(AOF) –
McPhy
(+15.63% to 15.13 euros)
The action of the specialist in zero-carbon hydrogen production and distribution equipment (electrolyzers and recharging stations) is supported by the approval of its Gigafactory electrolyzer project by the European Commission. It was one of the files submitted by France as part of the Important Project of Common European Interest (PIIEC) Hydrogen.
AOF – LEARN MORE
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 the minimum rank of 5
th
production and distribution of green hydrogen equipment by supporting customers in industry, mobility and energy 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 the general manager;
– Solid financial position with shareholders’ equity of €205 million and net cash of €177 million.
Challenges
– “Driving CleanEnergy Forward” corporate project to accelerate the deployment of zero-carbon energy ecosystems and high-capacity equipment;
– Innovation strategy financed by an increased R&D effort: new generations of electrolysers and stations for large-scale projects (100+MW electrolysers, stations with 2+ tons per day of distribution capacity) / improvement of the electrical consumption of electrolysers / optimization of gas storage management;
– Environmental strategy integrated into the activity, with 100% of the electricity supply coming from renewable energies / being structured for a 2025 roadmap;
– Realization of the German Djewels project, the largest European zero-carbon hydrogen site;
– Benefits from the many industrial partnerships signed in 2021 – EDF, Enel, Hype, Plastic Omnium, Technip Energies, EDF;
– Order book of €20.3 million, i.e. 191 MW and 95 stations.
Challenges
– Ability to halve the price of green hydrogen by the end of the decade;
– Rate of projects subject to regulatory vagaries, such as that of Belfort;
– Continued recruitment, the workforce having doubled between 2020 and 2022;
– 2022 objective: after 6 loss-making years and a year 2021 marked by the postponement of major projects and an industrial accident, towards growth in turnover, thanks to the increase in the order book, and a strengthening of the industrial infrastructure , particularly in France and Italy.
Threat to the European energy system
The leading importer of German gas, Uniper posts 54% of the volumes it buys from Russia. Following the war in Ukraine, the group had to acquire the volumes it lacked on the spot market, the prices of which had exploded. In difficulty, he requested aid from the German state, which raises concerns for all European energy companies. Nevertheless the German RWE and the French Engie reacted by arguing that their situation was very different. RWE stressed that it was less dependent on Russian gas. As for Engie, it benefits from the diversification of its sources of supply, with an increase in the volumes of LNG delivered to France and contracts with Norway and Algeria. The group has also adapted its hedging strategy to strengthen its resilience.