French hydrogen production company McPhy disclosed a strong set of 2019 annual results last night, with the company suggesting the results affirm both its medium-term prospects and its efforts in scale-up.
For the year to 31st December 2019, McPhy recorded a 43% increase in revenue to €11.4m (2018: €8m), with growth driven by ‘excellent’ sales momentum over the year, with orders booked both in France and across Europe.
Orders booked and completed for electrolysers and hydrogen production and distribution stations were cited in particular.
The company also strengthened its shareholders’ equity and, at 31st December 2019, had a cash position of €13m, notably as a result of a successful of capital increase by private placement of almost €7m carried out in November. This enables the McPhy to accelerate its development strategy and the roll-out of its international activities.
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