Approval of all resolutions recommended by the Board of Directors

La Motte-Fanjas (France), May 20, 2020 – 5:45 pm CEST – McPhy (Euronext Paris Compartment C: MCPHY, FR0011742329), a specialist in hydrogen production and distribution equipment, is pleased to announce that all General Meeting’s resolutions recommended by the Board of Directors had been approved.

Following the containment measures taken by the French government due to the Covid-19 epidemic, the Annual Ordinary and Extraordinary General Meeting of Shareholders (the “Meeting”) of McPhy Energy SA (the “Company”) was held today, under the chairmanship of Mr. Pascal Mauberger, Chairman of the Board of Directors of the Company, behind closed doors, without the presence (physical or by telephone or audiovisual conference) of the shareholders, pursuant to Order No. 2020-321 of March 25, 2020.

The Company reminds that the notices of meeting and convocation were published and the notices sent out in accordance with applicable regulations and specifies that all the documents relating to this Meeting were made available and remain available on the Company’s website at the following address: www.mcphy.com/fr/investisseurs/information-financiere/information-financiereassemblee-generale/.

In this context, the Company’s shareholders were able to cast their votes by mail or give their proxy by using the voting form. With a quorum of 40.65% (i.e., 7,467,127 of the shares with voting rights), the Company’s shareholders overwhelmingly adopted all the resolutions recommended by the Board of Directors and thus:

  • Approved the parent company and consolidated financial statements for the financial year 2019;
  • Approved the appropriation of the 2019 income and the write-off of prior losses;
  • Approved the assistance agreement between the Company and Pascal Mauberger, Director and Chairman of the Board of Directors;
  • Approved all Say on Pay related items (including the information mentioned in I of article L. 225-37-3 of the French Commercial Code, the remuneration policy for the Directors, the Chairman of the Board of Directors and the Chief Executive Officer for 2020 as well as their remuneration components for the financial year 2019) and set the overall remuneration package allocated to the Directors for the financial year 2020;
  • Authorized the Company to trade in its own shares in accordance with Article L. 225-209 of the French Commercial Code;
  • Renewed all financial authorizations and delegations to be granted to the Board of Directors;
  • Delegated authority to the Board of Directors to make the necessary amendments to the Articles of Association to bring them into compliance with legal and regulatory provisions; and
  • Renewed the mandate of the statutory auditor, SARL AUDIT EUREX.

In addition, it is recalled that pursuant to a decision of the Board of Directors of the Company dated January 16, 2020, the Board of Directors, upon delegation by the General Meeting of Shareholders of the Company on January 16, 2020, proceeded with the allocation of share subscription warrants (“BSA”) to all shareholders of the Company, the Ecotechnologies Fund and EDF Pulse Croissance Holding having waived the exercise of the BSA allocated to them. The exercise period of the said BSAs having ended on May 18, 2020, the Board of Directors, which met on May 20, 2020 after the General Meeting, noted the capital increase with cancellation of the preferential subscription right for a total amount of €2.1 million by issuing 793,670 new ordinary shares resulting from the exercise of 7,936,700 BSAs.

The full results of the votes of the Meeting are available on the Company’s website at the following address: www.mcphy.com/fr/investisseurs/information-financiere/information-financiereassemblee-generale/.

Upcoming events
Publication of 2020 first-half results, on July 28, 2020 (after market)

About McPhy

In the framework of the energy transition, and as a leading supplier of hydrogen production and distribution equipment, McPhy contributes to the deployment of zero-carbon hydrogen throughout the world.

Thanks to its wide range of products and services dedicated to the industrial, mobility and energy markets, McPhy provides turnkey solutions to its clients adapted to their applications in industrial raw material supply, fuel cell electric car refueling or renewable energy surplus storage and valorization.
As a designer, manufacturer and integrator of hydrogen equipment since 2008, McPhy has three development, engineering and production units based in Europe (France, Italy, Germany).

The company’s international subsidiaries ensure a global sales coverage of McPhy’s innovative hydrogen solutions.

