McPhy has finalised its strategic partnership agreement with Hype, a key player in light and heavy hydrogen mobility.
McPhy will equip, in the Île-de-France region, the Hype’s hydrogen station network with a 2 MW alkaline electrolyser and an 800 kg/day Dual Pressure station.
As part of this agreement, McPhy subscribed on April 22 to €12 million of convertible bonds issued by Hype, with a capitalised interest rate of 4.5% and a maturity of 9 years. These bonds may be converted into Hype shares, before their maturity date, under certain conditions and in limited cases for two years, including a change of control, an IPO or issuance of securities over €10 million.
In this context, a first order was signed with Hype to supply a 2 MW alkaline electrolyzer and a Dual Pressure station with a capacity of 800 kg per day, which will be installed in the Paris region. Two additional very large-capacity stations are expected to be ordered by June 30, 2022.
Further commercial opportunities are expected to arise from this partnership with the establishment by the end of 2022 of a co-exclusive framework agreement between Hype and McPhy. This agreement covers the deployment by Hype of a minimum of 100 stations in France and Europe, of which 50% would be allocated to McPhy, and 15 to 25 MW of alkaline electrolysis.