TechnipFMC and McPhy in Green Hydrogen Pact

28.10.2020 - Engineering contractor TechnipFMC has signed a Memorandum of Understanding (MoU) with McPhy, a US-based manufacturer and supplier of green hydrogen production and distribution equipment, to work together on technology development and project implementation.

The MoU establishes a collaboration framework for the manufacturing and commercialization of hydrogen electrolysis production systems for large industry, renewable energy storage and large mobility projects, as well as hydrogen distribution systems for large mobility projects.

“The collaboration with McPhy is an important milestone for the future of the green hydrogen industry and demonstrates our ambition to accelerate the journey to a low-carbon society,” said Arnaud Pieton, president of Technip Energies. “We will work with McPhy to develop large-scale and competitive carbon-free hydrogen solutions from production to liquefaction, storage and distribution which we firmly believe is core to achieving net-zero targets.”

The two companies will also be joined by Chart Industries, whose expertise lies in equipment development and is complementary to TechnipFMC’s process technology and project capabilities.

McPhy also announced the success of its capital increase by means of an accelerated bookbuild for a total amount of €180 million. TechnipFMC invested €15 million, giving it a 2.29% equity stake while Chart Industries invested €30 million, gaining a 4.59% share in McPhy.

Over the next four years, the net proceeds will be used primarily to fund the acceleration of the change of scale of McPhy manufacturing capacities, finance research and innovation with a focus on developing large-scale projects and large-capacity hydrogen refueling stations, as well as working capital and operating expenses.

Founded in 2008, McPhy has five development, engineering and production sites in France, Italy, and Germany.

Author: Elaine Burridge, Freelance Journalist