McPhy is listed on NYSE Euronext Paris (Segment C, ISIN code: FR0011742329; ticker: MCPHY).

www.mcphy.com

Media relations

NewCap
Nicolas Merigeau
T. +33 (0)1 44 71 94 98
mcphy@newcap.eu

Investor relations

NewCap
Théodora Xu | Emmanuel Huynh
T. +33 (0)1 44 71 20 42
mcphy@newcap.eu

 

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McPhy announces that Bryan Garnier brokerage firm initiates coverage for listed company analysis

La Motte-Fanjas (France), May 13, 2020 – 5:45 pm CEST – McPhy (Euronext Paris Compartment C: MCPHY, FR0011742329), a specialist in hydrogen production and distribution equipment, is pleased to announce the initiation of coverage of its stock by BRYAN GARNIER with a study entitled “Time for hydrogen to realize its potential”.

This coverage aims at increasing McPhy’s international visibility and broaden its investors base.

The executive summary of BRYAN GARNIER’s analysis note is available at the following address: https://medias.bryangarnier.com/equity/Prez/INITIATION_MCPHY_ENERGY_2020_04_corporate_version.pdf

The McPhy stock is also covered by the brokerage firms Gilbert Dupont / Société Générale Group and Portzamparc / BNP Paribas Group.

Upcoming events

• Annual General Meeting, on May 20, 2020
• Publication of 2020 first-half results, on July 28, 2020 (after market)

About McPhy

In the framework of the energy transition, and as a leading supplier of hydrogen production and distribution equipment, McPhy contributes to the deployment of zero-carbon hydrogen throughout the world.

Thanks to its wide range of products and services dedicated to the industrial, mobility and energy markets, McPhy provides turnkey solutions to its clients adapted to their applications in industrial raw material supply, fuel cell electric car refueling or renewable energy surplus storage and valorization.
As a designer, manufacturer and integrator of hydrogen equipment since 2008, McPhy has three development, engineering and production units based in Europe (France, Italy, Germany).

The company’s international subsidiaries ensure a global sales coverage of McPhy’s innovative hydrogen solutions.

McPhy is listed on NYSE Euronext Paris (Segment C, ISIN code: FR0011742329; ticker: MCPHY).

www.mcphy.com

Media relations

NewCap
Nicolas Merigeau
T. +33 (0)1 44 71 94 98
mcphy@newcap.eu

Investor relations

NewCap
Théodora Xu | Emmanuel Huynh
T. +33 (0)1 44 71 20 42
mcphy@newcap.eu

 

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McPhy specifies the conditions for the Annual General Meeting of May 20, 2020, issues an update on the impact of the Covid-19 pandemic on its activity and recalls the terms of the exercise of stock warrants

La Motte-Fanjas (France), April 29, 2020 – 5:45 pm CEST – McPhy (Euronext Paris Compartment C: MCPHY, FR0011742329) is a specialist in hydrogen production and distribution equipment.

General Meeting to be held in closed session

In the current health context of the Covid-19 pandemic, McPhy has exceptionally decided to hold its Annual General Meeting of May 20, 2020 at 11:00 am CEST in closed session, without the presence (physical or by conference / video call) of its shareholders or other participants (such as the auditors or staff representative bodies), at the Company’s head offices, 1115 route de Saint-Thomas, 26190 La Motte-Fanjas, France.
This decision is a result of the measures adopted by the French Government, and notably order 2020-321 of March 25, 2020 pertaining to the holding of Shareholders’ Meetings.
The minutes of the Annual General Meeting will be made available to shareholders on the Company’s website: www.mcphy.com/fr/investisseurs/information-financiere/information-financiereassemblee-generale/.

Voting procedures at the General Meeting

The eligibility to participate in the Annual General Meeting is subject to having shares registered in the Company’s shareholders’ account in accordance with the terms indicated in the convening notice published in the BALO public notices on April 10, 2020, available on the Company’s website in the Shareholders’ Meetings section.

In these conditions, the Company’s shareholders will be able to exercise their voting rights exclusively via a postal voting form or by granting proxy to the Chairman of the AGM. Therefore, no admission cards will be issued.

