Chart Industries signs strategic commercial hydrogen MoU with McPhy
Published by Callum O'Reilly,
Chart Industries Inc. has announced its firm undertaking to subscribe to the share capital increase recently initiated by McPhy for €30 million, which will result in approximately c. 4.3% of the capital of McPhy, post completion of an anticipated €150 million capital offering. McPhy specialises in zero-carbon hydrogen production and distribution equipment.
In conjunction with the strategic investment, Chart and McPhy also executed a commercial Memorandum of Understanding (MoU). The MoU between McPhy and Chart is intended to set the pace of commercial collaboration to stimulate new hydrogen demand for the parties’ respective equipment and solutions globally, by identifying new customers and projects.
Chart and McPhy will also work on studying options to scale up projects for production, storage, transport and fuelling in all addressable markets.
“We are thrilled to welcome Chart Industries as a strategic investor and partner, bringing deep expertise in their hydrogen-related applications,” stated Laurent Carme, McPhy Chief Executive Officer, “We anticipate new commercial opportunities in hydrogen across Europe and globally through this partnership.”
Chart’s 23 global locations for manufacturing equipment, including 10 in Europe, offer capabilities to manufacture hydrogen equipment in China, India, Europe and the US. In a statement, the company said that it looks forward to working with McPhy to accelerate the change of scale for McPhy’s manufacturing capabilities. Chart also views the opportunity to work commercially with other shareholders of McPhy, including anchor investors EDF Pulse Croissance, Ecotechnologies Fund managed by Bpifrance Investissement and Technip Energies as particularly significant, in light of the recent European Union clean energy stimulus package as well as France’s recently released €7 billion plan to use hydrogen in industrial processes and transport to cut its carbon dioxide output by 6 million t by 2030. With the intense and extensive government and private industry progress around the world for the utilisation of hydrogen as a key part of the clean energy destination, covering the full value chain to offer cost competitive and scalable solutions will create a unique position for our partnership to play a leadership role in the global buildout of competitive zero-carbon hydrogen and on the decarbonisation of industrial processes, energy storage and mobility.
“We are excited about our next step in partnering with global leaders for a full hydrogen value chain offering, from production through end use construction,” stated Jill Evanko, Chart’s CEO & President. “We view this strategic investment and more so, partnership, as an exceptional commercial step for our combined teams to bring new commercial opportunities in Europe and the US jointly forward where we will have an unmatched hydrogen offering.”
Read the article online at: https://www.hydrocarbonengineering.com/the-environment/14102020/chart-industries-signs-strategic-commercial-hydrogen-mou-with-mcphy/
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