Takeover of McPhy by John Cockerill, Hynamics, or Atawey

By Global Infrastructure Sherpa · Jun 30, 2025

Acquisition Hydrogen announced Belfort, France Jun 30, 2025

50 MW

Capacity

Belfort gigafactory

Project

John Cockerill, EDF’s Hynamics unit and Atawey are competing to acquire McPhy’s Belfort gigafactory. The outcome could redefine Europe’s capacity to produce and distribute clean hydrogen.

Deal Analysis

The proposed acquisition of McPhy's Belfort gigafactory by either John Cockerill, EDF's Hynamics unit, or Atawey represents a pivotal moment for the European clean hydrogen landscape. This acquisition focuses on McPhy's 50 MW production capacity and signifies a strategic move to bolster Europe's capabilities in producing and distributing clean hydrogen. The outcome of this competitive bidding process will likely reshape the competitive dynamics within the European hydrogen sector, potentially accelerating the deployment of hydrogen technologies and infrastructure. The deal is particularly noteworthy due to the involvement of established industrial players like John Cockerill and EDF's Hynamics, alongside Atawey. Each potential acquirer brings unique strengths and strategic priorities to the table. John Cockerill's diversified industrial expertise, Hynamics' backing by EDF, a major energy player, and Atawey's specific focus on hydrogen solutions all suggest different potential trajectories for the acquired gigafactory. The acquisition underscores the growing investor interest and strategic importance of hydrogen as a key component of the energy transition.

Competitive acquisition of McPhy's 50 MW Belfort gigafactory.
Involves established industrial players: John Cockerill, EDF's Hynamics, and Atawey.
Strategic importance for bolstering European clean hydrogen production capacity.
Underscores growing investor interest in the hydrogen sector.

Market Context: The hydrogen sector is experiencing rapid growth, driven by increasing demand for clean energy solutions and government support for hydrogen technologies. This deal reflects the broader trend of consolidation and strategic investments aimed at scaling up hydrogen production and distribution infrastructure in Europe.

Source Intelligence

KEY DETAILS

McPhy fell into financial distress last year after delays at several major installations and heavy capital expenditure on its Belfort gigafactory." "The bidding battle underscores a broader phase of consolidation within the hydrogen sector, as companies seek scale and supply-chain security.

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Capacity

That 50-megawatt plant remains one of the continent’s few large-scale facilities capable of mass-producing hydrogen hardware

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Location

John Cockerill, EDF’s Hynamics and Atawey compete to acquire McPhy’s Belfort gigafactory

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Announcement

30 Jun 2025

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Expected Close

The outcome, due within days, could redefine Europe’s capacity to produce and distribute clean hydrogen as governments race to meet carbon-cutting targets.

PARTIES MENTIONED IN SOURCE

John Cockerill buyer

"John Cockerill, EDF’s Hynamics and Atawey compete to acquire McPhy’s Belfort gigafactory"

Hynamics buyer

"John Cockerill, EDF’s Hynamics and Atawey compete to acquire McPhy’s Belfort gigafactory"

Atawey buyer

"John Cockerill, EDF’s Hynamics and Atawey compete to acquire McPhy’s Belfort gigafactory"

McPhy seller

"A three-way takeover contest for McPhy, the French electrolyser specialist, has reached its climax"

EDF parent company

"John Cockerill, EDF’s Hynamics and Atawey compete to acquire McPhy’s Belfort gigafactory"

medium quality Enriched Feb 19, 2026