November 7 (Renewables Now) - McPhy Energy SA (EPA:MCPHY), a French specialist in hydrogen production and distribution equipment, said today it raised EUR 6.9 million (USD 7.6m) by issuing stock in a private placement.
A little over 2.55 million new ordinary shares were sold at EUR 2.70 apiece, including the issuance premium, in the capital increase without preferential subscription rights. These represent 14.7% of the firm's share capital after the issuance.
The shares were priced at a discount of 19.1% to the volume-weighted average price of company stock on Euronext Paris for the three trading days before the issuance price was set.
McPhy CEO Laurent Carme called the transaction “a success in a difficult market environment”.
The company said it will use the proceeds to cover working capital requirements for the next 18 months and finance research and development (R&D) and product development, but not only. "One-third of the funds will be dedicated to address the acceleration of the activity, the market and ongoing projects, in particular with regard to very high capacity hydrogen production platforms," McPhy said.
(EUR 1.0 = USD 1.107)