HVR Energy secures €20 million to accelerate the rollout of its hydrogen refuelling network in Spain

• Sandton leads the transaction with €15 million, alongside Barents Re and Langur.
• The round values HVR Energy at €100 million before the capital increase and brings the total financial resources mobilised by the company to more than €53 million.

HVR Energy (Hidrógeno Verde Renovable, S.L.), a Spanish operator specialising in hydrogen refuelling infrastructure, has closed a €20 million Series A funding round to accelerate the rollout of its hydrogen refuelling network in Spain.

The transaction was led by Sandton, which committed €15 million, with Barents Re investing €3 million and project sponsor Langur contributing €2 million. The round was completed at a valuation of €100 million before the capital increase, bringing the company’s post-money valuation to €120 million.

With this new investment, HVR Energy has mobilised more than €53 million in financing since 2025 to support its expansion. The transaction strengthens HVR Energy’s ability to execute its roadmap at a time when infrastructure deployment remains one of the necessary conditions for expanding the use of hydrogen in mobility.

Capital to accelerate network rollout

The Series A funds will be primarily allocated to accelerating the deployment of new stations across Spain, expanding the geographical coverage of the network, and strengthening HVR Energy’s technical and operational capabilities.

HVR Energy aims to reach 75 operational stations in Spain by 2030. The company commissioned its first station in Coslada (Madrid) in 2023 and has since focused on developing a network serving both professional fleets and hydrogen-powered light-duty vehicles.

One of the main barriers to the expansion of hydrogen mobility is precisely the availability of refuelling points. Without a sufficiently extensive network, manufacturers, operators and transport companies face greater difficulties in incorporating this type of vehicle.

The new financing will enable HVR Energy to bring forward the deployment of this infrastructure and help create the conditions required to accelerate the adoption of hydrogen as a mobility alternative.

A model designed to grow with demand

HVR Energy has developed its model around modular, compact and scalable infrastructure designed to integrate into existing sites and grow as demand increases. The company aims to address one of the market’s main challenges: deploying infrastructure before mass demand exists without taking on the cost and complexity of oversized installations from the outset.

This approach can reduce CAPEX by up to 75% and OPEX by up to 85% compared with conventional solutions, with an approximate footprint of 20 m² and an operating power requirement of 15 kW. These characteristics make it possible to adapt investment to the actual pace of adoption and accelerate the addition of new refuelling points to the network.

The objective is therefore to progressively build a connected and scalable network of refuelling points providing coverage across transport corridors and strategic nodes. With the new financing, HVR Energy aims to strengthen its execution capabilities and consolidate its position within the European hydrogen ecosystem.

A regulatory framework increasing the need for infrastructure

The funding round comes at a time of regulatory transformation for European transport. The deployment of alternative fuels infrastructure under AFIR, the transposition of RED III and the future implementation of ETS2 are creating an environment in which emissions reduction and the use of renewable fuels are becoming increasingly important.

For HVR Energy, this regulatory framework reinforces the need to deploy infrastructure ahead of demand. The company sees hydrogen as a complementary solution to battery electrification, particularly in transport operations where range, high utilisation rates, downtime requirements or limitations in available electrical power constrain other alternatives.

“The closing of this Series A round validates our thesis: infrastructure is a necessary condition for hydrogen to become a real mobility alternative. This round gives us the capacity to accelerate deployment and move from a pioneering phase to a scaling phase. Our objective is to build the network before the lack of infrastructure becomes a barrier for manufacturers, operators and fleets. With more than €53 million in financing mobilised and a roadmap to reach 75 stations by 2030, we want to enter the market acceleration phase with the infrastructure already in place,” says Luis Felipe Suarez-Olea del Arco, Chairman of HVR Energy.

The transaction has been covered by a number of business and specialist media outlets. You can view some of the coverage below:

Forbes – EuropaPress – Mundo Petróleo – Demócrata – IndustriaAmbiente