McPhy Energy has cancelled plans to develop a 24MW green hydrogen project just a week after announcing it, after a last-minute withdrawal from the off-taker.
The French firm announced on September 25 the signing of a contract for the supply, assembly and commissioning of two McLyzer 3200-30 electrolysers for use in a project located in central Europe. The client was an unnamed “key player in the energy sector.”
The alkaline electrolysers were expected to form a 24MW hydrogen production project, with a final investment decision (FID) scheduled for the end of the year, before commissioning in 2026.
However, due to an “unexpected last-minute withdrawal of the off-taker of the green hydrogen,” the project was scrapped, losing out on a sale worth around €20m ($22m).
In February (2024), McPhy secured a binding offer of at least €11-12m ($11.8-12.9m) from Atawey to sell its hydrogen refuelling business.
Read more:McPhy receives binding multi-million-euro offer for hydrogen station business sale
The assets were sold to allow for full focus on its electrolyser manufacturing. The deal was set to be finalised during Q2 2024.
In May (2024), McPhy also cancelled their cooperation on the GreenH2Atlantic project, which would have seen the company provide electrolyser technology.
Read more:McPhy and Hytlantic terminate collaboration on green hydrogen project
Although, they terminated plans following an “in-depth assessment of the activities performed and outcomes of the partnership over the past few years during project development.”
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