McPhy heads towards judicial liquidation after failure of full takeover offers

The French hydrogen company closed its tender process without receiving any in bonis offers, paving the way for a partial asset sale and liquidation proceedings.

Partagez:

The company McPhy Energy, active in the hydrogen sector and listed on Euronext Paris, announced that its call for bids to acquire all or part of its operations ended without the submission of any in bonis offers. This situation leads the company towards judicial liquidation proceedings, according to a statement released on May 14.

Towards a partial asset sale

As part of the conciliation procedure launched in April, McPhy Energy, supported by the appointed conciliator, initiated a consultation to identify full or partial takeover offers for its assets and activities. The deadline for submissions has now passed. The bids received are currently under review.

Based on the available information, a partial takeover under a sale plan is under discussion. This remains subject to several conditions and would involve only part of McPhy’s assets and activities. The absence of in bonis offers rules out any complete acquisition of the company ensuring business continuity.

Judicial liquidation with no residual value for shareholders

The direct consequence of this situation is the anticipated opening of judicial liquidation proceedings for McPhy Energy. This process could be closed for asset insufficiency, due to the lack of sufficient resources to cover liabilities.

McPhy’s shares will be delisted, with no residual value expected for shareholders. According to the company’s statement, proceeds from the asset realisation are likely to fall short of liabilities.

McPhy stated it would inform the market of the next steps regarding this partial acquisition project and any significant changes in its legal or financial situation.

Singapore-based hydrogen specialist Hydrexia seals a protocol with Indonesian gas giant Samator to deploy purification, transport and storage of hydrogen, betting on rapidly growing local demand and export outlets to the Asia-Pacific region.
Cadiz Inc. signs a memorandum of understanding with British company Hoku Energy for a large-scale energy project including green hydrogen, solar power, and digital infrastructure in the Californian desert, projecting annual revenues of up to $10mn.
The Polish energy group ORLEN receives a non-repayable grant of €382 million from the National Recovery Plan to finance its renewable and low-emission hydrogen production initiatives.
Georgia Power and Mitsubishi Power announce successful completion of an unprecedented test incorporating 50% hydrogen into an advanced gas turbine, reducing CO2 emissions by 22% compared to natural gas alone.
Neoenergia has begun construction of one of Brazil's first green hydrogen plants, aimed at supplying heavy and light vehicles, with an investment exceeding 30 million Brazilian reais ($5.99mn).
The SA-H2 fund, supported by international partnerships and local institutional backing, mobilises 37 million USD to develop export-oriented green hydrogen from South Africa, with an initial concrete project announced.
Turbotech reports successful combustion testing of a hydrogen turboprop, developed through digital simulation with Ansys, marking an industrial milestone in light aircraft using alternative fuel.
France Hydrogène responds to the Cour des Comptes report published on June 5, criticising an incomplete reading of updated targets and the economic impacts of decarbonised hydrogen development.
The Belfort Commercial Court has opened a judicial reorganisation procedure for McPhy, while a renewed call for tenders for its asset sale is now set to close on 13 June.
Plug Power CFO Paul Middleton acquired 650,000 shares on the market, affirming his support for the long-term strategy of the hydrogen-focused company.
The Canadian government is funding an initiative to support 40 SMEs in British Columbia’s hydrogen sector, aiming to increase foreign investment and expand international market share.
Developer CWP Global has paused its $40 billion AMAN project in Mauritania due to a lack of buyers for green ammonia despite favourable local conditions.
A study reveals that the profitability of African green hydrogen exports to the European Union depends on political support from Europe, despite the abundance of ongoing projects on the continent.
Plug Power expands its partnership with Allied Green through a new 2 GW electrolyzer deal tied to a $5.5bn chemical plant in Uzbekistan.
Stargate Hydrogen launches 140 MW factory in Estonia with modular expansion model amid cautious hydrogen investment climate.
The European Commission is considering legal action over RED III delays, as regulatory uncertainty slows renewable hydrogen projects and Union-wide investment.
The Cour des comptes warns of the gap between France’s hydrogen ambitions and the reality of funding and available industrial capacity.
Ballard Power Systems will supply 12 fuel cell modules to Sierra Northern Railway to convert three diesel locomotives into hydrogen-powered units. Delivery is expected during 2025.
Vallourec announces the official qualification of its vertical hydrogen storage solution Delphy by DNV, marking a decisive step towards the commercialisation of this innovative technology.
Chinese group Envision Energy has signed a strategic agreement with Marubeni to supply green ammonia, marking a major milestone in energy trade between China and Japan.