Participated · Equity · Sep 2020

EODev was created in 2019 as a subsidiary of Energy Observer. The group is linked to Energy Observer’s laboratory vessel, which is known for producing its own hydrogen. EODev is positioned to develop technologies to better compete with diesel powertrains. The company has just completed a significant fundraising to support that development. The raise will be deployed to finance EODev’s continued growth and product development. No operating metrics or revenue figures were disclosed in the article. EODev (Energy Observer Developments) develops zero-emission hydrogen energy systems, including the REXH2 maritime hydrogen power solution and the GEH2 stationary generator, integrating Toyota's modular fuel cell technology. The company positions itself to design, assemble and distribute these systems at industrial scale and to accelerate deployment of hydrogen applications. EODev validated its technology on the Energy Observer boat, the world's first hydrogen-powered vessel capable of producing hydrogen on board, with Toyota integration in early 2020. EODev and Toyota have collaborated since 2017, beginning with Toyota France sponsoring the Energy Observer and progressing to joint product development. Toyota Motor Europe's recent capital investment and shareholder status is presented as a strategic step to accelerate industrialization and wider deployment of EODev's hydrogen solutions. EODev develops and commercializes hydrogen-based energy systems for maritime, river and stationary applications. Its product portfolio includes medium-power hydrogen power generators (GEH2®), on-board hydrogen energy systems (REXH2®) for propulsion and hotel loads, and mobile floating hydrogen refueling stations (STSH2) for production and distribution of green hydrogen. The company also provides energy mix optimization services through its Energy Designer consulting department. EODev was created in March 2019 and is based in Saint-Malo; it grew out of R&D conducted aboard the Energy Observer vessel, which has covered some 30,000 nautical miles since 2017. A seed round in mid-2019 enabled the firm to set up operations, sign initial contracts and design prototypes. To accelerate industrialization and commercialization of its technologies, EODev closed a first funding round totaling €20 million, positioning itself among innovative players in France's hydrogen industry. The company says this financing and backing from partners will help it contribute to national hydrogen ambitions under the France Relance plan.