What Hycco does

Hycco (S.A.S. HYCCO) is a Toulouse, France-based manufacturer of carbon-fibre reinforced composite bipolar plates (BPPs) for hydrogen fuel cells, PEM electrolyzers, and vanadium redox flow batteries. Founded in 2019 as a spin-off from research at IMT Mines Albi by Romain Di Costanzo, Alain Fontaine, and Ludovic Barbès, the company has developed two proprietary material grades — LT-200+ for low-temperature PEM fuel cells (up to 120°C, 170µm web thickness) and HT-200+ for high-temperature PEM fuel cells, VRFBs, and PEM electrolyzers (up to 200°C) — manufactured via a patented thermocompression forming process followed by high-precision CNC trimming. Performance claims include up to 70% mass reduction versus metallic alternatives, power densities up to 7 kW/kg, and lifetimes exceeding 30,000 hours.

The company operates a direct enterprise sales motion targeting OEMs, system integrators, and research institutions across aerospace (Airbus, Safran, Air Liquide), UAVs and drones (H3 Dynamics, Pragma Industries, Delair, VinaFCM), heavy mobility (Hynology via NeGerHy, Datwyler for sealing), portable generators (PowerUP Energy Technologies), and hydrogen production/energy storage applications. Revenue derives primarily from co-development partnerships and bipolar plate component production, with a planned medium-term transition to a licensing model as production volumes scale toward 165,000 parts/year. Revenue grew from €200K in 2023 to €763K in 2025, with €1.4M targeted for 2026 and break-even targeted by 2028; 68% of revenue is generated from export markets across 10 countries.

Name

Hycco

Legal name

S.A.S. HYCCO

Website

https://hycco.fr

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Hycco (Toulouse, France) manufactures carbon-fibre composite bipolar plates for hydrogen fuel cells, PEM electrolyzers, and redox flow batteries, serving enterprise OEMs and system integrators across aerospace, drones, heavy mobility, and energy storage applications in 10 countries.

Ownership category

akta.pro rank

Product category

Hydrogen Fuel Cell Components

NAICS

Laminated Plastics Plate, Sheet (except Packaging), and Shape Manufacturing (32613)

SIC

Unsupported Plastics Film & Sheet (3081)

akta.pro primary industry

High-Performance & Specialty Polymers (PPS, LCP, PI/PAI, PAEK) (IMAEANAI)

Keywords

• Carbon fibre bipolar plates
• Hydrogen fuel cell components
• Composite plate manufacturing
• PEM electrolyzer plates
• Redox flow battery plates

Headquarters

HQ city

Toulouse

HQ country

France

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Co-development Industrial Partnerships: HYCCO works in close collaboration with industrial partners to integrate its technology into their systems, generating revenues from early development phases and embedding itself in clients' product roadmaps. Revenue from co-development is expected to dominate short-term revenue mix.
2. Bipolar Plate Component Production: Production and supply of carbon fiber composite bipolar plates to industrial clients across aerospace, defense, heavy mobility, and energy storage. This is the primary volume-based revenue driver as the company scales manufacturing capacity to 165,000 parts per year.
3. Licensing (Medium-Term): At medium term, HYCCO plans to activate a licensing model as volumes increase and cost sensitivity grows. The company will retain IP ownership while enabling large-scale third-party production, generating recurring royalty streams.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

Hycco designs, prototypes, produces, and industrializes patented carbon-fibre composite bipolar plates (BPPs) used as core components in hydrogen fuel cells, PEM electrolyzers, and vanadium redox flow batteries. The company sells its proprietary LT-200+ and HT-200+ material grades directly to OEMs and system integrators, complemented by engineering services, stack co-development, plate assembly and sealing, and quality/part traceability.

Product overview

HYCCO offers a portfolio of carbon-fibre composite bipolar plates for hydrogen fuel cells and electrochemical systems, centered on two material grades (LT-200+ and HT-200+) with complementaryMEA integration. The product line is supported by an integrated services layer covering Engineering (design, CFD/FEA simulation), Stack Co-Development, Bipolar Plate Production (thermocompression forming, CNC trimming), and Assembly & Sealing, all backed by Quality & Part Traceability. LT-200+ targets low-temperature PEM fuel cells for mobility; HT-200+ serves high-temperature PEM fuel cells, redox flow batteries, and electrolyzers.

