Hydrogen firm McPhy seeks refuelling exit to focus on electrolysers

French hydrogen equipment company McPhy Energy SA (EPA:MCPHY) announced it has started talks to sell its refuelling station business as part of a push to concentrate exclusively on electrolyser manufacturing.

McPhy has entered into exclusive negotiations with domestic green hydrogen refuelling stations provider Atawey. No binding offer has been submitted yet and further details will be provided if the parties proceed towards a transaction.

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The business that McPhy is seeking to offload encompasses a portfolio of projects signed, commissioned and/or under execution, representing 40 stations. It made up 32% of the company’s revenues in 2022.

“Our Gigafactory dedicated to the new generation of electrolysers, whose construction is nearing completion, will require the mobilisation of all our resources to become a major player in the substantial low-carbon hydrogen market,” McPhy’s CEO Jean-Baptiste Lucas noted in the statement released Thursday.

McPhy is currently focused on the need for mass production of high-capacity electrolysers to meet the growing market demand. In late 2022, the company made a final investment decision on an alkaline electrolyser gigafactory in Belfort, France.

As for Atawey, which has 30 installed stations, a potential transaction will seek to accelerate growth.