McPhy Energy has finalized the sale of its hydrogen charging station business to Atawey. This strategic transaction reflects the ongoing shifts and consolidations in the industry as companies seek to refine their focus and bolster their positions in the burgeoning hydrogen market.
McPhy Energy, known for its low-carbon hydrogen production and distribution equipment, and Atawey, a specialist in hydrogen distribution, initially entered exclusive negotiations in December 2023. Following a binding offer from Atawey in February 2024 and subsequent agreements in April 2024, the sale was finalized. The transaction includes a fixed portion of €12 million, payable over 18 months, with an initial payment of €1 million at the completion date. The remaining €11 million, plus interest, will be paid as Atawey completes its financing plan. Additionally, a conditional price supplement, estimated between €5.6 million and €12.5 million, may be paid based on future orders.
Jean-Baptiste Lucas, CEO of McPhy, emphasized that the sale allows McPhy to concentrate on its core business of electrolyzers. With the recent inauguration of their Gigafactory dedicated to new-generation electrolysers, McPhy is well-positioned to accelerate its development in the low-carbon hydrogen sector across Europe. The proceeds from this sale, combined with a €30 million convertible bond issue and a €16 million real estate lease, will provide the necessary resources to finalize their industrial scaling-up. Ultimately, McPhy aims to achieve an annual production capacity of 1.3 gigawatts, consolidating its position as a key player in the European hydrogen market.
For Atawey, the acquisition represents a significant growth opportunity. Jean-Michel Amaré, Chairman and co-founder of Atawey, highlighted that this acquisition will support their growth and accelerate international development. By integrating McPhy’s expertise and technologies, along with over 40 trained employees, Atawey is poised to meet the increasing demands of the hydrogen market. The acquisition positions Atawey as a leading player in the European hydrogen charging station sector, with an installed fleet and an industrial capacity of over 80 stations per year. This expansion aligns with Atawey’s current order book of nearly €25 million and strong growth projections.
For McPhy, the refocus on electrolyzers and the scaling-up of production capabilities at their Belfort Gigafactory represents a strategic move to strengthen their market position. The increased production capacity is expected to meet the growing demand for low-carbon hydrogen solutions across Europe. Meanwhile, Atawey’s acquisition of McPhy’s charging station business enables it to consolidate its expertise and expand its footprint in the hydrogen distribution market, positioning itself as a key player in the European energy transition.
