(AOF) – McPhy Energy, a specialist in low-carbon hydrogen production and distribution equipment (electrolyzers and charging stations), has announced the signing of an 8-year maintenance contract with Siemens Energy, acting as builder and operator of the West Guiana Power Plant (“CEOG” project founded by Meridiam, Société Anonyme de la Raffinerie des Antilles (SARA) and Hydrogène de France (HDF)).
Under this agreement and starting in 2024, McPhy teams will manage the maintenance of the equipment that ensures the production of hydrogen as well as the supply of replacement parts and services to the site. McPhy will guarantee the availability and energy efficiency of the electrolyser.
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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 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, at the end of June, net cash of €142 million.
Challenges
– “Driving CleanEnergy Forward” corporate project to accelerate the deployment of zero-carbon energy ecosystems and high-capacity equipment;
– Innovation strategy financed by a reinforced R&D effort: new generations of electrolysers and stations for large-scale projects (100+MW electrolyzers, 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, 2025 roadmap currently being structured;
– Realization of the German Djewels project, the largest European zero-carbon hydrogen site;
– European Union agreement for the Gigafactory electrolyser production site in Belfort, the final investment decision for which will be taken in the autumn;
– Fallout from 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 business opportunities from numerous industrial partnerships –Chart Industries EDF, Enel, Hype, Plastic Omnium, Technip Energies, TSG;
– Regain of investor confidence after 6 loss-making 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
semester, lowering of the 2022 objective to moderate revenue growth.
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 in France and contracts with Norway and Algeria. The group has also adapted its hedging strategy to strengthen its resilience.