McPhy jumps on govt funding boost for its gigafactory project

Mcphy Energy SA

29/09/2022 09:14

** McPhy Energy  MCPHY.PA  rises around 6% to the top of SBF
120  .SBF120  index after the French hydrogen storage firm said
its gigafactory project would benefit from 114 million euros 
($110.08 million) in public funding from the French government
    ** Portzamparc, which ups the stock to "buy" from "hold",
notes the total of 124 million euros McPhy recieved so far to
fund its mega-plant in Belfort seems particularly important
given capex and will strengthen the company's already solid
balance sheet
    ** In mid-July the European Commission approved McPhy's
electrolyser gigafactory project under the framework of the
Hydrogen IPCEI programme
($1 = 1.0356 euros)
 (Reporting by Dagmarah Mackos)
 ((dagmarah.mackos@tr.com))