In a strategic move, French electrolyzer manufacturer McPhy has announced that it has entered into exclusive negotiations with its compatriot company Atawey to sell its hydrogen refueling station business. This decision comes as McPhy shifts its focus towards the production of electrolyzers, aiming to consolidate its resources in this area.
The sale is significant as McPhy’s losses have been largely attributed to its hydrogen fuel station supply revenue, which accounted for 32% of the company’s income in 2022. The company has a portfolio of 40 hydrogen refueling stations that are either signed, commissioned, or in the process of execution. This divestment is expected to streamline McPhy’s operations and allow it to concentrate on its core competency in electrolyzer manufacturing.
McPhy’s recent financial report revealed a net loss of €23.5 million for the 12 months ending June 30, 2023. The sale of its hydrogen refueling station business to Atawey is anticipated to alleviate some of the financial pressures and enable the company to focus on enhancing its electrolyzer technology and production capabilities. This move is also indicative of the ongoing consolidation and specialization within the hydrogen industry, as companies seek to optimize their portfolios and concentrate on their strengths.
