(News Bulletin 247) – In receivership, the young French company intends to find support from the American company Micromobility.com which “considers becoming a long-term shareholder of Hopium”. The stock is soaring on the Paris Stock Exchange, however starting from very, very low.

Micromobility.com, a company listed on the Nasdaq specializing in light urban transport modes, “considers becoming a long-term shareholder of Hopium”, this French start-up, which has been in receivership since July, said on Tuesday.

Hopium, which wants to produce cars using hydrogen, “has been informed of the signing of a letter of intent between Atlas Special Opportunities”, an investment fund which has been a shareholder of Hopium since its placement in receivership at the end of July, “and Micromobility.com,” it said in a statement.

Through this agreement, “Micromobility.com would become a long-term shareholder of Hopium” via the purchase of convertible bonds, specifies the start-up, whose share was worth 0.12 euros at the close of the Paris Stock Exchange ( -98.26% since January 1). This “would allow Hopium to benefit from the financial and strategic support of an expert in sustainable mobility and micromobility”.

This Wednesday, Hopium shares rose to 0.15 euros, gaining 25%. The extent of this increase is due to low liquidity and a valuation that has become microscopic (2.35 million euros).

This news comes three months after Hopium was placed in receivership by the Paris Commercial Court for an initial period of six months (until January 2024), due to significant financial difficulties.

A door to the North American market

In 2022, its losses amounted to 23.9 million euros – compared to 8 million in 2021 -, linked in particular to the recruitment of 116 new employees, according to the company. Despite several capital increases last year for a total of 4.1 million euros, the company posted negative equity as of December 31, 2022 (-10.4 million euros) and cash flow also in the red , at -1.3 million euros.

“Micromobility.com would not only be a new investor, but a partner who would give us visibility in the United States,” said Hopium CEO Sylvain Laurent.

The two companies have also “started discussions with a view to a possible financial and strategic partnership”, Hopium hoping that Micromobility.com “will open up the North American market for new low-carbon mobility, which should represent around 198 billion dollars in the world in 2030.

The American company, whose shares were worth $0.041 at the close on Tuesday evening (-99% since January 1), hopes to “benefit from a completely carbon-free solution to differentiate itself in a growing market”, particularly via the fuel cell technology promised by Hopium.

In April, Hopium announced that it was focusing on the development of this battery technology, postponing its plan to market its Machina, presented as the Tesla of hydrogen, which was initially scheduled for release in 2025.

(With AFP)