Context
McPhy is a European leader in zero-carbon hydrogen production and distribution equipment for the Industry, Mobility and Energy verticals.
The Company has developed a portfolio of cutting-edge technologies, including pressurized alkaline electrolysers and hydrogen refuelling stations to produce and distribute zero-carbon hydrogen.
The European electrolyser market is expected to take off rapidly to reach 40GW of installed capacity by 2030, driven by continual growth in industrial, mobility and energy applications, and further supported by ambitious strategic stimulus plans dedicated to the zero-carbon hydrogen sector that have been initiated by a number of European governments.
To fully benefit from the strong commercial momentum it has been experiencing, McPhy sought to raise additional capital and develop new strategic partnerships to support the scale-up of its manufacturing capabilities and unlock new commercial opportunities.
The Offering proceeds will be principally used to accelerate the scale-up of McPhy’s manufacturing capabilities, finance research and development with a focus on the development of large capacity stacks to target bigger projects (>100 MW) and higher capacity hydrogen refuelling stations (>2 tons per day), and for sales and marketing to accelerate the international commercial ramp-up.
About McPhy
Specialized in hydrogen production and distribution equipment, McPhy is leading the global deployment of zero-carbon hydrogen as a solution for the 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 under the symbol MCPHY.
About Chart Industries
Chart Industries is a leading independent global manufacturer of highly engineered equipment servicing multiple applications in the Energy, Industrial Gas and Clean Energy Transition markets. With a 2019 total revenue of USD 1.3bn, Chart’s unique product portfolio is used in every phase of the liquid gas supply chain, from liquefaction and purification to distribution, storage and end-use. Being at the forefront of the clean energy transition, Chart is a leading provider of technology, equipment and services related to liquefied hydrogen, natural gas, biogas and CO2 capture, amongst other applications. Chart is listed on NASDAQ under the symbol GTLS.
About Technip Energies
Technip Energies offers extensive experience, technologies, know-how and unique project management capabilities for the global energy industry. Its expertise includes a full range of design and project development services, from feasibility studies to project delivery. With 60 years history executing some of the world’s largest and most complex projects, Technip Energies combines leading engineering and construction management capabilities with technological know-how to develop new solutions that will support the world’s energy transition. Technip Energies’ ambition is to accelerate the journey to a low-carbon society with a focus on core pillars of liquefied natural gas, sustainable chemistry, decarbonization and carbon-free energy solutions.
Technip Energies is already a market leader in hydrogen having provided proprietary technology for more than 270 hydrogen production plants worldwide.
Technip Energies is a segment of TechnipFMC, which listed on NYSE and Euronext Paris under the symbol FTI.
Deal Team
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Bryan, Garnier & Co acts as Sole Financial Advisor, Sole Global Coordinator and Sole Bookrunner to McPhy on a EUR 180m Follow-on Offering including Strategic Investments from Chart Industries and Technip Energies
Bryan, Garnier & Co acted as Sole Financial Advisor, Sole Global Coordinator and Sole Bookrunner to McPhy on an upsized EUR 180m Follow-on Offering, including EUR 45m strategic investments from new strategic partners Chart Industries and Technip Energies.
Bryan Garnier & Co led a thorough worldwide search of the best strategic partners for McPhy, aimed at leveraging the partners’ access to new clients and markets, and reinforcing the Company’s engineering, procurement, construction (EPC), manufacturing and supply chain capabilities.
On the back of a competitive process, McPhy selected Chart Industries, a US-based leading global manufacturer of liquefaction and cryogenic equipment serving multiple applications in the energy and industrial gas markets (including hydrogen); and Technip Energies, a leading international contractor in EPC and installation for the global energy industry, as strategic and financial partners.
Memoranda of Understanding were concurrently signed with the two strategic investors, setting up collaboration frameworks to unlock new commercial opportunities globally in numerous hydrogen domains.
Historical shareholders EDF Pulse Croissance and Bpifrance Investissement also participated in the transaction, contributing a total of EUR 14m.
At the same time, a private placement to institutional investors enabled an incremental raise of EUR 121m, upsized from EUR 91m, from tier-1 cleantech and growth specialists, especially from France, the UK, the US and the Nordics on the back of market education on hydrogen and McPhy from Bryan, Garnier & Co using events and investor meetings.
This transaction marks the largest capital increase for a European hydrogen company and the second largest cleantech fund-raising in Europe in 2020.
It is another landmark demonstration of Bryan, Garnier & Co’s deep understanding of the global energy transition/sustainability environment and its unique ability to garner international pulls of strategic/corporate and institutional capital for leading European cleantech scale-ups.
Laurent Carme, CEO of McPhy Energy, stated:“It has been a true pleasure working with the team from Bryan Garnier. They possessed a deep understanding of McPhy and our ambitions for growth, while their knowledge of the strategic landscape and reach was key in securing our new partners Chart Industries and Technip Energies. The capital markets piece was executed extremely well and the amount of capital raised and quality of institutional shareholders has exceeded our expectations. We are very pleased with the outcome of the transaction.”
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