GTT up after EU Commission selects unit's R&D project for IPCEI programme

Mcphy Energy SA

18/07/2022 09:31

** Shares in French engineering company GTT  GTT.PA  rise
about 6% after the European Commission chose unit Elogen's
gigafactory and R&D project for participation in the Hydrogen
IPCEI programme  urn:newsml:reuters.com:*:nNDL2yQ4VM
    ** Elogen specialises in designing electrolysers for
producing green hydrogen
    ** The Commission on July 15 authorised 15 member states to
provide public funding of up to 5.4 billion euros ($5.48
billion) for its "Hy2Tech", classified as "common interest"
project
    ** The Elogen factory will start production in 2025 with a
production capacity of 1 GW, GTT says
    ** "GTT had announced to have been pre-notified in March
2022, so this announcement is not a surprise," says Portzamparc
    ** The Commission also validates McPhy Energy's  MCPHY.PA 
gigafactory project, pushing the shares 11% up  urn:newsml:reuters.com:*:nFWN2YX017
    ** The GTT stock is up by around 50% YTD and is heading for
its best day since early March

($1 = 0.9861 euros)

 (Reporting by Olivier Sorgho)
 ((Olivier.sorgho@thomsonreuters.com))