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McPhy signs a first order with Hype as part of their strategic partnership

McPhy has announced that it has finalized its strategic partnership agreement with Hype, key player in light and heavy hydrogen mobility, whose principles were described by McPhy in its press release in December last year.

As part of this agreement, McPhy subscribed on April 22 to €12 million of convertible bonds issued by Hype, with a capitalized interest rate of 4.5% and a maturity of 9 years. These bonds may be converted into Hype shares, before their maturity date, under certain conditions and in limited cases for a period of two years, including a change of control, an IPO or issuance of securities in excess of €10 million.

In this context, a first order was signed with Hype, for the supply of a 2 MW alkaline electrolyzer and a Dual Pressure station with a capacity of 800 kg per day, which will be installed in the Paris region. Two additional very large-capacity stations are expected to be ordered by June 30, 2022.

Further commercial opportunities are expected to arise from this partnership with the establishment by the end of 2022 of a co-exclusive framework agreement between Hype and McPhy. This agreement covers the deployment by Hype of a minimum of 100 stations in France and Europe, of which 50% would be allocated to McPhy, and 15 to 25 MW of alkaline electrolysis.

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