McPhy Energy, a French company specializing in electrolysers, has revised its revenue forecast for FY2024 due to delays and strategic changes. Initially expecting €18-22 million, McPhy now predicts revenues closer to €11 million.
The company attributes this reduction to delays in the HyCC Djewels green hydrogen plant project in the Netherlands and exiting legacy refuelling projects.
McPhy was contracted to design and build a 20MW electrolyser plant for the HyCC Djewels project in the Netherlands, in collaboration with Technip Energies. This plant, located in Delfzijl, planned to produce 3,000 tonnes of green hydrogen annually for OCI Methanol. Supported by €80 million from the Dutch Government, the project was scheduled to begin construction in 2024. However, delays in discussions have meant revenue from this project is not expected for 2024, suggesting a shift in the project’s timeline.
Exit from Refuelling Business
Another major factor impacting the revenue forecast is McPhy’s decision to exit the hydrogen refuelling business. This July, McPhy sold its hydrogen refuelling segment, including 70 stations, to Atawey for €12 million. This sale marked a strategic shift for McPhy as it focuses on its core business of manufacturing electrolysers. Contracts active as of July 16, 2024, remain with McPhy, indicating the cessation of some development projects previously planned.
This strategic refocus on electrolyser manufacturing highlights McPhy’s intention to concentrate on its core competencies and growth in the hydrogen production sector. With the shifting timeline of projects like HyCC Djewels and the departure from refuelling services, McPhy aims to enhance its position in the electrolyser market, despite the short-term impact on revenues.
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