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McPhy receives a binding offer from Atawey for the sale of its station business

McPhy Energy, specialized in low-carbon H2 production and distribution equipment (electrolyzers and refueling stations), announced that it has received a binding offer from Atawey for the sale of it refueling station business. This offer follows the entry into exclusive negotiations between the two parties, announced in December 2023.

The fixed part of the proposed price for the sale would be between €11 MM­−€12 MM, plus a variable part that could amount to several million euros. This earn-out would be implemented from the date of completion of the transaction and would be conditional on the future order intakes relating to the scope of business covered by the contemplated transaction.

The transaction is expected to be finalized during the 2nd quarter of 2024, subject to consultation with McPhy's employee representatives, a process which has now begun, completion of financing for the transaction, and fulfillment of usual prerequisites. McPhy will continue to pay particular attention to the proper execution of ongoing projects, until their finalization.

For reference, the supply of stations accounted for 27% of McPhy's revenue in 2023, with a current portfolio of projects signed, commissioned and/or under execution by McPhy, representing a total of around 40 stations. The contemplated transaction should enable McPhy to focus on its core business as an electrolyzer manufacturer, concurrently with the start-up of its gigafactory in Belfort, while ensuring that the stations business will continue its expansion by leveraging the capabilities provided by an industry leader.