Confirming total sales are up 23% from €3.2m ($3.5m) to €3.9m ($4.3m) in the last financial year (2015), McPhy Energy accredits an acceleration of sales in the energy market, particularly for hydrogen (H2) mobility.
The manufacturing business largely recognises this revenue growth due to reaching €2.1m ($2.3m), up 22%, in the second half of 2015 alone, but it also saw first half sales up 23%, from €1.4m ($1.5) to €1.8m ($2m).
Through planned reduction in variable expenses associated with demonstration projects and tight controls over committed fixed costs, McPhy’s cash burn was reduced from €13.1m ($14.3) in 2014 to €5.5m ($6m) in 2015. The company had €14m ($15.2) in cash at the end of last year.
Designed to support the scale up of of H2 mobility, the launch of its H2 refuelling station, McFilling®, in France, was seen as a major contributing factor for the company’s success, and it was subsequently awarded four calls for tender for additional refuelling stations throughout the country.
During the last fiscal year, McPhy was also awarded a contract for €6.4m ($7m) to supply a power to gas (P2G) system for the commercialisation of surplus energy generated by a wind farm site in the Hebei Province of China.
By strengthening its commercial terms and the anticipated emergence of new H2 applications, the corporation anticipates further growth in the year ahead.
McPhy Energy specialise in H2 production, storage and distribution equipment for industry and energy markets. The company has three production sites in France, Germany and Italy, a research and development laboratory in France and three sales subsidiaries in North America, the Asia-Pacific and Eastern European regions.