The completed and signed postal voting form or proxy provided to the Chairman of the AGM should therefore be sent:

  • either by email to emilie.maschio@mcphy.com by 11:59 pm CEST on Sunday May 17, 2020, which is recommended within the current context;
  • or by regular post to BNP PARIBAS Securities Services, CTO Assemblées Générales, Les Grands Moulins de Pantin, 9 rue du Débarcadère, 93761 Pantin Cedex, France.

Registered shareholders will receive the voting form with their usual convocation.
For bearer shareholders, the postal voting or proxy form must be accompanied by the shareholding certificate issued by the approved intermediary who manages the securities account.

The postal voting form is also available in the Shareholders’ Meetings section of the Company’s website (www.mcphy.com/fr/investisseurs/information-financiere/information-financiereassemblee-generale/).

Written questions

Given the exceptional circumstances associated with the Covid-19 pandemic, written questions may be sent to the Chairman of the Board of Directors by email at the following address: emilie.maschio@mcphy.com, which is the preferred method, or by recommended letter with acknowledgment of receipt, no later than the fourth business day prior to the date of the AGM, i.e. Thursday, May 14, 2020. They should be accompanied by the shareholding certificate.

Availability of documents relating to the AGM

All the documents relating to this Annual General Meeting are made available to shareholders on the Company’s website (www.mcphy.com/fr/investisseurs/information-financiere/information-financiereassemblee-generale/).

Update on the impact of the Covid-19 pandemic on the Group’s activity

As previously announced (press releases of March, 10 and 30), faced with the Covid-19 pandemic, the Group has taken measures to protect the health of its employees, clients and partners and to uphold its commitments under the best possible conditions.

Thus, in order to take effective action within a rapidly changing context, the Group has implemented business continuity plans across all its sites that are updated according to changes in the situation in each country. The production sites in France and Germany have remained operational with limited on-site resources and strengthened safety conditions. In Italy, operations on the San Miniato site were suspended on March 23 and are gradually resuming.

Within this uncertain context, risks have been identified regarding delays in the execution of the Group’s contracts, notably due to the domino effect of any delays McPhy may see from its suppliers. At this stage, the extent of these delays cannot be accurately quantified, and will depend on the ability of the Group’s suppliers to meet their own commitments, on the length of the restrictions put in place by the various governments, on the extent of the global resumption in activity and on the Group’s ability to make up for the delays.

Moreover, the realization of certain contracts with potential new clients is likely to be delayed or suspended due to the cancelling or pushing back of key sector events. As a result, the Group’s short- and medium-term order book and revenue are likely to be affected by delays and impacts that are currently impossible to precisely estimate.

McPhy pledges to communicate, as soon as possible, any objective information that could clarify the impact of this pandemic on its industrial and commercial roadmap.

In order to minimize the impacts on its cash position and to ensure the continuity of its operations, McPhy has implemented cost reduction measures and has planned to initiate the necessary procedures enabling it to benefit from the aid announced by the French government and the European Union (partial activity measures, cancellation or deferral of tax payments, etc.) The Group has also received an agreement in principle from its banking partners to formalize additional State-backed credit lines of €4 million. Lastly, in order to strengthen its financial flexibility and secure access to additional resources, the Company renewed on April 10 its equity financing line with Kepler Cheuvreux for a period of two years, representing an indicative amount of €18.3 million (press release 14, April 2020).

Bolstered by a solid and secured financial situation to continue its activity, McPhy has confidence in the pertinence of its corporate project to enable it to cope with the challenges of this pandemic. Indeed, the Group is driven by robust fundamentals and the positive outlook for the hydrogen and energy transition market, which will be more relevant than ever in the post-crisis world.

McPhy is fully committed to achieving its “Driving Clean Energy Forward” corporate project, i.e. being able to accelerate the roll-out of zero-carbon ecosystems thanks to its zero-carbon hydrogen production and distribution equipment, and strongly believes in the possibility of seizing new opportunities once this global crisis is over.

