Atawey Scores Hydrogen Refueling Network With McPhy Acquisition

Atawey and McPhy have completed the 12-million-euro transaction.

Atawey and McPhy Energy announced that the two companies have completed a business deal that will see Atawey acquiring McPhy’s hydrogen refueling network. The €12 million ($13 million) transaction includes Atawey receiving a network of 70 locations and a 2,400m2 production area capable of supporting as many as 80 stations each year.

Negotiations began in December 2023.

The exclusive negotiations for the sale of McPhy’s hydrogen refueling station business to Atawey first started back in December. At the time, McPhy had initiated a process for the sale of this business and Atawey, which has become a key player in hydrogen mobility, revealed it was interested in making the purchase. Acquiring McPhy’s hydrogen refueling network would accelerate Atawey’s development and make it a European leader in its field.

As for McPhy, which specializes in low-carbon hydrogen production and distribution equipment, the transaction of its hydrogen station business would allow the company to focus on its core business, manufacturing electrolyzers.

With the completion of the acquisition, over 40 employees will join the Atawey team, expanding its staff to 145 employees.

The hydrogen refueling network accelerates Ataweys growth as European leader.

Prior to the completion of the acquisition, Atawey was well on its way of proving itself to be a major player in Europe, particularly in the French market. At that time, its portfolio included 30 installed hydrogen stations and over a decade in experience.

The hydrogen refueling network acquisition brings together the two station activities, accelerating Atawey’s growth and solidifying the company as a European leader.

Atawey’s different types of hydrogen stations – Image Source: Atawey YouTube

“This important milestone will enable us to support our growth and accelerate our international development,” said Chairman and co-founder of Atawey, Jean-Michel Amaré. Atawey’s “unique expertise” and more than 25 years in the market, along with the “mutual enrichment” of both companies’ teams, puts Atawey in a position to “meet all needs” and makes them a significant player in Europe’s energy transition, Amaré added.

The sharing of common histories and values makes for an ideal match.

The business deal between McPhy and Atawey makes a lot of sense. Both companies share common values and histories and are pioneers and key players in France’s hydrogen mobility sector.

What’s more, the acquisition is likely to be successful due to the companies’ geographical proximity, complementary station offerings, and having successfully worked together on several projects in the past.

It’s expected that acquiring the hydrogen refueling network and 2,400m2 production facility will make it possible for Atawey to fulfill its order backlog and meet future growth targets.