French electric utility Electricité de France (EDF) has acquired a stake of 21.7% in McPhy, a specialist in hydrogen production, storage and distribution equipment, for a sum of about €16m.
Image: McPhy’s large-scale electrolysis platform. Photo: courtesy of McPhy Energy S.A.
The two firms have entered into an industrial and commercial partnership agreement with an objective to develop carbon-free hydrogen in France and around the world.
Based in France, McPhy offers a variety of solutions that include electrolyzers, hydrogen refueling stations and storage facilities. The company is involved in the entire value chain right from research and development through to engineering, manufacturing, production, operations and maintenance.
With the investment from EDF, McPhy will get additional resources to help it fund its expansion. It also expects to leverage the benefits of the position that EDF has Europe, the US and China.
McPhy aims to boost its business development and gain new customers from France and across the world following the transaction with EDF.
The equity investment will enable EDF expand into carbon-free hydrogen solutions with an aim to develop a carbon-free and competitive hydrogen fuel offering in the medium term.
EDF Group senior executive vice president Cédric Lewandowski said: “We are delighted to announce this link-up with McPhy, a leading player in hydrogen and a group with which we have been working for several years.
“This partnership represents a first step that will enable EDF to speed up its expansion into this burgeoning new market that will create new jobs in France and around the world.”
McPhy chairman and CEO Pascal Mauberger said: “The deal represents a key new milestone in McPhy’s development. With the additional financial resources EDF Group is bringing and its support, we will be able to accelerate the pace of our expansion, ramp up our business development and move into new markets.”
Last month, McPhy announced its plans to establish its first station for six hydrogen buses in the Hauts de France region.