CDC leads €10m round for McPhy Energy

CDC invested via the Ecotechnologies fund, a €150m vehicle launched in July last year. The remainder of the round was provided by existing backers Emertec Gestion, Sofinnova Partners, Gimv, Arevadelfi and Clipperton Finance.

The fresh capital will help support McPhy's development following the acquisition of an electrolysis equipment production unit.

This is McPhy's second sizable venture round in a row: Sofinnova Partners, Gimv and Amundi Private Equity backed the business with a €13.7m second round of funding in July 2010, alongside historic investors. The company had already raised a €1.6m first round of financing in January 2009 from Emertec and Areva.

Company
McPhy is a French company founded in January 2008 to industrialise and commercialise a new technology for the solid storage of hydrogen, in the form of magnesium hydride. The technology addresses the merchant hydrogen and renewable energy markets.

First commercial deliveries to industrial and energy players as well as universities have already been achieved. McPhy has also signed several projects with actors in the energy industry, including GDF-Suez and Total.

People
Anne-Sophie Carrese led the deal for CDC Entreprises.

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