Dedicated hydrogen (H2) solutions provider McPhy Energy has announced that it has moved into a phase of “sustainable accelerated growth” after posting a colossal rise in sales of 93% in its 2016 revenue results.
The France-based company reported a rise of 24% in first-half 2016 revenues, climbing from €1.8m ($1.9m) in H1 2015 to €2.2m ($2.3m).
But it was the company’s second-half revenues that lifted its overall financials, skyrocketing from €2.1m ($2.2m) in H2 2015 to €5.3m ($5.6m) – an increase of more than 150%.
On the whole, sales rose from €3.9 ($4.2m) to €7.5 ($8m). McPhy had €8.1m ($8.6m) in cash at 31st December, 2016.
Three major contracts contributed to McPhy’s growth last year, including a contract for a 4MW electrolysis and solid-state storage solution with Hebei Construction and Investment Group in China, a contract with GRTgaz in France’s first Power-to-Gas (P2G) project and winning a call for tender with German green energy specialist Energiedienst.
The first two contracts started up during the second six months and more than doubled McPhy’s revenue for this period. The Energiedienst contract will be recorded in the company’s 2017 revenues.
The company also strengthened its presence domestically during 2016, with its turnkey McFilling® H2 refuelling solution rolled out in seven H2 stations across France. The company also noted the success of its SimpleFuelTM refuelling solution and said it is opening up major prospects in the US.
In terms of future contracts, McPhy will deliver an onsite H2 production solution for Chinese thermal power generation plant CPI Zaoquan and will also equip an industrial platform in France with a zero-emission onsite H2 generator and a solid-state storage unit. Both are expected to be commissioned later this year.
The deployment of renewable electricity production is exceeding all forecasts as the development of zero-emission mobility, launched by major car manufacturers, is now ramping up.
A statement from McPhy said that this market dynamic contributed to its 91% increase in sales, stating, “The very strong increase in sales and orders over 2016 confirms the commercial potential of the group’s solutions in these burgeoning markets, as well as the market for industrial applications.”
McPhy added that it is “confident that it will continue moving forward with this accelerated growth” and that it will look to explore various strategic options in 2017 to accelerate its development in the budding market.