New York-based Micromobility.com, a company that claims to be a leader in sustainable urban transportation, announced that it has signed a Letter of Intent (LOI) with Atlas Special Opportunities regarding Hopium.
The LOI outlines a potential deal where Micromobility.com could become a significant long-term shareholder of Hopium, a European hydrogen fuel cell engineering company.
If definitive documents are signed, Micromobility.com intends to invest up to $15M in Hopium in the form of a shareholder loan. This investment is aimed at accelerating Hopium’s R&D efforts, fostering its growth, and contributing to a greener future in micro-mobility solutions.
Micromobility.com is considering purchasing $3M worth of Hopium Convertible Bonds. This investment aligns with the booming global micromobility market, expected to reach $109.9B by 2028, growing at a rate of 16.5 per cent annually between 2023 and 2028.
A strategic collaboration
Micromobility.com’s partnership with Hopium signifies a major breakthrough in micro-mobility innovation. Hopium, a leader in hydrogen fuel cell engineering, is renowned for its expertise in creating compact, high-performance fuel cells tailored for micro-mobility.
This collaboration highlights a significant step forward in developing sustainable transportation solutions, leveraging the potential of hydrogen fuel cells for eco-friendly mobility.
Hydrogen has become a vital player in today’s mobility sector, serving as a clean and adaptable alternative to fossil fuels. Its compatibility with renewable energy sources and significant investments are solidifying its position in the green-driven economy, marking a significant shift in the energy landscape.
Hopium, led by CEO Sylvain Laurent, targets TRL 6 certification by April 2024, a significant step for industrialising and selling its patented hydrogen tech.
Since Laurent took over in early 2023, Hopium has shifted its focus to fuel cell technology development. This change led to a governance restructuring aimed at cost optimisation.
The potential of hydrogen in micro-mobility
Micromobility.com has expressed interest in integrating hydrogen technology into micro-mobility solutions, as indicated by a non-binding LOI signed on October 11, 2023.
This strategic move is part of the company’s efforts to reduce carbon footprints, foster innovation, and offer environmentally friendly transportation options within the rapidly expanding micro-mobility sector, which includes electric scooters and bikes.
Salvatore Palella, CEO Micromobility.com says, “I believe hydrogen reduces everyone’s reliance on imported fossil fuels, leading to reduced trade deficits for some countries and enhanced energy independence. Also, Hydrogen fuel cells have a far greater energy storage density than lithium. That’s why it makes sense to invest in Hopium.”
Micromobility.com is demonstrating a commitment to sustainability by considering a partnership with Hopium. The collaboration aims to leverage Hopium’s technology to expedite the development and global implementation of eco-friendly transportation solutions, underscoring Micromobility.com’s dedication to reducing carbon emissions.
Brief about Micromobility.com
Founded by Salvatore Palella in 2015, Micromobility.com is a pioneering force in the micromobility sector.
Operating in the US and Europe, the company claims to revolutionise urban transportation through shared services, vehicle rentals, and e-commerce.
Their subsidiaries, including Helbiz Inc. and Wheels Labs Inc., provide eco-friendly and affordable micromobility solutions.