The French Belfort Commercial Court has approved the acquisition by Belgian electrolyser manufacturer John Cockerill Hydrogen of the majority of assets belonging to McPhy Energy, the now-insolvent French hydrogen technology firm.
The transaction marks a significant development in Europe’s green hydrogen industry, with John Cockerill securing McPhy’s flagship 1GW pressurised-alkaline electrolyser factory in Belfort, as well as its technologies and intellectual property.
The sale, reported to have closed at a modest €600,000, underscores the dramatic collapse of McPhy, which had raised an estimated €358 million in public and private funding over its lifetime. Despite this downfall, the deal could breathe new life into the Belfort facility and fast-track Europe’s hydrogen ambitions.
According to the French news agency AFP, John Cockerill is now also set to receive €50 million in state aid from the French government. This is part of a larger €114 million grant originally awarded to McPhy in 2022, of which €29 million has already been disbursed.
Strategic Synergies: A New Hydrogen Powerhouse?
The acquisition offers immediate and compelling synergies for John Cockerill Hydrogen, a leading manufacturer of pressurised-alkaline electrolysers with global ambitions. By integrating McPhy’s Belfort facility, one of the few European factories with gigawatt-scale hydrogen manufacturing capacity, John Cockerill can rapidly scale its production footprint in Europe without the lengthy delays and costs of greenfield development.
Additionally, McPhy’s intellectual property portfolio, particularly in alkaline and PEM (proton-exchange membrane) technologies, will enhance John Cockerill’s R&D capabilities. This could prove critical in optimising system efficiencies and driving down the levelised cost of hydrogen (LCOH), a key barrier to adoption.
With this move, John Cockerill not only secures a physical and technological foothold in France, but also gains strategic leverage within the EU’s growing hydrogen ecosystem, which is increasingly prioritising domestic production and reducing dependency on imported energy.
Boosting Europe’s Green Hydrogen Scale-Up
The acquisition is timely as the European Union doubles down on its hydrogen strategy. The EU’s REPowerEU planaims for 10 million tonnes of renewable hydrogen production by 2030, a goal that requires vast amounts of electrolyser capacity, much of which must be built domestically to meet sustainability and security of supply goals.
By resurrecting the Belfort plant under its own umbrella, John Cockerill Hydrogen can immediately contribute to this target, producing electrolysers at scale for industrial, mobility, and energy storage applications across the continent.
Crucially, this also supports the European Commission’s push for cost-effective hydrogen solutions. Gigafactory-scale production enables economies of scale that are vital for bringing green hydrogen to commercial viability. If fully operational, the Belfort site could supply a significant share of Europe’s alkaline electrolyser demand, reducing costs and accelerating deployment.
Finally: A Second Life for McPhy’s Legacy, a Giant Leap for Europe
While McPhy’s demise is a cautionary tale of the volatility in early-stage cleantech markets, John Cockerill’s acquisition represents a pragmatic and forward-looking response. It preserves critical hydrogen infrastructure, consolidates valuable know-how, and aligns with both French and EU strategic priorities.
As state aid flows in and production ramps up, this acquisition may become a turning point in Europe’s green hydrogen industrialisation, marking the transition from fragmented, undercapitalised ventures to consolidated, commercially viable players capable of delivering the clean energy transition.
In short, what once seemed a symbol of dashed hopes may now be the foundation for a new era of scalable, affordable, and European-made hydrogen technologies.
The post John Cockerill Hydrogen Acquires Key Assets of Insolvent McPhy in Strategic Move to Boost Europe’s Green Hydrogen Capabilities first appeared on Haush.