With no buyer in sight, French electrolyser manufacturer McPhy has announced that it will enter compulsory liquidation. This marks a serious blow for the hydrogen sector in France, though a partial acquisition of the company’s assets may still be on the table.

A press release issued last night confirmed that no buyer had come forward to take over the company in its entirety. As a result, McPhy is now heading for liquidation. However, the company is working on a plan to enable the partial takeover of some of its activities and assets.

McPhy stated that liquidation will lead to the delisting of its shares, whose residual value is expected to be close to zero. The company added that it will inform the market of the next steps relating to this takeover project and any major developments in its situation in due course.

McPhy employs 265 people and operates three sites in France. Last year, it inaugurated its ‘Gigafactory’ in Belfort — the country’s first large-scale electrolyser manufacturing facility. However, project delays led to a cash shortfall, and the company had warned it could only remain solvent until the end of June.

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