FR: "The hydrogen sector is virtually at a standstill, apart from SAFs and refineries" (A. Martinez, H2V)

How would you sum up 2025 for H2V?

2025 was the year when the partnership with Hy2gen, which has technical and operational expertise in synthetic fuels, took shape, with a view to the H4 Marseille Fos project in Fos-sur-Mer (Bouches-du-Rhône). We signed the creation of the joint venture in April 2025, which will accelerate the project. This is in line with the conversion of our Thionville project (Moselle), where large quantities of biogenic CO2 are available, from hydrogen to e-methanol production in 2024.

By contrast, the industrial decarbonisation project with ArcelorMittal in Dunkirk (Nord) has been put on hold. This pause is fairly representative of the difficulties faced by hydrogen players. There are only two sectors where progress is being made: hydrogen supply for refinery decarbonisation, and sustainable synthetic fuels for aviation. Beyond that, the sector has stalled. Mobility has fallen off the radar. There are still a few buses in some municipalities, but even Dijon (Côte-d'Or) has stopped its fleet project.

There is a lot of discussion around the bankruptcy of McPhy and its electrolyser project, but also around Hype hydrogen taxis abandoning this solution because hydrogen is too expensive, in favour of electrification. This is a serious setback.

The sector is in deep crisis and almost at a standstill, apart from a few niche applications. In the short term, I do not see outlets for hydrogen other than synthetic fuels and refining, and I do not believe it will be a way to decarbonise industry, except for refineries.

Are you more optimistic about the medium-term situation?Players have placed too much hope in hydrogen and are now confronted with the reality of the figures. I do not think mobility prospects will return, even in the medium term. For industry, there will be decarbonisation obligations, but that assumes the price of decarbonised hydrogen falls sharply to €2 to €3/kg.

Price is the core issue. It needs to come down either through technological progress or lower electricity prices. But technically, I do not see how prices can be reduced enough for hydrogen to be adopted by industry. Decarbonisation obligations will act as an incentive for refineries, aviation and, to a lesser extent, shipping. The price of e-SAF is ten times higher than that of paraffin, but the penalties are so high that companies will comply.

We need to be pragmatic and focus on niche applications.

For European industry, the equation is different, because manufacturers are already struggling to survive even before decarbonising. It would therefore be difficult to add further penalties. This was what the EU initially envisaged, but the economic context is no longer the same as in 2021. Today, we are facing overcapacity and low-cost Chinese and US products. CBAM could play a role, but for that it needs to fix every leakage issues and possibilities, which is very complex to implement.

In addition, there is a lack of projects because decarbonised hydrogen is too expensive in Europe, so we cannot rely on volume and scale effects to bring costs down. There is a structural cost issue, even with subsidies, and ArcelorMittal or Imerys no longer want to take hydrogen-related investment decisions, despite the hydrogen support mechanism. To drive decarbonisation, incentive-based regulation is needed first. This is the case for refining and e-SAF in the short term. Shipping will also be affected, but later, after 2025.

We need to be pragmatic and focus on niche applications to gradually bring costs down, but this will take time.

What are H2V’s main strengths in weathering the hydrogen crisis?

Alain Samson, H2V’s founder, passed on an entrepreneurial culture shaped by tight resource constraints. Today, there are around ten of us in the company, reflecting the difficult context for hydrogen. Our resources have always been limited, which has pushed us to make the most of what we have. This mindset has made us more resilient and adaptable.

Our technical capabilities are also strong. For example, we were the first to apply for operating licences. We have applied for and obtained two 200 MW operating licences in Normandy and Dunkirk, and two further projects are under preliminary study in Fos-sur-Mer and Thionville (Moselle).

Our role as a developer will evolve. In the case of Normand’Hy, we secured the land, managed the public consultation and took the project through to the operating permit before selling it to Air Liquide. For Fos-sur-Mer, our intention is to go all the way through construction and operation in partnership with a major group. With this kind of feedback, our aim is to be more relevant in the projects we develop.

