French Hopium raises new capital in push to market hydrogen luxury car

August 24 (SeeNews) – French premium hydrogen-fuelled automobile manufacturer Hopium SA (EPA:MLHPI) said on Tuesday that it has raised EUR 6 million (USD 7m) from a limited circle of investors so as to finalise the development of its prototype luxury car ahead of going to market.

Hopium issued 272,728 new shares, representing 2.17% of its share capital, at EUR 22 apiece. The company had originally intended to sell a maximum of 300,000 units.

The price represents a discount of 18.5% on Hopium's close on July 30, the last trading day before the issuance was announced in early August. The capital increase was carried out without preferential subscription rights for shareholders.

Founded in 2019 by former racing driver and Le Mans winner Olivier Lombard, Hopium in June unveiled Alpha 0, the prototype of its luxury sedan Hopium Machina, and opened the order books for the first 1,000 vehicles. Lombard is at the helm of the company and owns 55.13% of it, bourse data shows.

The latest deal comes after Hopium completed a EUR-5-million capital increase in February.

The French hydrogen automaker has said that it aims to produce Hopium Machina on an industrial scale, with further developments expected in the first quarter of 2022.

Shares in Hopium were trading 0.7% higher at EUR 29 on Tuesday afternoon, implying a market capitalisation of around EUR 356.3 million.

(EUR 1 = USD 1.172)

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