The CEO of McPhy has resigned amid concerns that the French electrolyser maker could run out of cash within months.
McPhy announced today (April 7) that Jean-Baptiste Lucas had resigned from the role for “personal reasons.”
He will hold onto the position until a successor is found – no later than July 31, 2025.
Chairman, Luc Poyer said, “The board would like to acknowledge the involvement, rigour and courage that Jean-Baptiste Lucas has shown in a complex environment.”
The resignation comes just days after McPhy said it had just enough “financial flexibility” to continue business until the end of H1 2025 – amid write-downs and project funding delays.
“This situation creates material uncertainty as to going concern,” the company warned, stressing that it would need payments from its refuelling business sale, and the final €13m payment from an EU-funded project.
“If the sought-after solutions are not implemented within the expected timeframe or do not meet the required financial objectives, the group might not be able to realise its assets and settle its liabilities in the normal course of business,” it added.
Once a flagship of France’s electrolyser push, the firm reported FY 2024 revenues of €13.1m ($16.7m) – down 30% on 2023.
McPhy attributed the decline primarily to the lack of revenue recognition from the 20MW Djewels green hydrogen plant in the Netherlands, as well as deductions related to compensation for the termination of historical refuelling station contracts.
Despite the revenue decline, McPhy saw a 115% increase in orders from 2023, reaching €28.1m ($29.3m). This growth expanded its backlog by 25%, bringing it to €29.8m ($31.1m).
However, throughout 2024, McPhy burned through €24m ($25.1m) in cash, reducing its cash position to around €39m ($40.7m) at the end of the year.
The developments underscore the mounting pressure on Europe’s electrolyser manufacturers amid project delays, policy uncertainty and intensified global competition.
