McPhy's French electrolyser Gigafactory project wins IPCEI status

McPhy Energy SA’s (EPA:MCPHY) project to build an electrolyser Gigafactory in France has been granted IPCEI status by the European Commission (EC) and will get financing from a EUR-5.4-billion (USD 5.48bn) pot of state aid.

The French hydrogen production equipment maker said on Monday that its proposal has been greenlit by the EC under the State aid framework for Important Projects of Common European Interest (IPCEI).

McPhy intends to mass-produce alkaline electrolysers, gradually ramping up to an annual capacity of 1 GW. The company has pre-selected a site in Belfort for the project, where it intends to begin production in the first half of 2024. It said it will take the final investment decision after it gets a final confirmation from the French government over the amount of public aid it would receive.

Earlier this year, French President Emmanuel Macron announced that up to EUR 114 million would be made available for McPhy’s project. The developer estimates the required investment at between EUR 30 million and EUR 40 million.

(EUR 1.0 = USD 1.015)

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