Positive Results: McPhy Increases 2020 Turnover by 20% and has a 75% in Order Intake

By January 28, 2021 7   min read  (1225 words)

January 28, 2021 |

fuel cells works, hydrogen, mcphy
  • Signing of large-scale commercial contracts in France and Europe, for a turnover of € 13.7 million, up 20% and firm order intake 1 for € 23.0 million in 2020, i.e. + 75% increase compared to 2019
  • New strategic partnerships with Chart Industries and Technip Energies, leading industrial players
  • Cash position of € 198 million at December 31, 2020, following the capital increase for a total amount of € 180 million in October 2020 for the industrialization of production methods, the development of new generations of machines and the acceleration of international business development

La Motte-Fanjas— McPhy (Euronext Paris Compartment C: MCPHY, FR0011742329) , specialist in zero-carbon hydrogen production and distribution equipment, today announces its sales for the financial year 2020, closed on December 31, 2020.

In € m 2020 2019 Variation
First semester 5.4 4.3 26%
Second semester 8.3 7.1 17%
Total turnover 2 13.7 11.4 + 20%
Firm orders 23.0 13.1 + 75%

Laurent Carme, Managing Director of McPhy, declares  : “The year 2020 was marked by the signing of several contracts illustrating the move to industrial scale of McPhy, as well as of the entire zero-carbon hydrogen sector. McPhy has been able to demonstrate the attractiveness and strong relevance of its offer and its technology to serve emblematic large-scale projects at the heart of this hydrogen revolution.

The capital increase of 180 M € carried out in October 2020 gives us the means of our ambitions to accelerate the development of our industrial capacities, and new generations of electrolysers and hydrogen stations to meet the challenges of size, competitiveness and security demanded by the market. It also marks the strengthening of our partnership with our historic strategic shareholders, EDF Pulse Croissance Holding and the Ecotechnologies Fund represented by Bpifrance Investissement within the framework of the Investments for the Future Program, and the arrival of new strategic investors such as Chart Industries. and Technip Energies.

A major technological and industrial partner in the hydrogen market, McPhy is positioned in a very favorable commercial dynamic which should continue and increase in 2021. The strategic plan for hydrogen, presented by the European Commission on July 8, which aims to develop demand and production capacities for green hydrogen in Europe with a target of 6 gigawatts (GW) in 2024, and 40 GW in 2030, specifically supports companies of the future like McPhy. France is also committed to this proactive policy, with the creation in January 2021 of the National Hydrogen Council. This body, of which McPhy is a member, is responsible for ensuring the deployment of the National Strategy for the development of carbon-free hydrogen 3 .

In this very dynamic context, I would like to thank the McPhy teams, as well as all our partners, for their confidence and their support in the growth of the Company. “

Signing of large-scale commercial contracts in France and Europe, for a turnover of € 13.7 million, i.e. an increase of + 20% and firm order intake for € 23.0 million in 2020, i.e. a + 75% increase compared to 2019

McPhy’s 2020 turnover recorded an increase of + 20% to reach € 13.7 million against € 11.4 million in 2019. 60% of it is made up of the supply of electrolysers (including 49% of electrolysers large capacity) and 40% by hydrogen stations.

Among the highlights of the year:

  • McPhy was selected by Nouryon and Gasunie, two major industrial players, to equip the “Djewels,” project in the north of the Netherlands, one of the largest zero-carbon hydrogen production units (20 MW) in Europe 4
  • McPhy was selected, alongside Atawey and TSM-HRS, by the Hympulsion project company to equip the largest zero-emission hydrogen mobility deployment project in France and one of the most ambitious at European level: Zero Emission Valley 5
  • McPhy completed firm orders including:
    • to equip the “mobility” component with a zero-emission hydrogen ecosystem in the Center-Val de Loire region 6  ;
    • with the German engineering and clean technology company Apex Energy for an electrolysis platform with a capacity of 2 MW 7  ;
    • with Total for the deployment of a hydrogen station at Le Mans 8  ;
    • with Hynamics for the installation of a complete zero-carbon hydrogen chain at Auxerre 9  ;
    • with Rougeot Energie for the design, construction and integration of two hydrogen stations connected to a high-power electrolyser at Dijon 10  ;
    • to equip two hydrogen stations and 1 MW of electrolysis 11 .

The increase in the number of projects and the change in scale of the technologies implemented contribute to the industrialization of the sector, in fact reducing the costs associated with it and favoring the development of competitive solutions, with the highest performance standards, quality and safety.

All the contracts for which McPhy has been selected to date bear its references to 44 MW 12 and 35 stations 13 .

Strategic partnerships with leading industrial players

In a particularly promising context for zero-carbon hydrogen, McPhy has consolidated its position as a major player in this sector by signing strategic partnerships with Chart Industries and Technip Energies, two industrial groups leaders in their respective fields:

  • Chart Industries: world leader in liquefaction equipment (LNG and liquid hydrogen) and cryogenics,
  • Technip Energies: international engineering, supply, construction and installation (EPC) group for the energy market, world leader in the installation of hydrogen production systems (SMR).

In addition to their participation in the capital increase initiated on October 13, 2020, these two manufacturers provide in-depth expertise complementary to that of McPhy. Associated with the long-standing support of EDF, a real ecosystem of know-how and geographies has thus been formed to enable the Company to respond to very large-scale projects in the fields of industry, mobility and energy, all over the world.

Cash position of € 198 million at December 31, 2020, following the capital increase of a total amount of € 180 million in October 2020 for the industrialization of production methods and increased international commercial development

Following the success of the capital increase by private placement last October, the Company strengthened its equity and, at December 31, 2020, had cash of € 198 million. As mentioned in the amendment to the universal registration document 2019 14 , approved by the Autorité des Marchés Financiers on October 14, 2020, the net proceeds of this capital increase will be used as a priority to accelerate the deployment of the Group’s strategy and finance:

  • The acceleration of the scaling up of McPhy’s production capacities;
  • Support for investments in research and innovation, with an emphasis on the development of very large capacity electrolysers to target large-scale projects (> 100MW) and very large capacity hydrogen stations (> 2 tonnes per day) ;
  • Sales and marketing expenses, in order to accelerate the increase in commercial power on an international scale;
  • The acceleration of the recruitment policy.

Next financial communication:

  • Publication of 2020 Results , March 9, 2021 , after market close

At about McPhy

A specialist in hydrogen production and distribution equipment, McPhy contributes to the worldwide deployment of zero-carbon hydrogen as a solution for the energy transition. With its complete range dedicated to the industrial, mobility and energy sectors, McPhy offers its customers turnkey solutions adapted to their industrial raw material supply applications, battery-powered electric vehicle recharging to fuel or storage and recovery of surplus electricity from renewable sources. Designer, manufacturer and integrator of hydrogen equipment since 2008, McPhy has three development, engineering and production centers in Europe (France, Italy, Germany). Its international subsidiaries provide broad commercial coverage for its innovative hydrogen solutions.

1 Firm orders: signed orders

2 Unaudited figures at the date of this document

3 National strategy for the development of carbon-free hydrogen published by the French government on September 8, 2020. In total, 7 billion euros will be invested by 2030, including 2 billion euros by 2022 within the framework of France Relaunch.

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