STRATEGIC PARTNERSHIP AGREEMENT FOR THE INDUSTRIAL PIPING BUSINESS BETWEEN HRS AND ECM TECHNOLOGIES

STRATEGIC PARTNERSHIP AGREEMENT
FOR THE INDUSTRIAL PIPING BUSINESS
BETWEEN HRS AND ECM TECHNOLOGIES

Grenoble, July 29, 2024 - HRS, French designer and manufacturer, and European leader in hydrogen refueling stations, is proud to announce the signing of an exclusive framework contract for complex piping forming services on behalf of ECM Technologies, world leader in the design and manufacture of heat treatment equipment. This partnership represents a multi-million euro contract for HRS over the next five years, reflecting both companies' mutual commitment to providing high-quality solutions and innovation in the field of industrial piping.

ECM TECHNOLOGIES, a family-owned company based in Grenoble, France, designs and manufactures low-carbon heat treatment solutions for the transformation of materials and the control of complex industrial processes. ECM's equipment meets the needs of numerous industrial sectors, in particular: automotive, aeronautics, electronics, energy (photovoltaics, hydrogen, nuclear, etc.), medical and materials processing. ECM's solutions contribute to a high-performance, sovereign and sustainable French industry.

Under the terms of the contract, ECM Technologies will commission HRS, according to its needs, with the shaping of piping parts for its highly technical photovoltaic furnace solutions, thus guaranteeing a high level of quality and responsiveness for all its production.

This contract is aligned with HRS's goal to develop its complementary industrial piping business, which provides crucial skills in the manufacture of hydrogen stations. This historical expertise strengthens the Group's ability to offer integrated, high-quality solutions, contributing to the growth and diversification of its business portfolio.

Hassen Rachedi, founder and CEO of HRS, comments: "This partnership with ECM Technologies represents a crucial step in our development and our ability to provide high-quality industrial piping solutions. We are honored by the confidence ECM Technologies has placed in our expertise, and we are determined to make this collaboration a lasting success. This partnership also illustrates our commitment to excellence in pipe forming, as well as our desire to strengthen our leadership position in hydrogen solutions."

Laurent PELISSIER, Managing Director of ECM Technologies, "We're delighted to announce this strategic partnership with HRS, a fast-growing company based in the Grenoble area. With key skills that are complementary to ECM TECHNOLOGIES, it was obvious for us to turn to HRS to support our future needs - in particular for our development in the French photovoltaic sector. We look forward to mobilizing our teams to support this industrial project.

NEW ADJACENT INDUSTRIAL, FINANCED BY MAJORITY SHAREHOLDER, TO SUPPORT BUSINESS EXPANSION

In addition, HR Holding, the holding company of HRS founder and majority shareholder Hassen RACHEDI, will finance, with the full support of Crédit Agricole Sud Rhône-Alpes, the construction of a second 10,000 m² building on a 1.4 hectare site adjacent to the current HRS site in Champagnier. This new industrial building, again built by SBI (Société de Bâtiment Industriel), will be made available to HRS to house piping production and an additional production line for high-capacity hydrogen stations. By September 2025, when the building is due to be handed over, the production sites will extend over 24,000 m², covering 4 hectares.

For CRÉDIT AGRICOLE SUD RHÔNE-ALPES, Anne-Caroline PACE-TUFFERY, General Manager, and Ivan BORNECQUE, Director of the Corporate Market for Crédit Sud Rhône-Alpes, declared: "Environmental Transition is at the heart of our CSR ambition. By supporting the hydrogen industry and encouraging low-carbon mobility, we are actively contributing to a more sustainable future. We're proud to support HRS in its expansion project, and also proud to contribute to the reindustrialization of the former Champagnier industrial wasteland."

Hassen Rachedi, founder and CEO of HRS, added: "We would also like to thank the Auvergne-Rhône-Alpes region and its metropolitan area, represented by Thierry Kovacs, Vice-President for the Environment and Positive Ecology of Isère, and Guy Jullien, Vice-President of Grenoble Alpes Métropole responsible for the economy, for their active support in the development of this project. Their commitment strengthens our ability to innovate and contribute to hydrogen mobility and the energy transition.”

ABOUT HRS (Hydrogen Refueling Solutions)

HRS is a leading global manufacturer of high-capacity hydrogen refueling stations. The company provides a comprehensive and unique range of modular and scalable stations, ranging from 200 kg/day to 4 tons/day.

As a pure player in station design and commissioning, HRS operates state-of-the-art industrial production facilities capable of assembling up to 180 stations per year, with lead times ranging from 6 to 12 weeks. This industrial site features a test area, the only one of its kind in Europe, designed to test and trial the full range of stations and develop future products and solutions for the hydrogen mobility market.

HRS also offers a complete service package, including 24/7/365 on-call maintenance. The performance of stations installed in Europe and globally is monitored in real time from a cutting-edge control room.

HRS currently boasts one of the largest installed bases of high-capacity stations on the market, with 18 stations each providing 200 kg/day, totaling a cumulative capacity of nearly 4 tons/day. All stations feature bi-pressure terminals and are equipped with 350-bar, 350-HF, and 700-bar nozzles, addressing all the needs of hydrogen mobility.

HRS is distinguished by its strict financial discipline, maintaining long-term financial stability while continuously investing substantial resources into R&D, thereby ensuring its leadership in innovation.

ISIN code: FR0014001PM5 - mnemonic: ALHRS.

For more information, visit our website www.hydrogen-refueling-solutions.fr

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