De Gaulle Fleurance advised EODev on its €46 million fundraising led by TiLT Capital Partners

A leader in the design and manufacturing of zero direct emission hydrogen fuel cell power generators, EODev welcomes TiLT Capital Partners, a VC of the Siparex Group specializing in the energy transition, to its capital, together with Supernova Invest, CapHorn and PULSE, the CMA-CGM energy fund, in order to finance its development plans. Existing shareholders also take part in the operation.

Launch in 2019, EODev revolutionizes the market of traditional gensets thanks to its clean and silent electric power generators operating with a hydrogen fuel cell. The company designs, manufactures and markets a model intended for land-based applications (the GEH2^®), suitable for both stationary and mobile uses, as a backup solution or as a main source of energy when the electrical network is non-existent or fails to supply enough power. EODev also offers an onboard marinized version (the REXH2®) intended to power propulsion and systems on board ships without polluting emissions.

Led by Jérémie Lagarrigue under the presidency of Thierry Best, who succeeded founding partner Victorien Erussard in the summer of 2023, EODev owes its origin to the Energy Observer company, known for its pioneering expeditions with its autonomous energy laboratory catamaran, which has been sailing around the world without polluting emissions for more than seven years. EODev is today an independent company, supported by leading shareholders such as the Accor, Amfil, Thélem assurances, Monnoyeur, and Toyota groups.

EODev currently relies on a team of more than 90 people scattered across three sites in Issy-les-Moulineaux (92), Montlhéry (91) and Lyon (69), and on a network of more than 50 suppliers established throughout France. The company is experiencing significant growth, going from four power generators delivered in 2021 to more than a hundred units sold worldwide in 2023. A major partnership has also just been signed in Oceania with Toyota Australia, which has become the first EODev franchisee to assemble and sell GEH2^® in this region.

The French company, whose power generators are already distributed in 25 countries, thus furthers its development. The fundraising led by TiLT Capital (Siparex Group) will enable EODev to strengthen its leading position in the hydrogen fuel cell power generators market by financing its investment program, the expansion of its product range and the acceleration of its commercial development.

The TiLT Capital Fund 1, whose aim is to support the development of companies in acceleration phase by providing its expertise in the energy sector and supporting the implementation of ESG policies, is making here its 6th investment. It is supported in this operation by two financial investors, Supernova Invest and CapHorn, as well as by industrialist CMA-CGM via PULSE, its VC dedicated to investments in the energy sector, and the existing shareholders of EODev.

De Gaulle Fleurance (Jean-Christophe Amy, partner, Charlotte Hébert-Salomon and Brice Mathieu, senior counsels, Adeline Planckaert and Jordan Le Gallo, associates) advised EODev in this transaction, and in negotiating the partnership with Toyota Australia.

“We are honored to have accompanied EODev in this strategic fund-raising operation. Its success testifies how strongly EODev is committed to energy innovation. This fruitful collaboration contributes to the transition towards cleaner, more sustainable energy solutions”,

explain Jean-Christophe Amy, Charlotte Hébert-Salomon and Brice Mathieu, lawyers at De Gaulle Fleurance.