French electrolyser firm McPhy Energy has slashed its FY2024 revenue guidance to around €11m ($11.2m) from original estimates of €18-22m ($18.3-22.4m), citing project delays and the scrapping of legacy refuelling developments.
The hydrogen company said delays in the HyCC Djewels green hydrogen plant in the Netherlands, which it said, “has not been taken into account for 2024, as the parties are currently pursuing their discussions.”
Previously expected to start construction in 2024, McPhy along with Technip Energies, was contracted to supply, design and construct a 20MW electrolyser plant for the project.
Planned for Delfzijl, the plant is expected to produce 3,000 tonnes of green hydrogen annually for supply to OCI Methanol.
Having secured €80m ($81.6m) of Dutch Government funding last July, the project was expected to start construction in 2024 ahead of “full launch” in 2027.
With revenues for the project not being accounted for in 2024, it would suggest the project’s timeline has been pushed back.
H2 View has contacted HyCC for confirmation on the project’s timeline.
However, McPhy has also said the downward revision of its revenues came from the “partial termination of a legacy mobility contract to supply stations.”
In July, Atawey acquired McPhy’s hydrogen refuelling business, along with a network of 70 stations in operation, under construction or in planning, for €12m ($12.2m), as it dedicated its focus to electrolyser manufacturing.
Read more:Atawey secures McPhy’s HRS network of 70 stations
As part of the deal, however, McPhy contracts relating to projects in progress on July 16, 2024, remained the responsibility of McPhy, suggesting the firm has scrapped several of the developments.
H2 View has reached out to McPhy for confirmation on the termination of the station projects.
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