Differentiator

Problem solved

Functional benefit

Products and services

• LT-200+ Carbon-fibre Composite Bipolar Plate Ultra-thin 170µm carbon-fibre composite bipolar plate optimized for low-temperature PEM fuel cells operating under 120°C, featuring Areal Specific Resistance (ASR) < 5 mΩ·cm², thermal conductivity 9.4 W·m⁻¹·K⁻¹, and superior chemical resistance for high-performance mobility PEM fuel cell applications.
• HT-200+ Carbon-fibre Composite Bipolar Plate Lightweight carbon-fibre composite bipolar plate material designed for demanding environments up to 200°C, featuring ASR < 7 mΩ·cm², thermal conductivity 4.3 W·m⁻¹·K⁻¹, and exceptional acid and chemical compatibility for high-temperature PEM fuel cells, vanadium redox flow batteries, and PEM electrolyzers.
• Engineering Services Integrated engineering services including custom bipolar plate design, flow-field CFD simulation, structural FEA analysis, prototyping with real materials, and design-to-manufacturing integration to reduce development risk and accelerate customer time-to-market.
• Stack Co-Development Collaborative stack development services including co-optimization of plates, stack architecture, sealing strategies, and MEA integration; pilot assembly and testing support; scalability planning for volume manufacturing; and supply chain acceleration for pilot-to-volume transitions.
• Bipolar Plate Production Industrial-grade composite bipolar plate manufacturing using optimized thermocompression forming for high repeatability and minimal takt time, high-precision CNC trimming for tight dimensional tolerances, and flexible design iterations for various stack architectures and flow-field geometries.
• Assembly & Sealing Services Plate bonding using high-precision dispensing systems for uniform adhesive distribution, custom seal pattern application via automated dispensing tailored to MEA and stack configurations, and multiple qualified sealant options for various operating conditions.
• Quality & Part Traceability Comprehensive quality workflow including ASR measurement for every plate, dimensional control using precision optical and laser tools, 100% leak testing via air pressure decay method, automated logging of material lot and process parameters, and digital qualification sheets for each finished plate.