Reminder regarding the admission for trading on the Euronext Paris regulated market of shares resulting from the exercise of the Company’s BSA stock warrants

McPhy’s Extraordinary Shareholders’ Meeting of January 16, 2020 approved the resolution concerning the issuance of 14,773,307 BSA stock warrants enabling all shareholders (with the exception of Fonds Ecotechnologies and EDF Pulse Croissance Holding, who have agreed not to exercise any warrants allocated to them) to participate in the operation and benefit from the same subscription conditions.

As a reminder, the stock warrants can be exercised from January 17, 2020 until May 18, 2020, i.e. two days before the Company’s Annual General Meeting called to approve its annual accounts for the year to December 31, 2019. These stock warrants give holders the right to subscribe to new shares at a price of €2.70 per share. One stock warrant is attributed for each share held, and 10 stock warrants allow the holder to subscribe to one new ordinary share. The exercise of the stock warrants could strengthen the Company’s shareholders’ equity by up to €2.8 million.

At March 31, 2020, 4,059,490 of these stock warrants had been exercised, resulting in the issuance of 405,949 new shares representing €1.1 million.

Upcoming events
• Annual General Meeting, on May 20, 2020
• Publication of 2020 first-half results, on July 28, 2020 (after market)

About McPhy

In the framework of the energy transition, and as a leading supplier of hydrogen production and distribution equipment, McPhy contributes to the deployment of zero-carbon hydrogen throughout the world.

Thanks to its wide range of products and services dedicated to the industrial, mobility and energy markets, McPhy provides turnkey solutions to its clients adapted to their applications in industrial raw material supply, fuel cell electric car refueling or renewable energy surplus storage and valorization.
As a designer, manufacturer and integrator of hydrogen equipment since 2008, McPhy has three development, engineering and production units based in Europe (France, Italy, Germany).

The company’s international subsidiaries ensure a global sales coverage of McPhy’s innovative hydrogen solutions.

McPhy is listed on NYSE Euronext Paris (Segment C, ISIN code: FR0011742329; ticker: MCPHY).

www.mcphy.com

Media relations

NewCap
Nicolas Merigeau
T. +33 (0)1 44 71 94 98
mcphy@newcap.eu

Investor relations

NewCap
Théodora Xu | Emmanuel Huynh
T. +33 (0)1 44 71 20 42
mcphy@newcap.eu

 

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Renewal of an equity financing line to strengthen the Company’s financial flexibility

La Motte-Fanjas (France), April 14, 2020 – 7:45 am CEST – McPhy (Euronext Paris Compartment C: MCPHY, FR0011742329), a specialist in hydrogen production and distribution equipment, today announces the renewal of an equity financing line with Kepler Cheuvreux.

CEO Laurent Carme, acting upon delegation of the Board of Directors, has decided to renew a financing line. The operation will be carried out on the basis of (i) the existing delegations of power granted by the Shareholders’ Meeting of June 26, 2018 (17th resolution), limited to 1,000,000 shares, and (ii) any other decision or delegation of powers agreed by any Shareholders’ Meeting convened after the signing of the contract, limited to 2,500,000 shares.

In accordance with the terms of the agreement, Kepler Cheuvreux has pledged to subscribe to a maximum of 3,500,000 shares (representing, for information purposes, an issued amount of €18.3 million (1)), on its own initiative, over a maximum timeframe of 24 months, subject to contractual conditions being satisfied. The shares will be issued on the basis of a volume-weighted average share price over the two trading days prior to each issue, minus a maximum discount of 5%. These conditions allow Kepler Cheuvreux to guarantee the share subscription over time, as part of a firm commitment.

McPhy retains the option of suspending or terminating this agreement at any time.

Assuming full drawdown of this financing line, a shareholder with a 1.00% stake in McPhy prior to its implementation would see its stake reduced to 0.84%, on an undiluted basis (2).

The number of shares issued under this agreement and admitted for trading will be the subject of a Euronext notice and a press release on McPhy’s website.

This issue will not be subject to a prospectus requiring a visa from the AMF French stock market authority.

