Uber invests in Parisian hydrogen taxi firm

International taxi and ride-hailing company Uber has made an undisclosed investment in a French hydrogen mobility firm which operates a fleet of hydrogen-powered taxis in Paris.

The move could see Hysetco’s hydrogen-powered cars comprise one in five of Uber’s For Business taxi fleet by the end of 2026, with nearly 2,000 of the vehicles consolidated into the ride-hailing app-based convoy over the next five years.

The investment comes as a convertible loan – a hybrid financing tool where investment is expected to be repaid in equity rather than cash.

According to the pair, this will support Hysetco’s growth and bolster Uber’s service.

Hysetco says it has operated a hydrogen vehicle rental and management service which has covered over 90 million miles since 2021.

Laureline Serieys, General Manager of Uber in France, said that Uber’s investment strengthens the position of hydrogen for intensive, large-scale deployment in mobility.

“The infrastructure is in place, the vehicles are available, and the demand is there. Uber’s commitment to our side is a very positive and decisive step,” he added.

While hydrogen vehicles offer fast refuelling and long ranges with zero tailpipe emissions, many criticise them due to efficiency losses in converting electricity into hydrogen and back again.

Battery electric alternatives have generally taken the lead when it comes to passenger vehicles, while the wider hydrogen mobility market has narrowed in on heavy-duty transport as a favoured end use.

It comes less than a year after former Parisian hydrogen taxi firm Hype announced it would pivot to all electric car, citing high grey hydrogen costs from a limited range of suppliers, despite having deployed over 700 taxis and 10 hydrogen refuelling stations.