HRS Reduces Capital Increase, Bolstering Liquidity by €1 Million

HRS, a key player in European hydrogen refueling, has completed a revised capital increase of €1.5 million, down from the initially planned €3.81 million. The adjustment comes after investor withdrawals and challenges faced by Arago Technologie, which scaled back its commitment to €0.5 million. Despite this, Arago plans an additional €1 million subscription under the same terms.

The capital raise includes €0.5 million in cash and €1.0 million via receivables set-off, issuing 1,875,000 new shares at €0.80 each. This move instantly boosts HRS's cash by €1.0 million, extending its runway through December 2026, considering pending customer inflows and potential further financing.

Future liquidity is contingent on anticipated funding, including bond drawdowns, commitments from Arago, and possible bank loans. The expected sale and leaseback of HRS's headquarters could also enhance cash flow, extending operational viability by at least 12 months.