After making big announcements at the 2022 Paris Motor Show and unveiling a car that is as aesthetically pleasing as it is technically impressive, the frenzy surrounding the French brand Hopium quickly died down.

With a change in strategy, lack of funds and a game of musical chairs by management, Hopium was not doing well. Last April, the brand even announced its intention to focus on the development of fuel cell technology, abandons its plan to commercialize Machinapresented as a hydrogen Tesla, the first launch of which was planned for 2025.

Unfortunately, given the financial problems surrounding the company (the company was liquidated in January), even this was hard to believe. However, it may be that hopium is gaining popularity again.

A reprieve for Hopium or a real possibility?

Indeed, Micromobility.com, a Nasdaq company specializing in light urban transportation, has announced its intention to become a long-term shareholder of Hopium. The decision follows the signing of a letter of intent between Atlas Special Opportunities, an investment fund that has been a shareholder of Hopium since the launch of the competition, and Micromobility.com.

Under this agreement, Micromobility.com plans to become a long-term shareholder of Hopium through the purchase of convertible bonds. This strategic approach aims to provide the French firm with financial support and expertise in the field of sustainable mobility and micromobility.

Endless losses

Remember that the Paris Commercial Court decided to put Hopium under control for an initial period of six months, until January 2024, due to significant financial losses. In 2022, the company recorded a loss of 23.9 million euros, mainly due to the hiring of 116 new employees.

Despite several capital increases last year totaling EUR 4.1 million, as of December 31, 2022, Hopium showed negative equity (-10.4 million EUR) and negative cash flow of -1.3 million euro. At the close of the Paris Stock Exchange, Hopium shares were valued at €0.12, representing a 98.3% drop since the start of the year.

The two companies have also begun discussions about a possible financial and strategic partnership in hopes that Micromobility.com can open up the North American market for new low-carbon mobility, a sector estimated to be worth $198 billion globally by 2030.

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