McPhy Energy SA, a leading French hydrogen equipment company, has announced today that it has received a binding offer from sector player Atawey for the acquisition of its refuelling station business, comprising approximately 40 outlets.
The targeted business is slated to be divested for a fixed purchase price ranging between EUR 11 million (USD 11.8m) and EUR 12 million, with provisions for a potential earn-out of several million euros based on future order intakes.
The proposed sale aligns with McPhy's strategic vision to streamline its operations and refocus on its core business as an electrolyser manufacturer, particularly with the imminent launch of its Gigafactory in Belfort. In 2023, the supply of stations contributed to 27% of McPhy's total revenue of EUR 18.8 million.
The binding acquisition offer follows the commencement of exclusive negotiations between McPhy and Atawey in December.
Completion of the transaction is contingent upon consultations with McPhy's employee representatives and fulfillment of standard closing conditions. Anticipated closure is set for the second quarter of 2024.
