Preparing for the acceleration of its development strategy, McPhy Energy recorded impressively strong growth in its first quarter 2014 sales of €774,000, up 50% year-on-year.

Specialised in hydrogen production and storage equipment for industry and the energy markets, McPhy Energy attributes this performance to strong growth in the industry driven by new commercial momentum and an expanded offering.

Sales of small and medium hydrogen production units and associated services, as in 2013, accounted for the major share of consolidated revenue.

The energy segment focused on renewable energies storage and carbon-free mobility will not contribute significantly to consolidated revenue in the short-term. Today, this latter activity is largely focused on subsidised demonstration projects, to which McPhy Energy contributes through its hydrogen production and storage equipment.

First quarter highlights

First quarter 2014 saw McPhy Energy’s equity significantly strengthened by the major success of its initial public offering and listing on Euronext Paris (compartment C), which raised gross proceeds of €32m.

In accordance with its roadmap, McPhy Energy has prepared for the ramping up of its industrial operations and revealed project updates in Italy and Germany, as well as accelerating its commercial development with a number of high profile partners including EPS and Fincantieri, one of the world’s largest shipbuilding groups.

The group also strengthened its management team in recent months, appointing Leopold Demiddeleer as Chairman of the Supervisory Board and Grégory Wagemans as Chief Financial and Administrative Officer and member of the Executive Board.