(AOF) – In 2023, McPhy Energy generated a turnover of 18.8 million euros, up 17% compared to 2022. It is in line with the double-digit growth objective given during the publication of half-year results. Revenue benefited from an acceleration in the second half, compared to the first half, supported in particular by backlog consumption. Its sales were driven by the electrolyser activity: increase of 25% to 13.7 million euros.
However, McPhy recorded a 56% drop in firm order intake, which stood at 13 million euros.
The group’s cash position is expected to be around €62 million as of December 31, 2023.
McPhy Energy has undertaken to strengthen its financial liquidity, with the implementation of the first stages of its financing plan. The company is in the process of finalizing a real estate lease for its Gigafactory in Belfort with a banking pool, representing financing of approximately 16 million euros.
McPhy Energy will thus have the financial means required to deliver a new year of growth in 2024.
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Key points
– Specialist in production and distribution equipment for zero-carbon hydrogen, created in 2008;
– Turnover of €13.1 million achieved 45% in McFilling hydrogen stations, 39% in McLyser high-capacity electrolysers and 16% in Piel catalysts;
– Business model aiming for a minimum rank of 5
th
European manufacturer of the production and distribution of green hydrogen equipment by supporting industry, mobility and energy customers in their decarbonization trajectories;
– Capital held 14.8% by EDF and 6% by BPI France -historic shareholders-, 4.6% by Chart Industry and 2.3% by Technip Energies -strategic shareholders-, Luc Poyer chairing the board of directors 10 members, Jean-Baptiste Lucas being general director;
– Solid financial position with shareholders’ equity of €205 million and, at the end of June, a net cash position of €142 million.
Challenges
– “Driving CleanEnergy Forward” business project to accelerate the deployment of zero-carbon energy ecosystems and high-capacity equipment;
– Innovation strategy financed by a reinforced effort in R&D: new generations of electrolysers and stations for large-scale projects (100+MW electrolysers, stations with 2+ tonnes per day of distribution capacity) / improvement of the electricity consumption of electrolyzers / optimization of gas storage management;
– Environmental strategy integrated into the activity, with 100% of the electricity supply coming from renewable energies, 2025 roadmap currently being structured;
– Completion of the German Djewels project, the largest European zero-carbon hydrogen site;
– Agreement from the European Union to the Gigafactory electrolyser production site in Belfort, the final investment decision of which will be taken in the fall;
– Impact of the increase in the order book of €29.1 million at the end of June, heavy industrial investments in Miniato and Grenoble, and recruitment (doubling of the workforce between 2020 and 2022).
Challenges
– Ability to halve the price of green hydrogen by the end of the decade;
– Waiting for new commercial opportunities from numerous industrial partnerships – Chart Industries EDF, Enel, Hype, Plastic Omnium, Technip Energies, TSG;
– Renewed investor confidence after 6 loss-making financial years, including 2021 marked by the postponement of major projects and an industrial accident;
– After stable revenues and a doubling of the net loss on 1
er
half-year, lowering the 2022 target to moderate revenue growth.
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