HAFFNER ENERGY: FRANCE IS LETTING ITS ENERGY REVOLUTION GO ABROAD (French version - FR)

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Independent Strategic Note — EJS — June 2026

1. The warning sign: Haffner Energy, French technology chosen for a €15 billion deal in India

The On April 16, 2026, the government of Maharashtra (India), JW Global Group, and The Seed Consortium Partners signed a Memorandum of Understanding (MoU) for approximately €15 billion in investments across four clean technology and infrastructure projects.

Haffner Energy is a technology partner for green hydrogen—two of the four projects rely on its technologies, including a €280 million green hydrogen production unit producing 6,900 tons per year using SYNOCA® technology, and a 1.4 GW AI/data center campus (€10.4 billion) whose energy resilience is based on locally sourced biomass processed by Haffner.

Haffner Energy remains a French company, headquartered in Vitry-le-François. This MoU is not a loss for France: it proves that its technology is recognized internationally.

However, it starkly reveals the French paradox: while India is massively deploying this French technology, no large-scale public contracts have been placed in France. No regulatory fast-track has been established. No financial shield has been deployed to protect this SME from the predatory practices of the financial markets.

This is the pattern France has been repeating for twenty years: it finances research, trains engineers, patents technologies — then lets other, more pragmatic nations reap the industrial benefits first.

2. What France Is Letting Go

Haffner Energy’s decentralized dry thermolysis technology is, to date, the only industrial architecture in the world capable of simultaneously solving three equations that energy policies usually treat separately:

• Competitive clean energy production: green hydrogen, SAF, biomethane, methanol — at costs close to or below fossil fuels, starting with the H6 module already available today
• Active carbon sequestration: 200 kg of biochar per tonne of biomass processed, a solid and stable carbon sink for centuries, monetizable as CORC credits on European markets
• Territorial sovereignty: containerized module, no foundations, operational in less than one month, using 140 types of residual biomass — from wheat straw to urban waste

This is not electrolysis that consumes scarce and expensive electricity. It is not first-generation biofuel that competes with food-producing land. It is a direct thermochemical pathway, autothermal, that valorizes what we currently consider disposal burdens.

3. The Valuation Paradox: 1 to 10,000

SpaceX has just listed its shares at $135 (June 2026), for a valuation of $1,770 billion — approximately €1,600 billion. A company whose stated mission is to leave Earth because it is supposedly doomed.

Haffner Energy, whose technology can help repair the Earth today, is valued at a few hundred million euros on Euronext Growth.

The ratio is 1 to 10,000.

This is not a judgment on SpaceX. It is a revealing indicator of our collective priorities: we massively fund escape, and we underfund repair.

India, for its part, has understood where the real value lies.

4. What We Ask of Elected Officials and the Government

A National Audit of Disruptive Technological SMEs

The State must immediately identify French companies whose expertise is critical for national energy and climate sovereignty. These companies must be protected and shielded from foreign financial predation.

A Sovereignty Anti-Dilution Fund

Alternative financing mechanisms (OCEANE, dilutive BSAs) used by certain speculative funds systematically organize the destruction of value in listed SMEs on Euronext Growth. They massively dilute capital, trigger coordinated short selling, and deprive these companies of access to traditional bank credit.

The State must create a financial shield to prohibit these practices for identified sovereignty companies.

A Regulatory Fast-Track for Territorial Energy Sovereignty

Current ICPE procedures impose 18 to 24 months of review before any thermolysis installation can be commissioned — while an H6 module can be installed and operational in less than one month. This bureaucracy is the primary gravedigger of our territorial resilience.

We call for the creation of an immediate right to experimentation: provisional operating authorization in less than 3 months for any modular decentralized installation coupled with critical infrastructure (hospital, agricultural cooperative, logistics base).

Public Procurement as a Catalyst

If France became the first customer of its own innovation — by deploying Haffner Energy modules in its hospitals, military bases, and agricultural cooperatives — it would create the necessary pull effect for this technology to conquer global markets from France, rather than from India or elsewhere.

5. Conclusion: The Historical Choice

France invented the TGV, Concorde, and the civil nuclear reactor. It nearly let Airbus go. It let Alcatel, Thomson, and Alstom Énergie go.

It is now in the process of letting Haffner Energy go.

The Maharashtra agreement is a success story for Haffner Energy — and simultaneously a warning for France. The technology that can decarbonize the planet, make every territory energy sovereign, and erase €30 to 40 billion of annual trade deficit is finding buyers — but not in France.

There is still time to act.

Not much longer.

Independent Strategic Note — EJS — June 2026.
The author is an individual shareholder and does not act on behalf of the company mentioned.
This text does not constitute investment advice.