(Boursier.com) — McPhy fell 0.4% to 18.30 euros on Tuesday, as the group announced that it had finalized its strategic partnership agreement with Hype, a key player in light and heavy hydrogen mobility, the principles of which had been described by McPhy in its December 14 press release.
As part of this agreement, McPhy subscribed on April 22 to convertible bonds issued by Hype, for an amount of 12 ME, with a capitalized interest rate of 4.5% and a maturity of 9 years. These bonds may be converted into Hype shares, before their maturity date, under certain conditions and in limited cases for a period of two years, including a change of control, an IPO or an issue of securities greater than 10 ME.
In this context, a first order was signed with Hype for the supply of a 2 MW alkaline electrolyser and a Dual Pressure station with a capacity of 800 kg per day, which will be installed in the Paris region. Two other very large capacity stations should be ordered by June 30, 2022.
Business Opportunities
Other commercial opportunities are expected within the framework of this partnership with the establishment by the end of 2022 of a framework co-exclusivity agreement linking Hype to McPhy. This agreement concerns the deployment by Hype by the end of 2025 of a minimum of 100 stations in France and Europe, 50% of which would be allocated to McPhy, and 15 to 25 MW of alkaline electrolysis.
“A significant contract for Mcphy, which represents for the part signed in 2022 approximately 5 ME of orders” explains Portzamparc who estimates that at this stage “the potential orders previously mentioned and conditional on obtaining subsidies from Hype (a multi-megawatt electrolyser + 5 large-capacity stations, i.e. 12 to 18 ME of orders according to us) are not mentioned… The potential of the framework contract is still much higher (between 100 and 130 ME depending on the size of the stations and the electrolysers)” concludes the analyst who aims for a course of 22 euros while remaining on the purchase on the file.
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