Atawey, a French startup supported by InnoEnergy, has acquired the hydrogen refueling station business of McPhy. The acquisition was valued at $12 million and closed on July 17, 2024. This deal solidifies Atawey’s position in the European market for hydrogen refueling stations.
| Acquirer | Atawey (FR) |
|---|---|
| Target | McPhy's Hydrogen Refueling Station Business (FR) |
| Type | Acquisition |
| Value | $12m |
| Closing Date | July 17, 2024 |
| Announcement Date | July 17, 2024 |
Deal Mechanics
The acquisition of McPhy’s hydrogen refueling station business by Atawey is valued at $12 million. This transaction enhances Atawey's capabilities and market presence in the European hydrogen infrastructure sector.
Strategic Rationale
This deal allows Atawey to strengthen its position as a leader in hydrogen refueling stations through increased production capacity, technological expertise, and international reach. With McPhy’s extensive network of 70 stations, Atawey now leads the European market by number of installations.
Atawey gains access to over 40 experienced employees from McPhy, expanding its workforce to 145. This acquisition also includes a fully operational industrial facility with an additional production area of more than 2400 square meters and four testing zones, enabling Atawey to meet its ambitious growth projections.
Financial Context
The deal provides Atawey with the capability to fulfill orders worth nearly $25 million from its backlog. The company aims to achieve profitability in the next fiscal year and enhance its production capacity to over 80 hydrogen refueling stations annually.
Advisors
No financial or legal advisors were disclosed for this transaction.
Outlook
The acquisition of McPhy’s business supports Atawey's strategy to expand internationally, particularly in Europe. By leveraging the expertise and networks of both companies, Atawey seeks to solidify its leadership role in decarbonized mobility solutions.