Atawey Makes Offer to Purchase McPhy Energy’s Refueling Station Business


McPhy Energy, specializing in low-carbon hydrogen production and distribution equipment (electrolyzers and refueling stations), has received a binding offer from Atawey for the sale of McPhy’s refueling station business.

This offer follows the entry into exclusive negotiations between the two parties, announced in December 2023. The fixed part of the proposed price for the sale would be between 11 million and 12 million euros, plus a variable part that could amount to several million euros. This earn-out would be implemented from the date of the transaction’s completion and would be conditional on future order intakes relating to the scope of business covered by the proposed transaction.

The transaction is expected to be completed during the second quarter of 2024, subject to consultation with McPhy’s employee representatives, a process which has now begun; completion of financing for the transaction; and fulfillment of usual prerequisites. McPhy will continue to pay particular attention to the proper execution of ongoing projects until their completion.

Its stations accounted for 27% of McPhy’s revenue in 2023, with a current portfolio of projects signed, commissioned and/or under execution by McPhy, representing a total of around 40 stations. The proposed transaction should enable McPhy to focus on its core business as an electrolyzer manufacturer, concurrently with the start-up of its Gigafactory in Belfort, France. The stations business should continue its expansion by leveraging the capabilities provided by Atawey.

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