McPhy's French electrolyser Gigafactory project wins IPCEI status

McPhy's industrial site in Grenoble. Source: McPhy Energy SA.

July 18 (Renewables Now) - 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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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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