McPhy

McPhy Reports Annual Revenue Growth of +17% Overall and +25% for its Electrolyzer Business - Seite 3

However, McPhy has noted a significant increase in tenders for the supply of large-scale electrolyzers over the course of 2023. While this increase in project size has slowed implementation and final investment decisions in 2023, it gives McPhy a tender portfolio of 2.2 GW by 2030, a two-fold increase on last year.

As an example, McPhy recently signed a major contract with the Oil & Gas division of the Berlin-based HMS GmbH Group, for the supply and commissioning between 2025 and 2027 of four McLyzer 3200-30, with a total capacity of 64 MW. With this contract, McPhy plans to start manufacturing the McLyzer 3200-30 at its newly constructed Gigafactory in Belfort with the design and engineering of very-high-capacity electrolysis systems. This contract has not been included in the firm order intake either, pending the final investment decision.

The electrolyzer backlog, on which the Company will now focus its efforts, stands at €20.1 million, representing 84% of the total backlog.

Termination of framework partnership with Technip Energies and continued collaboration on the Djewels project

Following a review of their respective business models, McPhy and Technip Energies have decided to cease their partnership by amicably terminating the Memorandum of Understanding signed when Technip Energies acquired a stake in the Company in 2020. The termination of this partnership will not affect the continued collaboration between McPhy and Technip Energies on the Djewels project.

Continuing industrial scale-up

Work on commissioning the future Gigafactory at the Belfort site is progressing according to plan, with the opening scheduled for the 2^nd quarter of 2024, within budget. The opening of this site will enable McPhy to ramp up over time its production capacity to 1 GW per year.

At the same time, McPhy has increased its production capacity to 300 MW (in two shifts) at its San Miniato site, enabling the production of stacks for the Djewels and HMS projects.

During the 2023 financial year, McPhy continued to accelerate investments linked to the development of its business and to expand its teams up to 265 employees, with 72 new employees hired.

Outlook and financial situation

The Group's cash position should be around €62 million at December 31, 2023.

McPhy has undertaken to strengthen its financial liquidity, with the implementation of the first steps in its financing plan. In addition to the potential proceeds from the sale of its station business and the establishment of an equity financing line with Vester Finance⁶, the Group is in the process of finalizing a lease financing for its Belfort Gigafactory with a banking pool, representing a financing of around €16 million.