Footnotes
(1) Based on the closing share price of April 9, 2020 (i.e. €5.23)
(2) Based on 17,731,800 shares comprising the Company’s share capital at March 31, 2020

Upcoming events
• Annual General Meeting, on May 20, 2020
• Publication of 2020 first-half results, on July 28, 2020 (after market)

About McPhy

In the framework of the energy transition, and as a leading supplier of hydrogen production and distribution equipment, McPhy contributes to the deployment of zero-carbon hydrogen throughout the world.

Thanks to its wide range of products and services dedicated to the industrial, mobility and energy markets, McPhy provides turnkey solutions to its clients adapted to their applications in industrial raw material supply, fuel cell electric car refueling or renewable energy surplus storage and valorization.
As a designer, manufacturer and integrator of hydrogen equipment since 2008, McPhy has three development, engineering and production units based in Europe (France, Italy, Germany).

The company’s international subsidiaries ensure a global sales coverage of McPhy’s innovative hydrogen solutions.

McPhy is listed on NYSE Euronext Paris (Segment C, ISIN code: FR0011742329; ticker: MCPHY).

www.mcphy.com

Media relations

NewCap
Nicolas Merigeau
T. +33 (0)1 44 71 94 98
mcphy@newcap.eu

Investor relations

NewCap
Théodora Xu | Emmanuel Huynh
T. +33 (0)1 44 71 20 42
mcphy@newcap.eu

 

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Keep up with our news by following us on

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McPhy equips two projects in zero-emission mobility

• McPhy has been chosen to equip, by the end of the year, the “mobility” component of a zero-carbon hydrogen ecosystem in the Centre-Val de Loire region in France, a large-scale project dedicated to the energy transition
• Conclusive first test phase on a station recently installed by McPhy in the Grand Ouest region in France enabling the regional hydrogen infrastructure to be densified
• These two projects confirm the relevance of the technological positioning of the McFilling “starter kit”, enabling regional hydrogen mobility to be initiated under the best performance and competitive cost conditions
• With 25 stations in reference (1), McPhy confirms its leadership in the field of zero-emission mobility

La Motte-Fanjas (France), April 9, 2020 – 8:45 am CEST – McPhy (Euronext Paris Compartment C: MCPHY, FR0011742329), a specialist in hydrogen production and distribution equipment, today announces that it has been chosen to equip two projects in the field of zero-emission mobility.

These commercial successes confirm the relevance of our McFilling “starter kit” that is attracting clients thanks to its competitive price and its performances. This is an equipment that we have specifically scaled to rapidly and efficiently initiate a regional hydrogen project, before helping them deploy larger capacity stations (…)

A genuine driver of economic development and a source of sustainable growth, the objective of the first project located in the Centre Val de Loire region (2) is to convert surplus renewable electricity (wind and solar) into green gas. The resulting zero-carbon hydrogen will partly replace networks fossil gas but also meet clean mobility requirements thanks to the dedicated McFilling 20-350 by McPhy refueling station that will be installed there at the end of the year.

Located in the Grand Ouest region, the aim of the second project (3) is to refuel light vehicles (350 bar and partial refueling of 700 bar vehicles), but also heavy-duty vehicles for transporting people. The McPhy station was installed in mid-March 2020 and a first test phase has been successfully carried out.

Laurent Carme, Chief Executive Officer of McPhy, states: “We are delighted to have been chosen to be involved in two projects aiming to roll-out zero-emission mobility. These commercial successes confirm the relevance of our McFilling “starter kit” that is attracting clients thanks to its competitive price and its performances. This is an equipment that we have specifically scaled to rapidly and efficiently initiate a regional hydrogen project, before helping them deploy larger capacity stations that will meet future growth in their hydrogen needs. In the longer term, our ambition is to continue implementing genuine zero-carbon ecosystems, connected to renewable energy sources, producing zero-carbon hydrogen for value-creating mobility, industrial or energy applications.”

McPhy: a key partner in the roll-out of zero-emission mobility solutions

Making it possible to densify the hydrogen infrastructure, McPhy’s McFilling 20-350 station has numerous advantages. It is a robust technology that has demonstrated a very high availability rate. Its compact design and modularity allow it to evolve so as to support any other phase of a project.

