McPhy has received orders worth more than €5m ($5.7m) since the beginning of 2019 – a positive start to the year for the hydrogen production and storage specialist.
The French company has just logged an order for six stations from Siege 27 and SDEC Energie to support the roll out of hydrogen mobility solutions in Normandy under the EAS-HyMob project.
Supported by the European Union funding via the European Innovation and Networks Executive Agency (INEA) as part of the Connecting Europe Facility – Transports (CEF-T) infrastructure programme, the project is expected to create a network of 15 stations on major roads in Normandy linking major cities.
These six stations are the first in the plan and are due to be commissioned as captive hydrogen fleets are introduced.
McPhy has also received an order for a next-generation 40kg/day 30-bar electrolyser for a hydrogen station to be built in Cahmbéry by hydrogen technology specialist Atawey.
The station is part of the Zero Emissio Valley project in the Auvergne-Rhône-Alpes region, which will see 20 stations installed across the region, including 15 electrolysers. It aims to make Auvergne-Rhône-Alpes Europe’s leading region in the deployment of hydrogen.
With these new projects, the number of McFilling stations installed or currently being installed increases to 21, representing a daily potential of 64,500km in zero emission mobility.
“We have achieved the positive top-line momentum we predicted. These firm orders are a ringing endorsement of our product strategy in our three key markets.”
Pascal Mauberger, Chairman and CEO of McPhy
In the energy market, McPhy received the first payment for a Power to Power application in Germany for a McLyzer 400-30 installation. This is the first McLyzer 400-30 featuring McPy’s high-density current electrodes co-developed with De Nora, its industrial partner.
McPhy has also received an order from the Bangladesh Meteorological Department for 11 electrolysers from the PIEL line, which are due to be delivered during 2019. These electrolysers will be used to inflate balloons for weather probes. This is the largest order ever placed for McPhy’s PIEL line of products.
Pascal Mauberger, Chairman and CEO of McPhy, said the company is delighted with how 2019 has started.
“We have achieved the positive top-line momentum we predicted. These firm orders are a ringing endorsement of our product strategy in our three key markets,” he said.
“In the zero emission mobility market, we logged an order for six McFilling 20-350 stations in the framework of the EAS-HyMob project, which shows that our offering is well-suited to France’s strategy for deploying hydrogen refuelling infrastructure.”
“In Germany, we reached a major technological milestone by marketing our first electrolyser fitted with ‘high current density’ electrodes co-developed with De Nora. The electrolyser will double the volume of hydrogen produced.”
“These two new megawatts will lift to 16MW the high-power electrolysis capacity we have implemented. It is crucial for the large-scale decarbonization of applications in the industry, mobility and energy sectors.”
McPhy said these commercial successes demonstrate that the delayed orders intitially anticipated in 2018 have now materialised and that the group’s top-line business momentum is right on track.
A return to positivity for McPhy
This is a great return to the traditionally positive narrative for McPhy. After several years of rampant revenue growth (+93% in 2016, +34% in 2017), there was a shot across the bows this New Year with the news that revenue had dropped significantly in 2018 – down 21% year-on-year and falling back under the €10m threshold it had broken the year prior.
For a specialist in equipment for the production, storage and distribution of hydrogen, a renowned growth space for the industry and indeed society at present, it seemed to be an alarming announcement to issue.
McPhy pointed to delays affecting several orders as the reason for the decline and the expectation that these would be realised in the medium term, while noting that the exclusion of a particular project in China would have translated to actual revenue growth of 9% last year.
Today’s announcement of orders worth more than €5m ($5.7m) since the beginning of 2019 not only redresses the balance in rhetoric but is also validation of its previous conviction.
And there is much to have conviction for. Revenue in Europe continued to deliver a high growth last year, rising 23% in 2018, while revenue in Asia was only held back by that aforementioned project in China. Europe and especially France is making significant progress in the movement towards a hydrogen economy, reflected by the sheer number of projects underway and mobility breakthroughs taking place on an almost daily basis.
McPhy itself notes that it has secured orders for six stations alone from Siege 27 and SDEC Energie to support the roll-out of hydrogen mobility solutions in Normandy under the EAS-HyMob project, while it can also cite many others picked up in the first months of year already. More will undoubtedly be realised throughout 2019.
Hydrogen is and will be one of the biggest growth spaces and opportunities of tomorrow, with McPhy – like so many of its fellow technology counterparts – well positioned to ride this inevitable wave of growth going forward.