TechnipFMC has entered into a strategic collaboration with French manufacturer McPhy to accelerate the development of green hydrogen projects.

TechnipFMC confirmed it had entered into a memorandum of understanding with McPhy to jointly work on green hydrogen technology development and project implementation.

The agreement establishes a collaboration framework for the manufacturing and commercialisation of hydrogen electrolysis production systems for large industry, renewable energy storage and large mobility projects and 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,” Technip Energies president Arnaud Pieton said.

“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.”

Capital raising

TechnipFMC also revealed Wednesday it was making an equity investment in McPhy, participating in the French company’s €180 million ($211.4 million) capital raising this week.

This saw it buy 638,297 shares for €15 million, giving it a 2.29% holding in McPhy.

Along with TechnipFMC, other participants in the capital raising included Chart International and McPhy’s historical strategic shareholders EDF Pulse Croissance and Ecotechnologies Fund, which is managed by Bpifrance Investissement as part of the French government’s Investments for the Future programme.


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“With the great support provided by our new strategic partners Chart Industries and Technip Energies, our historical and strategic shareholders EDF Pulse Croissance Holding and Ecotechnologies Fund as well as all existing and new institutional investors, McPhy is now ideally positioned to scale-up its industrial capabilities, both from an operational and financial perspective,” said McPhy chief executive Laurent Carme.

“Our new strategic partnerships, with two world-leading companies in their field, bring to McPhy important possibilities of complementarity, an increased international exposure and the ability to target large-scale projects.”

The offering saw the issue of nearly 7.7 million new shares, at a price of €23.50, representing a discount of 8.56% to the company’s last closing price and 11.78% to the three-day volume-weighted average price.

Accelerating manufacturing capacity

McPhy said it would use the funds raised to accelerate the change of scale of its manufacturing capacities.

Some funds will also be put towards research and innovation, focused on the development of large capacity stacks to target large-scale projects of more than 100 megawatts and large-capacity hydrogen refueling stations, with a capacity of more than 2 tonnes per day.

McPhy will also put some of the capital towards sales and marketing to accelerate its international commercial ramp-up, as well as towards recruitment and general working capital.

Bryan, Garnier & Company Ltd acted as sole global coordinator and bookrunner in connection with the offering, while it also acted as McPhy’s transaction council. King & Spalding was enlisted by Mcphy to act as its legal advisor.