Hydrogène de France Energy (HDF Energy) has raised €132m ($156m) in a recent IPO that will help develop its first factory for utility-scale (1MW+) fuel cells using PEM technology.

Raising the funds in its first public offering, HDF said that this will help maintain its forefront position in investing in research and development to enhance the performance and reliability of its fuel cells.

HDF also said that the IPO will support an acceleration in the development of HDF Energy’s power plants and continue its international expansion in addition to being able to invest in the equity of the projects.

The IPO is the second largest of a cleantech company in the Euronext Paris markets in the last 10 years, the group has stated.

Damien Havard, Chairman and CEO of HDF Energy, said, “This IPO has given the company the funds it needs to step up its development in the hydrogen-power market, which is booming worldwide.

“A global pioneer in the sector, HDF Energy intends to leverage the strategic positions already acquired to become a leader in the development of continuous or on-demand power plant projects based on hydrogen and renewable energies.

“The strategic partnerships signed with Rubis and Terega Solutions, which will both be shareholders of the company after the IPO, bear witness to the relevance of our vision and will help drive our future development.”