The new generation of “starter kit”, selected for the two previously-mentioned projects, has an infrared connector that makes it possible to offer a refueling solution to vehicles with 350 bar pressure and a partial refueling solution (approximately 60%) to vehicles requiring a 700 bar refueling pressure.

McPhy’s “starter kit” model is a tried-and-tested technology that has already been chosen to equip numerous projects, notably for the cities of Paris and Rouen and as part of the “EAS-HyMob” project in Normandy.

Zero-emission hydrogen mobility at the heart of the energy transition

Hydrogen is a clean alternative fuel that significantly reduces the transport sector’s pollution. Indeed, a key characteristic of hydrogen vehicles is that they do not emit any pollutants, just water vapor.

With their high degree of autonomy and rapid refueling time, these vehicles are attracting a growing number of communities, constructors, fleet managers, fueling station operators and logistics platform operators. They notably appreciate the perfect combination of ease of use, continuity of service and contribution to the fight against air pollution.

In this context, with 25 stations in reference (4), McPhy is establishing itself as a key partner in the roll-out of zero-emission mobility solutions.

Station hydrogène McPhy

Illustration of a McFilling 20-350 station equipped with an infrared connector for partially refueling
700 bar vehicles (Toyota Mirai pictured). A large number of car manufacturers are committed to
hydrogen and an increasing number of 700 bar models is available for sale.

Footnotes
(1) Installed, being installed or under development references as of April 9, 2020
(2) The name of the client is confidential at this stage
(3) The name of the client is confidential at this stage
(4) Installed, being installed or under development references as of April 9, 2020

Upcoming events

• Annual General Meeting, on May 20, 2020
• Publication of 2020 first-half results, on July 28, 2020 (after market)

About McPhy

In the framework of the energy transition, and as a leading supplier of hydrogen production and distribution equipment, McPhy contributes to the deployment of zero-carbon hydrogen throughout the world.

Thanks to its wide range of products and services dedicated to the industrial, mobility and energy markets, McPhy provides turnkey solutions to its clients adapted to their applications in industrial raw material supply, fuel cell electric car refueling or renewable energy surplus storage and valorization.
As a designer, manufacturer and integrator of hydrogen equipment since 2008, McPhy has three development, engineering and production units based in Europe (France, Italy, Germany).

The company’s international subsidiaries ensure a global sales coverage of McPhy’s innovative hydrogen solutions.

McPhy is listed on NYSE Euronext Paris (Segment C, ISIN code: FR0011742329; ticker: MCPHY).

www.mcphy.com

Media relations

NewCap
Nicolas Merigeau
T. +33 (0)1 44 71 94 98
mcphy@newcap.eu

Investor relations

NewCap
Théodora Xu | Emmanuel Huynh
T. +33 (0)1 44 71 20 42
mcphy@newcap.eu

 

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Keep up with our news by following us on

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Information regarding the measures adopted by McPhy within the context of the Covid-19 pandemic

La Motte-Fanjas (France), March 30, 2020 – 5:45 pm CEST – McPhy (Euronext Paris Compartment C: MCPHY, FR0011742329) is a specialist in hydrogen production and distribution equipment.

Faced with the Covid-19 pandemic, McPhy has been determined to act as soon as possible by adopting the appropriate decisions to ensure that all its employees, clients and partners are protected. Remote working has thus been generalized for all staff whose activity allows this.

Following the various governmental measures announced since the Group published its 2019 annual results earlier this month, activity pertaining to the assembly of electrolyzers and the production of stacks at the San Miniato site in Tuscany, Italy, has been temporarily suspended since March 23 for a month. McPhy’s other production sites remain operational to date, with limited resources and strengthened safety conditions.

Furthermore, business continuity plans have been implemented across all of the Group’s sites, in strict compliance with the World Health Organization’s recommendations and the measures adopted by the authorities in the various countries in which the Group operates.

The Covid-19 pandemic will have an impact on the Group’s activity and its 2020 prospects, but it is difficult to quantify these impacts at the time of this press release, notably because of the uncertainty regarding the evolution and extent of the pandemic, as well as the duration of the lockdown measures imposed by governments.

The Group is currently assessing these impacts and regularly updating its estimates according to the evolution of the health situation, in order to best adapt its business continuity and staff protection measures.

