Earlier this month McPhy Energy enjoyed a group investment worth €13.7m. Sofinnova Partners acted as a lead investor and was joined by both Gimv and Amundi Private Equity Funds.
The new resources will go towards the global expansion of McPhy Energy and further commercialisation of its products. Pascal Mauberger, Chief Executive Officer of McPhy Energy, commented, “Through our innovative and very promising technology, McPhy Energy offers a new perspective on technical, ecological and economical solutions in the areas of industrial hydrogen distribution and energy storage.”
Mauberger continued, “We are proud that such experienced investors share our enthusiasm for McPhy Energy’s advanced technology and will accompany us in further developing critical alternatives in these two fields.”
The French company, McPhy Energy, was founded in January 2008 with the aim to promote new technology for the solid storage of hydrogen in magnesium hydride form.
The new investments will constitute the second round of funds and are hoped to allow the start-up to grow on both industrial and commercial levels. The money will enable, specifically, reinforcement of the commercial and technical teams, as well as investing in additional production equipment. Furthermore, McPhy has plans to expand into Germany, Northern Europe, the Middle East and Japan.