Sofinnova Partners, Gimv and Amundi Private Equity Funds have invested in McPhy Energy together with the historic investors in a second round of funding worth EUR13.7m.
The funds will be used towards the global expansion of McPhy Energy and the further industrialisation and commercialisation of its products.
McPhy Energy is a French company founded in January 2008 with the mission to industrialise and commercialise a new technology for the solid storage of hydrogen in the form of magnesium hydride. The company has developed an alternative solution for the on-site production of hydrogen for the industry sector and for the renewable energy sector a concrete solution to solve the issue of energy storage.
Following a EUR1.6m first round of financing in January 2009 from Emertec and Areva, the firm established its production line and created a reservoir of magnesium hydride that was delivered to CEA-Liten in March 2010 for testing on an industrial scale. The company is now developing a second large capacity reservoir that will become operational during the second half of 2010.
The second round of funds will allow the start-up to scale quickly, from both an industrial and commercial development point of view, by reinforcing its commercial and technical team and investing in additional production equipment. Already present in Spain and in Italy, the company also plans to open offices in Germany, Northern Europe, the Middle East and Japan.
"Through our innovative and very promising technology, McPhy Energy offers a new perspective on technical, ecological and economical solutions in the areas of industrial hydrogen distribution and energy storage," says Pascal Mauberger, chief executive of McPhy Energy. "We are proud that such experienced investors share our enthusiasm for McPhy Energy’s advanced technology and will accompany us in further developing critical alternatives in these two fields.”
"Following past investments in DNP Green, Revolt Technology and Neosens, this latest investment in McPhy Energy is proof of Sofinnova Partners’ continued interest in the Cleantech sector," adds Alessio Beverina (pictured), principal at Sofinnova Partners, the lead investor. "McPhy Energy exemplifies what we actively seek in a start-up: an innovative technology that solves an unanswered issue in a growing international market and, above all, a high-quality managerial team which has already successfully proven itself and demonstrated its entrepreneurial spirit."
