Another electrolyser maker plans to offload its hydrogen refuelling business
France’s McPhy begins exclusive negotiations to sell its filling station equipment unit to compatriot Atawey
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ITM CEO Dennis Schulz had said he wanted the loss-making company to focus on fewer core products — namely, electrolysers — especially as there were fewer heavy-duty hydrogen vehicles on the road than originally anticipated.
Loss-making McPhy has similar ambitions, stating: “Successful negotiations shall enable McPhy to allocate its resources primarily to electrolyser manufacturing.
“The repositioning of McPhy’s focus on electrolyser manufacturing has been driven by the need for greater specialisation in each of the hydrogen industry’s core business activities, given the strong growth in the market.
“The size of hydrogen projects, particularly for industry, is expanding rapidly, requiring more resources for the mass production of high-capacity electrolysers.
“McPhy will now exclusively devote to this task, drawing on its pan-European industrial setup, including its upcoming [1GW electrolyser] Gigafactory in Belfort [in northeast France] and support functions in Grenoble, [southeast] France, its engineering site in Wildau, Germany, and its [300MW electrolyser] manufacturing facility in San Miniato, Italy.”
The supply of hydrogen filling stations accounted for 32% of McPhy’s revenues in 2022, “with a portfolio of projects signed, commissioned and/or under execution, representing 40 stations”, the company pointed out.
“This would undoubtedly be a major step forward not only for Atawey, but also for the structuring of the French hydrogen mobility ecosystem.”
The electrolyser maker added: “McPhy will continue the negotiations initiated with the required confidentiality and will inform the markets of its possible outcome, in particular if a binding offer should be received.”
The TEN-T core network links “urban nodes” — an EU term for 424 major cities in the bloc with ports, airports and rail terminals.
Almost all pure-play electrolyser manufacturers are currently loss-making as they expand capacity to meet future demand, while developers hesitate to take final investment decisions on major green hydrogen projects, mainly due to ongoing uncertainties around subsidy schemes.
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