McPhy: Growing With Hydrogen

Sep 10 15:09 2019 Print This Article

by Debra Fiakas, CFA

Hydrogen system developer McPhy Energy SA (MCPHY: PA) recently reported impressive sales growth in the first half of 2019  –  23% higher than last year.    Sales were boosted by delivery of a refueling station in Houdain, France for a bus operation that is 100% powered by hydrogen.  New orders for projects in Germany, Bangladesh and Switzerland will keeps the company busy in the month ahead installing additional hydrogen fueling stations and electrolysis equipment for hydrogen production.

Despite the success, McPhy has not achieved profitability.  Thus the company remains dependent upon financing to support operations.  In 2017, the company secured an equity sales agreement with Kepler Cheuvreux that allows McPhy management discretion over the timing and amount of common stock sales.  The company recently sold 14.7 million shares for Euro $1.8 million (US$2.0 million).

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