€20m · Series A · Energy · Madrid, Spain
Madrid-based HVR Energy has raised a €20m Series A to expand its hydrogen-refuelling network across Spain. Sandton led the round with €15m, while Barents Re invested €3m and project sponsor Langur contributed €2m, according to HVR Energy's announcement.
The company says the transaction values it at €100m before the capital increase and €120m afterwards. HVR will use the new equity to open stations, widen geographic coverage and strengthen its technical and operating capacity. It opened its first station in Coslada, near Madrid, in 2023 and is targeting 75 operating sites in Spain by 2030.
HVR builds modular hydrogen stations intended for integration into existing service locations and staged expansion as demand develops. The network is designed for professional fleets as well as light vehicles, addressing a coordination problem in hydrogen mobility: vehicle operators need reliable refuelling before adopting the technology at scale, while station economics depend on enough repeat demand.
Modular deployment reduces the size of each demand bet
A modular station does not remove demand risk, but it can change how HVR takes that risk. By adding capacity in steps and using existing sites, the company can avoid committing the full cost of a large facility before local vehicle use is proven. The commercial test is therefore not the announced number of sites alone; it is whether each opening can build recurring fleet throughput and justify later expansion.
HVR has already combined equity with project finance and public support. In 2025, Spain's Instituto de Crédito Oficial provided up to €7m in financing alongside a €4.2m European grant for 20 stations on the TEN-T transport network. A separate agreement with H2Duero links the network to renewable-hydrogen production, compression and loading in Soria.
That capital stack gives HVR more deployment capacity than the Series A alone, but execution remains physical and site-specific. The milestones that matter are stations commissioned, dependable fuel supply and utilisation by fleets. Reaching 75 operating sites by 2030 will require those pieces to advance together rather than infrastructure getting too far ahead of demand.