Within this unprecedented context, cost reductions and the postponement of tax and social security payment deadlines have been implemented, it being specified that the Group is looking at a number of possibilities aimed at anticipating its additional future cash and working capital requirements related to the continuation of the health crisis over the coming months. As a reminder, the Group had a cash position of €13 million at the end of December 2019.

McPhy has confidence in its resilience and the solidity of its corporate project, driven by robust fundamentals and the hydrogen market’s positive outlook, enabling it to cope with the challenges of this pandemic.

Upcoming events

  • Annual General Meeting, on May 20, 2020
  • Publication of 2020 first-half results, on July 28, 2020 (after market)

About McPhy

In the framework of the energy transition, and as a leading supplier of hydrogen production and distribution equipment, McPhy contributes to the deployment of zero-carbon hydrogen throughout the world.

Thanks to its wide range of products and services dedicated to the industrial, mobility and energy markets, McPhy provides turnkey solutions to its clients adapted to their applications in industrial raw material supply, fuel cell electric car refueling or renewable energy surplus storage and valorization.
As a designer, manufacturer and integrator of hydrogen equipment since 2008, McPhy has three development, engineering and production units based in Europe (France, Italy, Germany).

The company’s international subsidiaries ensure a global sales coverage of McPhy’s innovative hydrogen solutions.

McPhy is listed on NYSE Euronext Paris (Segment C, ISIN code: FR0011742329; ticker: MCPHY).

www.mcphy.com

Media relations

NewCap
Nicolas Merigeau
T. +33 (0)1 44 71 94 98
mcphy@newcap.eu

Investor relations

NewCap
Théodora Xu | Emmanuel Huynh
T. +33 (0)1 44 71 20 42
mcphy@newcap.eu

 

Connect with us!

Keep up with our news by following us on

LinkedIn    and    Twitter

Confirmation of McPhy’s industrial scaling up

• Strong revenue growth of 43% to €11.4 million in 2019, driven by excellent sales momentum over the year with orders booked in France and Europe
• Acceleration of the Group’s development, preparing the industrialization phase
• Strengthening of the financial structure with a cash position of €13 million at end-2019, notably following the success of the capital increase of almost €7 million carried out in November 2019
• Confirmation of medium-term growth prospects with McPhy’s industrial scaling up

La Motte-Fanjas (France), March 10, 2020 – 5:45 pm CET – McPhy (Euronext Paris Compartment C: MCPHY, FR0011742329), a specialist in hydrogen production and distribution equipment, today announces its annual results for the year to December 31, 2019, as approved by its Board of Directors.

We are more ready than ever to continue seizing new opportunities, and more particularly projects on an industrial scale.

Laurent Carme, Chief Executive Officer of McPhy, states: “Within a promising and high-potential market context, McPhy has been able to continue its ramping up and the consolidation of its technological leadership on its key markets.
Thanks to excellent commercial activity throughout the year, our revenue increased by 43% to €11.4 million in 2019. This buoyant growth, combined with good control over our operating costs, has enabled us to improve our results.
Following this rich and promising year, we are more ready than ever to continue seizing new opportunities, and more particularly projects on an industrial scale in order to sustainably support the necessary transition to a low-carbon, secure and competitive economy.”

Simplified income statement

Strong revenue growth and improved result

In 2019, McPhy recorded a +43% increase in revenue to €11.4 million, versus €8 million in 2018. This growth was driven by the taking and completion of a number of orders for electrolyzers and hydrogen production and distribution stations in France and abroad.

The increase in other operating income was associated with the cancellation of the €3.5 million debt as part of the Pushy project (1) following the notification by BPI Financement in July 2019.

Purchases consumed and external costs evolved in line with activity, but only saw a limited increase given the cost reduction measures implemented to ensure a continual improvement in competitiveness. Moreover, the Company continued its research and innovation efforts.

To ensure the success of its industrialization phase, the Group strengthened its teams. The net recruitment of 12 people over the year thus took the total number of staff to 98 at December 31, 2019.

