McPhy Energy: Océanes launched, Belfort inaugurated

(CercleFinance.com) - McPhy announced on Wednesday evening the completion of its €30 million Océanes issue to EDF and Bpifrance, as the group inaugurates its Belfort 'gigafactory' today.


The hydrogen specialist states that the net proceeds of the issue are mainly intended to finance working capital requirements and general cash needs.

The funds will also enable the company to finance its research and development activities, as well as its sales and production facilities.

'As announced at the start of the year, we are releasing the new financial resources we need to finalize our industrial scale-up', emphasizes Jean-Baptiste Lucas, the company's CEO.

This fund-raising comes as the group is today commissioning its Belfort plant, on schedule

The bonds, convertible into new ordinary shares and/or exchangeable for existing ordinary shares, will mature in 2029 and bear an annual interest rate of 8%.

They will be subscribed by EDF Pulse, EDF's venture capital subsidiary, and Bpifrance, two long-standing shareholders.

At around 2:30 pm, the share price was down more than 7%, marking a 27% decline since the beginning of the year, for a market capitalization of some 71 million euros.

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