TechnipFMC invests in McPhy to accelerate green hydrogen production

TechnipFMC (NYSE:FTI) (PARIS:FTI) has signed a Memorandum of Understanding (MoU) with McPhy (EPA:MCPHY), a leading manufacturer and supplier of carbon-free hydrogen production and distribution equipment, pursuant to which the two companies will jointly work on technology development and project implementation. TechnipFMC is also making an equity investment in McPhy.

TechnipFMC’s Technip Energies segment is a leading global engineering and construction services provider for the global energy industry and is a market leader in hydrogen, having provided proprietary steam reforming technology for more than 270 hydrogen production plants worldwide. The MoU establishes a collaboration framework for the manufacturing and commercialisation of (i) hydrogen electrolysis production systems for large industry, renewable energy storage and large mobility projects and (ii) hydrogen distribution systems for large mobility projects. Through their MoU, Technip Energies and McPhy will jointly address commercial opportunities, work on integrating their respective offerings and work on research and development for hydrogen technology.

“The collaboration with McPhy is an important milestone for the future of the green hydrogen industry and demonstrates our ambition to accelerate the journey to a low-carbon society. We will work with McPhy to develop large-scale and competitive carbon-free hydrogen solutions from production to liquefaction, storage and distribution which we firmly believe is core to achieving net-zero targets. We are excited to be also joined by Chart Industries, whose expertise lies in equipment development and is complementary to our process technology and project capabilities. We are proud to keep the same pioneering spirit and our commitment to technology and outstanding project execution to serve the energy transition,” said Arnaud Pieton, president of Technip Energies.