Hydrogen infrastructure advances: HDF Energy’s H1 2025 results and global project milestones

On 18 September 2025, HDF Energy rolled out its half-year results, and you know what? They’ve held their ground in a tough market while keeping green hydrogen projects moving full steam ahead in Barbados, Indonesia and Guyana. Sure, the bottom line shows a net loss of €6.6 million – foreign exchange swings didn’t help – but the company’s doubling down on industrializing high-power fuel cells and scaling its Renewstable® hybrid setups tells you they’re playing the long game in the race for decarbonization and energy security in emerging markets. And though revenues sit at a modest €0.4 million, that number doesn’t capture the serious operational strides and solid support they’ve got from European and French backers.

What’s lighting the fire under HDF Energy’s plans?

It really boils down to two pillars: cutting-edge high-power fuel cells and the Renewstable® concept. These multi-megawatt beasts take hydrogen and turn it into electricity through an electrochemical dance, spitting out nothing but water vapor. Pair that with solar panels or wind turbines, tuck away surplus energy as hydrogen, then fire up the fuel cells when the sun goes down or the wind calms – and bam, you’ve got reliable, dispatchable green power. It’s a marriage made in renewable energy transition heaven, especially for remote islands or off-grid communities that can’t simply flip a switch to a mega-grid. This isn’t yesterday’s tech, either. HDF’s been at it since 2012, honing stack durability and nailing system integration, with an eye on heavy-hitting uses like maritime vessels and rail networks where uptime is non-negotiable.

• Revenues: €0.4 million in H1 2025, mostly from consulting gigs and ongoing project work
• Net loss: €6.6 million, thanks largely to US dollar currency headwinds
• Headcount: Steady, after last year’s hires to boost expertise in electrolyzers and fuel cells
• Cash position: Tightly managed, aiming for breakeven soon with consultancy revenues filling the gaps

Damien Havard, CEO of HDF Energy, put it best: “We’re pushing ahead on multiple continents, proving that hydrogen can be a practical backbone for clean power—today, not just tomorrow.”

Could hydrogen reshape energy across islands and beyond?

Here’s a quick look at what’s happening on the ground:

• Barbados: The Renewstable Barbados project just secured its operational license, a major win for green hydrogen projects in the Caribbean. By blending solar panels, wind turbines and fuel cells, this plant will kick diesel generators to the curb and offer the locals a cleaner, steadier power supply.
• Indonesia (Sumba): HDF’s Sumba initiative is now part of Indonesia’s Multiannual Electricity Plan. That green light means hydrogen can shore up local solar farms on an island of nearly 7.7 million people, tackling both energy access and grid stability head-on.
• Guyana: Over in South America, the 10 MW Central Essequibo (CEOG) plant is humming along on schedule with commissioning slated for mid-2026. Once up and running, high-power fuel cells will replace aging gas turbines, helping Guyana build a more sustainable energy backbone.

Powering partnerships: EU and Bpifrance backing

None of this momentum happens in a vacuum. On one side, the European Commission threw its weight behind HDF Energy via the Important Projects of Common European Interest (IPCEI) scheme, underwriting fuel cell rollouts for heavy transport. That’s a clear signal: hydrogen infrastructure is a core piece of Europe’s decarbonization puzzle. Meanwhile, on the home front, Bpifrance is wrapping up a financing package to fire up HDF’s industrial excellence center and boost its advanced manufacturing lines in France. While that capital isn’t yet on the books, it’s crucial for scaling up production and cementing HDF’s spot in the global hydrogen supply chain.

Mix EU grants with French public bank loans, and you’ve got a relatively steady runway—even if macroeconomic and political uncertainties keep popping up back home.

Why this matters: Beyond cleaner electrons

Getting serious about hydrogen isn’t just about cutting carbon at the plant. The ripple effects are huge:

1. Environmental impact: Zero carbon emissions on-site, fully integrated with renewable sources.
2. Energy security: Remote islands and regions can wean off volatile fossil fuel imports.
3. Economic growth: New technical roles, from plant operators to R&D specialists, pump life into local economies.
4. Scalability: Modular fuel cell designs let you expand capacity or swap in greener hydrogen feeds as they become available.

In markets that rarely make headlines, HDF’s projects send a clear message: hydrogen isn’t a fringe idea—it’s a scalable solution. By closing power gaps in places like Barbados and Sumba, HDF Energy is helping democratize access to reliable electricity, while big industrial players start eyeing similar setups for shipping, heavy-duty transport and rail.

Where do we go from here?

Next up, HDF Energy’s laser-focused on hitting breakeven, riding out currency fluctuations and fine-tuning project timelines. They’ve eased up on the €100 million revenue target for 2027—pushing it back a bit due to construction snags—but insiders say that’s more strategic recalibration than cause for alarm. As more Renewstable plants flip the switch and CEOG comes online in mid-2026, HDF will shift gears from developer to full-fledged power producer. Over the next year, watch for the Bpifrance financing to close and HDF’s industrial excellence center to launch in France. Those moves should supercharge manufacturing capacity, drive down unit costs, and set the stage for even more competitive hydrogen solutions worldwide. With global demand for green hydrogen projects about to soar, we’re really just scratching the surface of what high-power fuel cells can deliver.