McPhy Energy may sell its refueling station business to Atawey

PARIS, FRANCE: McPhy Energy, a leading manufacturer of low-carbon hydrogen equipment, has announced that it has received a binding offer from Atawey, a French company specialized in hydrogen mobility solutions, for the sale of its refueling station business.

The offer comes after the two parties entered into exclusive negotiations in December 20231. The sale price would range between 11 and 12 million euros, plus an additional amount depending on the future orders related to the business scope of the transaction.

The deal is expected to be completed in the second quarter of 2024, subject to the consultation of McPhy’s employee representatives, the financing of the transaction, and the fulfillment of customary conditions. McPhy will ensure the proper execution of its ongoing projects until their finalization.

The refueling station business represented 27% of McPhy’s revenue in 2023, with a portfolio of around 40 projects in various stages of development. The transaction will allow McPhy to focus on its core business as an electrolyzer manufacturer, as it prepares to launch its Gigafactory in Belfort, France. At the same time, the transaction will enable the refueling station business to grow further by leveraging the expertise of Atawey, a market leader in hydrogen mobility.

McPhy Energy is a pioneer in the global deployment of low-carbon hydrogen as a solution for energy transition. With its comprehensive range of products for the industrial, mobility and energy sectors, McPhy offers its customers turnkey solutions adapted to their needs in industrial raw material supply, fuel cell electric vehicle recharging, or renewable electricity storage and recovery. McPhy has three development, engineering and production centers in Europe (France, Italy, Germany) and international subsidiaries that provide broad commercial coverage for its innovative hydrogen solutions. McPhy is listed on Euronext Paris.