Atawey and McPhy Energy have successfully concluded a €12 million ($13 million) business transaction. This deal grants Atawey ownership of McPhy’s hydrogen refueling network, encompassing 70 stations and a 2,400m2 production facility capable of producing up to 80 stations annually.
Negotiations Began in December 2023
Discussions regarding the sale of McPhy’s hydrogen refueling station business to Atawey commenced in December 2023. At the time, McPhy, specializing in low-carbon hydrogen production and distribution equipment, sought to divest this part of its business.
Atawey, a rising star in hydrogen mobility, expressed strong interest in the acquisition, recognizing the potential to accelerate its growth and establish itself as a European leader in the field.
The sale would also allow McPhy to focus on its core electrolyzer manufacturing operations.
Expansion of Atawey’s Workforce
The acquisition has resulted in the addition of over 40 employees to Atawey’s team, boosting its total workforce to 145.
Hydrogen Refueling Network Propels Atawey’s Growth
Prior to this deal, Atawey was already demonstrating its potential as a major player in the European market, particularly in France.
With a portfolio of 30 installed hydrogen stations and over a decade of experience, the acquisition of McPhy’s network significantly amplifies Atawey’s growth trajectory and solidifies its position as a leader in the European hydrogen refueling landscape.
Positive Outlook from Atawey Leadership
Jean-Michel Amaré, Chairman and co-founder of Atawey, expressed optimism about the acquisition, stating that it marks a “significant milestone” enabling the company to “support growth and accelerate international development.”
He emphasized Atawey’s “unique expertise” and 25+ years of market experience, coupled with the “mutual enrichment” between the two companies’ teams, will enable them to “meet all needs” and play a crucial role in Europe’s energy transition.
Shared Values and History Foster Ideal Partnership
The business agreement between McPhy and Atawey is founded on a solid foundation of shared values and history. Both companies are pioneers and key contributors to France’s hydrogen mobility sector.
Furthermore, their geographical proximity, complementary station offerings, and successful collaborative history on previous projects contribute to the promising potential of the acquisition.
Acquisition to Drive Order Fulfillment and Growth Targets
With the addition of the hydrogen refueling network and the 2,400m2 production facility, Atawey is poised to fulfill its existing order backlog and confidently pursue its ambitious growth targets.