Energia
Strong growth in McPhy's 2022 Annual Revenue and Firm Order Intake
, specialized in low-carbon hydrogen production and distribution equipment (electrolyzers and refueling stations), today announces its revenue for the 2022 financial year, ending December 31.
for the financial year is . Restated for the during previous financial years (the amount of which was the revenue for the first half of the year), compared with €13.1 million in 2021, This return to growth primarily results from the materialization of the first orders under the major contracts signed over the past years. The revenue breakdown between the supply of electrolyzers of large capacity McLyzer and of Piel range (68%) and the supply of stations (32%).
In the course of the first semester, McPhy signed a contract with a subsidiary of Eiffage to equip a site in Belfort with a 1 MW electrolyzer and a recharging station capable of distributing up to 800 kg/day to fuel a fleet of hydrogen buses. The Group also received two first orders in the framework of its strategic partnership with Hype to supply: (i) two alkaline electrolyzers with a capacity of 2 MW for the first and upgraded to 4 MW for the second, as well as (ii) two Dual Pressure stations with a capacity of 800 kg per day each to be installed in the Paris region. During the second half of the year, McPhy also finalized an 8-year maintenance contract with Siemens Energy. McPhy teams will manage the maintenance of the hydrogen production equipment on the CEOG project site.
At the end of the year, the Group recorded with a joint venture controlled by one of the world's leading steel groups The agreement includes the equipment of an innovative low-carbon steel production project at a plant in Germany, close to McPhy's design and engineering site in Wildau. The agreement, favoured by the geographical proximity, illustrates the relevance of the Group's European operating set-up. The agreement covers the supply of two McLyzer electrolyzers with a capacity of 1 MW each, as well as a Dual Pressure 350/700 bar station dedicated to the supply of forklift trucks and trailer trucks. It has also been agreed of a 5-year long-term services contract. The first deliveries of low-carbon steel should take place in the first half of 2024.
All of these elements allow McPhy to record a growth which amounts to , bringing the order backlog to at December 31, 2022, up .
As of 31 December 2022, McPhy had a portfolio of projects signed, commissioned and/or under execution representing a total of 45 MW and 40 stations. The Group had furthermore been identified as a preferred partner and/or selected supplier for 148 MW and 56 stations, bringing its references to 193 MW and 96 stations.
The eligibility of McPhy's to the IPCEI scheme was approved by the European Commission in July, allowing the signing of a public aid contract with the French State represented by Bpifrance, for a . On that basis, McPhy has officially made a final investment decision and received a first payment of €28.5 million from Bpifrance. Work has already begun on the commissioning of the future plant on the Belfort site, with a launch scheduled for the first half of 2024, followed by a gradual ramp-up to reach .
Concurrently, McPhy continued its efforts to scale up by increasing its , in order to meet market demand while awaiting for the commissioning of the Gigafactory.
For the part, McPhy has finalized the regrouping of all the activities of this business line on its new site in the heart of Grenoble in an existing industrial building of more than 4,000 sqm. This new site will have of 150 units per year.
McPhy has recruited in fiscal year 2022, demonstrating its ability to attract talent in a competitive market and in an industry where skills are crucial. The Group now accounts 205 employees and will keep up its active recruitment policy though at a slower pace.
Given the acceleration of development investments and the rise in the number of employees in the second half of the year, the Group estimates that its EBITDA will amount to €-34 to €-37 million for the fiscal year 2022. The Group's net cash position should therefore be around €135 million, including the initial payment of €28.5 million from Bpifrance as part of the launch of the Gigafactory.
The level of its backlog and the continued ramp-up of the hydrogen market, allow McPhy to anticipate another year of .
Specialized in hydrogen production and distribution equipment, McPhy is contributing to the global deployment of low-carbon hydrogen as a solution for energy transition. With its complete range of products dedicated to the industrial, mobility and energy sectors, McPhy offers its customers turnkey solutions adapted to their applications in industrial raw material supply, recharging of fuel cell electric vehicles or storage and recovery of electricity surplus based on renewable sources. As designer, manufacturer and integrator of hydrogen equipment since 2008, McPhy has three development, engineering and production centers in Europe (France, Italy, Germany). Its international subsidiaries provide broad commercial coverage for its innovative hydrogen solutions. McPhy is listed on Euronext Paris (compartment B, ISIN code: FR0011742329, MCPHY).
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Orders not yet recognized as revenue
PIIEC (" ") or IPCEI (" ") is a funding scheme that supports projects deemed essential for Europe's competitiveness, allowing Member States to fund initiatives beyond the limits usually set by European regulations. The PIIEC or IPCEI Hydrogen ("Hy2Tech") was authorised by the European Commission on 15 July 2022.
Figures under audit as of the date of this document
Revenue excluding the amount of the takeover of two old technology stations for commercial reasons
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