CAPEX through a product line strategy aligned with real-world demand,” said Starquest co-founder Emmanuel Gaudé.
ARMOR GROUP CEO Hubert de Boisredon added that the investment complements the company’s battery film business, saying it’s a move “to foster industries with both environmental and economic impact.”
Growing fast, in a slow market
Despite what the company calls a “challenging market” – a nod to policy uncertainty and sluggish infrastructure rollout – Atawey is bullish about future demand, especially in heavy-duty and off-road sectors.
Its latest strategy focuses on three pillars: expanding across Europe, developing full-lifecycle station services, and optimising production at its Chambéry and Grenoble sites.
Hydrogen station deployments across Europe have lagged targets in many countries, but Atawey’s recent momentum – and its backers’ confidence – suggest the tide may be turning.
“By the end of 2025,” said Gaudé, “Atawey could become the first European hydrogen player to reach operational profitability.”
If so, it will have done it with French-made stations, a lean cost base – and a lot of driving to do.
