McPhy soars as EU Commission approves gigafactory project for IPCEI programme

Mcphy Energy SA

18/07/2022 09:30

** Shares in McPhy Energy  MCPHY.PA  rise 11% to the top of
France's SBF 120  .SBF120  index after its electrolyser
gigafactory project was approved by the European Commission
under the framework of the Hydrogen IPCEI programme  urn:newsml:reuters.com:*:nFWN2YX017
    ** The company says it will make the final investment
decision after confirmation by French authorities of the amount
of public aid and the contractualisation of the terms of the
provision of this aid with Bpifrance
    ** Portzamparc {"buy") says the site represents an
investment of 30-40 million euros ($30.4-40.6 million), should
be operational in 2024 and bring McPhy's electrolyser production
capacity to 1,300 MW
    ** The broker adds the 124-million-euro aid the group should
receive for the project seems particularly important for capex
and will strengthen the company's already solid balance sheet
    ** The company has pre-selected its Belfort site for the
implementation of the gigafactory
    ** The Commission also approves GTT's R&D project, pushing
its shares up 6%  urn:newsml:reuters.com:*:nNDL2yQ4VM
    ** McPhy shares are on track for their best day in four
months

($1 = 0.9860 euros)

 (Reporting by Olivier Cherfan)
 ((olivier.cherfan@thomsonreuters.com))