France’s McPhy Energy SA (EPA:MCPHY) has subscribed to EUR 12 million (USD 12.8m) of convertible bonds issued by Parisian hydrogen taxi start-up Hype, and signed an order to supply its hydrogen equipment as part of a wider strategic agreement with the cab platform.
In line with the agreement, the terms of which the parties ironed out in December 2021, McPhy bought the bonds at a capitalised interest rate of 4.5%, maturing in nine years, it announced on Monday. The bonds may be converted into Hype shares before their maturity date, under certain conditions and in limited circumstances, including a change of control, an initial public offering or a securities issuance in excess of EUR 10 million, McPhy said reiterating the terms.
McPhy also executed an order to supply its 2-MW alkaline electrolyser and a dual pressure hydrogen filling station, with a capacity of 800 kg per day, to Hype. The equipment will be installed in the Paris region, the French hydrogen equipment specialist said.
The company expects further orders for two additional large-capacity stations by the end of June, 2022.
The McPhy-Hype partnership also includes a plan to sign a co-exclusive framework agreement by the end of 2022. Under this agreement, Hype is expected to award orders for 50 hydrogen filling stations and 15 MW to 25 MW electrolysers to McPhy.
(EUR 1.0 = USD 1.069)
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