McPhy Energy : 2020 Results

The Group's industrialization phase is a key step in increasing competitiveness and enabling profitability in the short to medium term. This transition to industrial scale will only be possible by continuing and accelerating investments in terms of development, recruitment, tools and equipment.

McPhy intends to remain at the technological forefront in its two equipment segments, continuing its R&D investments in order to meet the challenges of the massification of the hydrogen market and to develop the new generations of its equipment. The Group is focusing on developing its capacities both in electrolyzers in order to be able to position itself on projects over 100 MW and in hydrogen stations (>2 tons per day).

The Group is also stepping up its operational ramp-up and the industrialization of its production facilities in order to gain competitiveness and foster cost synergies. McPhy will acquire a new plant in France, enabling it to increase the capacity of its hydrogen stations from 20 stations to 100 stations per year by 2022. At the same time, the San Miniato site in Italy, after some investments, will in the first instance enable the Group to reach a capacity of 300 MW per year and the Group is already considering several possibilities for locating its future Giga Factory with an additional capacity of 1,000 MW per year.

In parallel with these developments, McPhy is deploying its teams and strengthening its organization and processes. Thus, Mr. Antoine Ressicaud has joined the Company as Chief Manufacturing & Procurement Officer, Mr. Olivier Juino also joined the Company at the beginning of the year as Strategy director, Mr. Alexander Picco has been appointed as Project Management Officer in 2020. All three are members of McPhy's Executive Committee, which was further structured by area of expertise in September 2020 (11).

As of December 31, 2020, McPhy counted 110 employees who are experts in zero-carbon hydrogen solutions. The acceleration of the strategic deployment should take shape in 2021, notably through the recruitment of some 50 new employees. The Group's strength lies in its men and women, whose cultural diversity is represented by 20 different nationalities. This richness enables the Group to benefit from a great flexibility and agility.