McPhy Energy S.A. announced the final decision of investment for its Gigafactory of electrolyzers on the Belfort site by its Board of Directors on October 26. This approval was followed by the signing with Bpifrance of the contract on the state aid by the French government, up to 114 million euros for the Gigafactory within the framework of the PIIEC scheme1. The eligibility of the McPhy's project to this scheme was approved by the European Commission last July.

The commissioning of the future plant on the Belfort site is scheduled from the 1st half of 2024, with a gradual ramp-up aimed at reaching an annual production capacity of 1 GW. The McPhy Group will then have a total annual production capacity of 1.3 GW2, including the capacity of the San Miniato site in Italy, in line with the growth prospects of the green hydrogen markets, particularly in industry. A phased public aid with an initial payment from Bpifrance of 28.5 million euros by the end of 2022: The contract signed with Bpifrance provides for the terms and conditions for the implementation of the public aid.

McPhy will receive by December 31, 2022 an initial payment of 28.5 million euros. Subsequent payments will take the form of reimbursements of expenses incurred, pursuant to the terms of the contract, following the satisfactory achievement of defined milestones, for a total amount, including the initial payment, of up to 114 million euros.