What progress has been made on the hydrogen production project in Fos-sur-Mer since the joint venture was signed in April 2025?

The H4 Marseille Fos project dates back to 2021. H2V’s founder, Alain Samson, wanted to position the company in areas with high industrial CO2 emissions, namely Normandy, Dunkirk and Fos-sur-Mer. He therefore secured land on the Grand Port Maritime de Marseille site. Initially, the goal was to decarbonise chemicals, industry and possibly refineries. But we quickly realised that decarbonising industry and refineries would not happen as we had imagined.

Anticipating this, H2V refocused on synthetic fuels for aviation and shipping. This shift began in 2023. At the time, there was an e-methanol component in the H2V Marseille Fos project, which did not materialise, so we changed direction.

Meeting the needs of French airports by 2030

The initial plan was to produce 600 MW of hydrogen in two phases. We then moved to an e-methanol project to decarbonise shipping, notably in discussions with CMA CGM. However, the cost of e-methanol in Europe remains too high for shipowners. At the end of 2023 and beginning of 2024, we therefore refocused again on synthetic fuels and signed a partnership with Hy2gen.

For e-SAF production, the plan is to produce 300 MW of hydrogen, then 210,000 tonnes of e-methanol, followed by 75,000 tonnes of e-SAF, using the methanol-to-jet process. This would cover the needs of French airports by 2030 and one fifth of those needs by 2035. Fos-sur-Mer is the most suitable location because of its large volumes of biogenic CO2, its networks supplying the airports of Nice, Geneva and Lyon, as well as airports in Germany and the Netherlands, and its capacity to export by ship to the Iberian Peninsula.

Today, 25 people from Hy2gen and H2V are working on the project’s pre-study phase, representing 14 full-time equivalents. The objective is to move to the FEED stage at the end of 2026, reach a final investment decision in the first half of 2028, and start production at the end of 2030 or in early 2031.

How does this project fit into the regional context?

We have a strategic partnership with Marseille Provence Airport, which we hope will eventually involve capital. The aim is to explore how local airports can benefit from a share of our e-SAF, given that Paris Charles de Gaulle currently accounts for most e-SAF volumes. We are also in discussions with the airports of Nice and Lyon on how they could access the fuel, even though fuel suppliers are the buyers of paraffin. The presence of our plant in Fos-sur-Mer will help airports in south-eastern France remain competitive.

We also have the support of elected officials, particularly the mayor of Fos-sur-Mer, and we are looking at options for regional subsidies. Local representatives understand that this is an important project for competitively decarbonising air transport in southern France. Our challenge now is to increase our visibility, including at European level.

What have been the main difficulties encountered in the projects you are managing?

Land availability is critical. At Marseille-Fos, for example, we have secured 46 hectares. Anticipating this issue, we positioned ourselves in three strategic ports: Marseille-Fos, Dunkirk and Le Havre, where the project was sold to Air Liquide. In Le Havre, we are now seeing a shortage of land to develop a new e-SAF project.

On the regulatory side, although RefuelEU Aviation and RefuelEU Maritime support SAF, there are still uncertainties because of review clauses scheduled for 2027. As a result, no final SAF investment decisions will be taken before then. These clauses create uncertainty, which is what manufacturers fear most. In addition, market mechanisms and compensation schemes for SAF still need to be clarified.

The availability of land is crucial

For now, the idea is, for example, to require airports to source SAF from nearby plants by 2035. I do not think this is feasible, and it does not have the same implications as producing remotely and transporting the fuel. Our choice of Marseille-Fos is deliberate. The site is well connected by pipelines, offers storage capacity, and allows production to be exported by ship. All of this opens up a wide range of opportunities.

What are H2V’s main strategic objectives for 2026?

We will push ahead with the Fos project by filing for a permit in September 2026 and moving to FEED at the end of 2026. At the same time, we aim to advance the Thionville project so that a permit application can be filed by the end of the year.