Quantifiable outcome

• Up to 70% mass reduction in bipolar plate component weight
• +6 more outcomes

Named customers9 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• DatwylercoreStrategic or Co-development PartnerStrategic partnership to combine Datwyler's material expertise with HYCCO's bipolar plate production capabilities for sealed and assembled composite bipolar plates targeting heavy mobility markets. Datwyler co-engineers sealing solutions highly effective and scalable for PEM fuel cell applications. Preliminary results confirm HYCCO's carbon fiber materials are compatible with diverse sealing technologies.
• DelaircoreStrategic or Co-development PartnerMangabHy collaborative project to develop Delair's DT 46 VTOL hydrogen-powered drone. ISAE Supaero handled aerodynamics, Pragma Industries provided the fuel cell stack. HYCCO's plates achieved 66% mass reduction at cell level and 24% at system level, enabling 8-12 hours flight autonomy with 4 kg payload. Project funded by Occitanie Region (ReadyNov), €168K.
• ISAE SupaerominorStrategic or Co-development PartnerAcademic partner in MangabHy project contributing aerodynamics expertise for Delair's hydrogen-powered VTOL drone development.
• Pragma IndustriescoreStrategic or Co-development PartnerPartnership to commercialize ultralight fuel cell systems for drones. Pragma provides fuel cell stack integration using HYCCO's carbon fiber plates. MangabHy project demonstrated 66% mass reduction vs graphite stack while maintaining equal performance. Also partner in portable generators project with PowerUP.
• HynologycoreStrategic or Co-development PartnerNeGerHy collaborative project to qualify MEA (by Hynology) and carbon fiber bipolar plates (by HYCCO) for heavy mobility fuel cell applications. Target: 30% higher power density than current solutions at lower cost. €3.34M project funded by ADEME/France 2030. MEA and bipolar plates account for 92% of fuel cell manufacturing costs.
• PowerUP Energy TechnologiesminorStrategic or Co-development PartnerRUP project to co-develop an ultra-light open cathode PEMFC stack for portable generators. PowerUP develops the membrane electrode assembly (MEA); HYCCO provides ultra-light carbon fiber bipolar plates to reduce stack size and weight. Budget €318K, funded by EAS – Enterprise Estonia.
• H3 DynamicscoreStrategic or Co-development PartnerCo-development of hydrogen-electric propulsion system for long-endurance drones. Commercialization planned for H2 2026 with pre-orders already recorded. Combines H3 Dynamics' drone expertise with HYCCO's composite bipolar plates for record power density in UAV applications.
• AIM-PLATES Consortium (16 partners)coreStrategic or Co-development PartnerHorizon Europe project dedicated to accelerating industrial deployment of PEM fuel cells across Europe by developing composite bipolar plates. HYCCO participates alongside 15 other consortium partners (research, industrial, technology). Focus on ultra-thin composite architectures, cost-efficient materials, and digitally controlled manufacturing. TRL 7 pilot line targeted by 2030 for aviation and automotive.
• BoschminorStrategic or Co-development PartnerIndustrial technology partner listed on HYCCO's partners page, contributing to the hydrogen ecosystem network.
• H2 PulseminorStrategic or Co-development PartnerHydrogen technology company listed on HYCCO's partners page as part of the industrial ecosystem network.
• France HydrogèneminorOthersNational hydrogen association in France supporting the hydrogen ecosystem. HYCCO is a member, contributing to industry advocacy and ecosystem development.
• Aerospace ValleyminorOthersCompetitiveness cluster in the Occitanie region focused on aerospace and robotics, supporting HYCCO's regional ecosystem connections.

Scale indicators7 records

Recent moves7 records

Expansion highlights8 records

Broad incumbents

• Ballard Power Systems: Leading PEM fuel cell systems integrator using bipolar plates from various suppliers. Represents both a potential customer and a vertically integrated competitor with much larger scale.
• Cummins Accelera: Large industrial conglomerate's hydrogen business unit developing fuel cell systems for trucks, buses, and trains. Potential large customer and competitor with substantial R&D resources.
• Plug Power: Major hydrogen fuel cell system integrator focused on material handling, mobility, and stationary applications. Large incumbent with vertically integrated BPP sourcing and broad hydrogen ecosystem reach.

Direct peers

• Schunk Group: German manufacturer of carbon, graphite, and composite bipolar plates for PEM fuel cells and other electrochemical applications. Direct competitor in the carbon-based BPP market targeting fuel cell system integrators.
• ElringKlinger: German automotive supplier with a dedicated fuel cell technology business manufacturing metal and coated bipolar plates for PEM fuel cells. Most directly comparable to Hycco in product category, serving similar automotive, heavy mobility, and stationary fuel cell customers.
• Dana Incorporated: Automotive supplier with fuel cell component portfolio including metal bipolar plates. Serves commercial vehicle and automotive fuel cell customers with established manufacturing footprint.
• SGL Carbon: Global manufacturer of carbon and graphite-based products including bipolar plates for fuel cells and electrolyzers. Competes in the same composite/carbon BPP space with broader carbon materials portfolio and established industrial scale.
• Cellgard (AGC): Subsidiary of AGC Inc. specializing in coated metal bipolar plates for fuel cells. Competes in the BPP space with proprietary coating technology, serving automotive and stationary fuel cell customers globally.
• Advent Technologies: Developer of high-temperature PEM fuel cell components including membranes, MEAs, and bipolar plates. Overlaps with Hycco's HT-200+ product line targeting HT-PEM fuel cells, electrolyzers, and redox flow batteries.

Others

• Freudenberg Sealing Technologies: Supplier of sealing solutions and components for fuel cell stacks. Operates in the same hydrogen ecosystem as Hycco and its partner Datwyler; relevant ecosystem participant and potential adjacent supplier/customer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/hycco

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hycco