Clash of Titans: McPhy Takeover Shapes Europe’s Hydrogen Race

John Cockerill, EDF’s Hynamics and Atawey compete to acquire McPhy’s Belfort gigafactory amid Europe’s push for green hydrogen scale-up.

30 Jun 2025

A three-way takeover contest for McPhy, the French electrolyser specialist, has reached its climax, with John Cockerill, EDF’s Hynamics unit and Atawey all poised to table final bids. The outcome, due within days, could redefine Europe’s capacity to produce and distribute clean hydrogen as governments race to meet carbon-cutting targets.

McPhy, once a pioneer in alkaline and proton-exchange membrane electrolysers, fell into financial distress last year after delays at several major installations and heavy capital expenditure on its Belfort gigafactory. That 50-megawatt plant remains one of the continent’s few large-scale facilities capable of mass-producing hydrogen hardware, and its skilled workforce and proprietary stack technology are key attractions for all suitors.

John Cockerill views McPhy as a means to bolster European industrial autonomy, integrating the factory into its broader heavy-machinery portfolio to compete with Asian and US rivals. Hynamics, EDF’s dedicated hydrogen arm, sees potential to merge McPhy’s electrolysers with EDF’s power grids, optimising green-power inputs to drive down production costs. Atawey, which specialises in refuelling stations for hydrogen vehicles, aims to combine its dispensing technology with McPhy’s production equipment to accelerate deployment of mobility infrastructure.

The bidding battle underscores a broader phase of consolidation within the hydrogen sector, as companies seek scale and supply-chain security. Analysts say a successful takeover could shorten project delivery timelines and strengthen Europe’s nascent hydrogen network, provided the winner navigates complex integration issues and safeguards McPhy’s intellectual property.

With the decision imminent, market participants will watch closely. The identity of McPhy’s new owner will not only determine the company’s fate but also influence the architecture of Europe’s green-hydrogen industry at a critical juncture in the drive to net-zero emissions.