McPhy Energy Attracts Investment to Develop Hydrogen Production and Storage Solution

22 Jan 2013

McPhy EnergyThe Ecotechnologies fund has invested €5 million in McPhy Energy, in a funding round totalling €10 million. The investment is intended to support the commercial development of the company following the acquisition of an electrolysis manufacturing business, Italian developer PIEL.

The rest of the €10 million capital came from the company’s existing investors Emertec Gestion, Sofinnova Partners, Gimv, Arevadelfi and Clipperton Finance.

It is the second investment by the Ecotechnologies fund, which is managed by CDC Entreprises on behalf of the state. This is within the framework of the Program of Investments for the Future (PIA) entrusted to the Ademe (the French Environment and Energy Management Agency).

McPhy Energy’s focus is on hydrogen production and low-pressure hydrogen storage. Created in 2008 to develop and bring to industrial scale a solid-state hydrogen storage solution based on metal hydrides, the company has since completed proof-of-concept and entered into a period of industrial ramp-up and commercial development.

The first commercial deliveries have already been made to customers including Enel, Iwatani, Eon and Nottingham University. Agreements for several projects have been signed with key industrial and energy companies such as Enel, GDF-Suez, Enertrag, Total, Linde. McPhy Energy has also recently created subsidiaries in Germany and in Italy.

Acquisition of the electrolysis production unit allows McPhy to now promote a combined offering, including the on-site installation of hydrogen production units (based on water electrolysis). This has required a significant capital increase to accomplish.

Anne-Sophie Carrese, Investment Director at CDC Entreprises, has commented that the solution answers a key challenge of the energy transition: how to store energy with enough flexibility to allow the further integration of different renewable energy production sources.

Source: taken from the McPhy Energy press release

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