McPhy Energy, a French company founded in January 2008 with the mission to industrialize and commercialize a new magnesium hydride solid state storage system for hydrogen, recently closed its second round of funding worth €13.7 million (US$17.3 million).
McPhy’s technology addresses the merchant hydrogen and renewable energy markets. McPhy owns exclusive rights on a portfolio of patents, which results from more than 8 years of research at the CNRS and CEA, in partnership with Joseph Fourier University. Member of the TENERRDIS cluster, McPhy Energy is involved as a partner or a subcontractor in several research projects.
Sofinnova Partners, acting as a leading investor, Gimv, and Amundi Private Equity Funds participated in the round, together with the original investors.
Following a €1.6m first round of financing in January 2009 from Emertec and Areva, the firm established its production line and created a reservoir of magnesium hydrides 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.