Atawey Acquires McPhy's Hydrogen Refueling Station Business, Becomes European Leader
Key Ideas
- Atawey's acquisition of McPhy's hydrogen refueling station business solidifies its position as the European leader with a network of 70 stations and a manufacturing capacity of over 80 stations per year.
- The merger enhances Atawey's R&D capabilities, as it integrates McPhy's expertise, technologies, and experienced employees, positioning them as one of the most expert teams in the market.
- The increased production capacity due to the acquisition of McPhy's facilities will help Atawey meet its order backlog, achieve profitability, and reach a production capacity of more than 80 hydrogen refueling stations annually.
- Atawey's ongoing international development strategy is bolstered by the acquisition, allowing them to expand their range of services and enter promising European markets like Italy, with plans for continued growth and strategic expansion.
Atawey, a French startup supported by InnoEnergy, has acquired McPhy's Hydrogen Refueling Station Business, positioning itself as the European leader in hydrogen refueling stations. This acquisition, finalized after negotiations starting in December 2023, strengthens Atawey's presence on the European market, increasing its network to 70 stations and establishing a manufacturing capacity of over 80 stations per year.
The merger also enhances Atawey's research and development capabilities by integrating McPhy's expertise and technologies, creating one of the most experienced teams in the industry. With the addition of more than 40 McPhy employees, the total workforce at Atawey reaches 145, combining skills and expertise in hydrogen refueling station manufacturing.
Moreover, Atawey's acquisition of McPhy's fully operational industrial facility provides an additional production area and testing zones, enabling the company to address its order backlog, meet growth projections, and achieve profitability by the next fiscal year. The increased production capacity allows Atawey to reach a milestone of producing more than 80 hydrogen refueling stations annually.
Additionally, the acquisition propels Atawey's international development plans, enabling the enrichment of its services to meet diverse market demands, especially on a global scale. The company aims to leverage McPhy's international experience to expand into promising European markets, with plans to establish its third international subsidiary in Italy by the end of 2024.
The strategic leaders of Atawey, Jean-Michel Amaré and Pierre-Jean Bonnefond, express optimism regarding the acquisition's impact on the company's growth and technological advancement. They emphasize the importance of knowledge exchange and continuous improvement to position Atawey as a leader in the French and European hydrogen industry.
Atawey and McPhy will collaborate to ensure the seamless execution of ongoing projects and maintain service continuity for the existing 40 stations installed before the acquisition, demonstrating a commitment to customer satisfaction and long-term performance.