Credit Agricole unit invests EUR 1.2bn in hydrogen cars

The consumer finance unit of French bank Credit Agricole SA (EPA:ACA) will invest EUR 1.2 billion (USD 1.12bn) to purchase hydrogen cars vehicles as part of its commitment to green mobility.

The Paris-based lender said on Saturday that Credit Agricole Consumer Finance has signed a memorandum of understanding (MoU) to buy 10,000 hydrogen cars from domestic manufacturer Hopium. The order is provisional and concerns the Hopium Machina sedan model. The concept car, currently on display at Porte de Versailles at the Auto Show, will be produced from 2025.

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Hopium will deliver the automobiles within programmes for private and professional customers through the Agilauto, a wholly-owned subsidiary of Credit Agricole Consumer Finance that specialises on automobile sales.

As part of the arrangement, the hydrogen car maker will recommend Credit Agricole Consumer Finance's financing offers to its individual and professional clients.

Credit Agricole Consumer Finance is a consumer credit provider operating in 19 countries. It is serving around 15 million customers with personnel totalling 9,900 people.

(EUR 1.0 = USD 0.984)