McPhy generated a €7 million turnover in the first half of the year (about $8 million). This is 35% more compared with the same period in 2022. The backlog* of the French equipment manufacturer amounts to €33.4 million (+9%) (about $36.7 million).
McPhy has been demonstrating a solid performance since the start of the year, with a turnover splitting between electrolysers (59%) and between stations (41%). The results have been mitigated by the postponement of the CEOG project in French Guiana (read our article) and the takeover of two old-generation stations.
Managing Director Jean-Baptiste Lucas believes that the company has reached new milestones in its transition to scale. These include the automation of the stack assembly line at the San Miniato plant (Italy) and the completion of its Gigafactory in Belfort. The company has also embarked on an international expansion through a highly promising partnership with the Indian group Larsen & Toubro (L&T).
McPhy also highlights two contracts won during the first half of the year. The first concerns an ambitious low-carbon steel project with ArcelorMittal and VEO. It includes the construction of an electrolysis pilot plant in Eisenhüttenstadt, Germany, in collaboration with the Technical University of Brandenburg. McPhy will supply two McLyzer electrolysers, each with a capacity of 1 MW, and will provide a five-year service contract. The second is a “green metal” project with the Plansee Group. The French group will supply a McLyzer 800-30 electrolyser to be installed at the Reutte site in Austria. McPhy will also provide long-term maintenance services for the equipment.
*Orders not yet recognized as revenue
Article written by Laurent Meillaud and translated by Logan King