Excellent sales momentum, the launch of smart hydrogen station architecture for heavy-duty vehicles and the inauguration of France’s first refuelling station for hydrogen buses

These are three highlights from the first half of 2019 for McPhy as the French company releases its 2019 half-year results.

In the first half of 2019, McPhy recorded a 23% increase in revenues to €4.3m ($4.8m) in the first half of 2019, compared with €3.5m ($3.9m) in the first half of 2018. The hydrogen production and distribution equipment specialist said this was notably driven by the delivery of the station for refuelling the first 100% hydrogen bus line in France.

The extra costs incurred by this first reference for McPhy impacted the increase in other operating expenses (€3m ($3.3m) in the first half of 2019 versus €2.5m ($2.8m) in the first half of 2018).

Personnel costs increased by €0.4m ($0.45m) to €3.5m ($3.9m), which the company said was due to the strengthening of the teams, notably the operational and sales teams, to absorb the growth in activity during the first half of the year and prepare for the acceleration expected in the second half.

On 30th June (2019), McPhy had a cash position of €8.7m ($9.7m).

Lastly, within the framework of the Pushy project, in accordance with the contract terms and as expected by McPhy, Bpifrance Financement informed the company in July 2019 of the cancellation of the repayment of the debt on the balance sheet for €3.5m ($3.9m) (including €0.4m ($0.45m) of debt discounting). This cancellation will be written down in accounts during the second half of 2019.

Commenting on the results, Pascal Mauberger, Chairman and CEO of McPhy, said, “The beginning of 2019 has confirmed McPhy’s excellent sales momentum, with over €7m ($7.8m) in orders recorded in France and abroad at the end of July.”

“Among our commercial successes, we notably received orders for seven stations regarding the deployment of hydrogen mobility in France, an order for heavy-duty vehicle mobility in Germany and the largest ever order for 11 electrolysers for the Bangladesh Meteorological Department.”

“Our technological lead on the hydrogen mobility market will be strengthened with the launch of our ‘Augmented McFilling’ hydrogen station. The latter will offer innovative, proprietary and patented architecture managed by McPhy’s smart supervision software that will make the station dynamically reconfigurable.”

“In June, alongside our partners ENGIE and SMT-AG (the Artois-Gohelle transport authority), we inaugurated, in the Hauts-de-France Region, France’s first refuelling station for hydrogen buses, which is equipped with McPhy technologies.”

“The confidence of our partners and the substantial opportunities offered by the carbon-free hydrogen market confirm our medium-term growth prospects.”