Atawey makes binding bid for McPhy’s hydrogen refuelling ops

French hydrogen equipment company McPhy Energy SA (EPA:MCPHY) said today that it received a binding offer for the acquisition of its refuelling station business, which includes around 40 outlets, from sector player Atawey.

The targeted business will be offloaded for a fixed purchase price of between EUR 11 million (USD 11.8m) and EUR 12 million. The terms of the deal also provide for a potential earn-out of up to several million euros, subject to future order intakes.

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The contemplated sale is aimed at allowing McPhy to focus on its core business as an electrolyser manufacturer, concurrently with the start-up of its Gigafactory in Belfort, the company reaffirmed. The supply of stations accounted for 27% of McPhy's total revenue of EUR 18.8 million in 2023.

The binding acquisition offer comes after McPhy and Atawey disclosed having entered into exclusive negotiations in December.

The transaction now hinges on consultation with McPhy's employee representatives and other standard closing conditions. Completion is anticipated in the second quarter of 2024.

(EUR 1 = USD 1.077)