The increase in depreciation, amortization and provisions was primarily due to the mandatory effective date, on January 1, 2019, in accordance with the IFRS 16 (leasing contracts) for €0.6 million and the depreciation of 50% of the accrued receivables for the Hebei contract (project in China (2)) for €0.6 million.

At December 31, 2019, McPhy had a cash position of €13 million, notably following the success of the capital increase by private placement of almost €7 million carried out last November.

As a reminder, McPhy’s Extraordinary Shareholders’ Meeting of January 16, 2020 approved the resolution concerning the issuance of 14,773,307 BSA stock warrants (“BSA”) enabling all shareholders (with the exception of Fonds Ecotechnologies and EDF Pulse Croissance Holding, who have agreed not to exercise any warrants allocated to them) to participate in the operation and benefit from the same subscription conditions. The stock warrants can be exercised from January 17, 2020 until May 18, 2020, i.e. two days before the Company’s Annual General Meeting called to approve its annual accounts for the year to December 31, 2019. The exercise of the stock warrants could strengthen the Company’s shareholders’ equity by a maximum of €2.8 million.

2019 highlights

• €13 million in orders booked in France and abroad, reflecting excellent sales momentum over the year

  • Order for 7 stations taken from SIEGE 27 and SDEC Energie (3) for the roll-out of hydrogen mobility as part of the “EAS-HyMob” project in Normandy
  • Order from Atawey (4) for a 40 kg per day 30-bar electrolyzer for a first hydrogen station in Chambéry, as part of the Auvergne-Rhône-Alpes region’s “Zero Emission Valley” project
  • Order for 2 MW of high-pressure electrolysis in Germany for the Energy market for a Power-to-Power application
  • Record order for McPhy’s PIEL range, with 11 electrolyzers for the Bangladesh Meteorological Department
  • Order for a McFilling 200-350 station in Germany for refueling hydrogen buses, following a first order for a McLyzer 400-30 electrolyzer at the start of 2019

• April 2019: launch of “Augmented McFilling”, McPhy’s new smart hydrogen station architecture for heavy-duty vehicles

  • “Augmented McFilling”, an innovative architecture for heavy-duty vehicles, able to address the massive hydrogen needs inherent to the necessary decarbonization of heavy-duty transport and long-distance vehicles (trains, trucks and buses), combining compression, storage, cooling and vehicle delivery functions
  • Managed by McPhy’s smart supervision software, which makes the station dynamically reconfigurable for an infinite number of usage scenarios and real-time adaptation to clients’ requirements with no capacity limits

• June 2019: inauguration in the Hauts-de-France Region of the first refueling station for hydrogen buses in France

  • In Houdain, northern France, a Artois-Gohelle Transport Authority (SMT-AG) project led by ENGIE GNvert, which has entrusted to McPhy the construction of a station with a daily capacity of 200 kg fueled by 0.5 MW of electrolysis
  • A genuine innovation in France, this 100% hydrogen bus line and its refueling station are precursors of the “zero emission mobility” revolution that is becoming increasingly widespread in France, in Europe and on a global scale
  • The entire clean hydrogen production, storage and distribution chain is equipped with McPhy technology

Confirmation of the transition to hydrogen production on an industrial scale

As previously announced (5), McPhy has been chosen by Nouryon and Gasunie, two leading industrial groups (6) to equip the first zero-carbon hydrogen production plant on a large scale in Europe, thus strengthening its leadership position on its market.

Designed, manufactured and integrated by McPhy, the 20 MW zero-carbon hydrogen production platform uses the Company’s innovative “Augmented McLyzer” electrolysis technology. Each year, 3,000 tons of clean hydrogen will thus be generated by electrolysis from green electricity. This hydrogen will be used to produce bio methanol used in industrial processes and will contribute to reducing CO2 emissions by up to 27,000 tons a year, the equivalent of the annual emissions of 4,000 French households.

McPhy will be involved in the pre-engineering phase from this year, and subsequently in the detailed engineering, production and commissioning of the electrolysis platform.

This major project marks a change in McPhy’s size, confirming its transition to an industrial scale with the aim of reducing zero-carbon hydrogen production costs and thus boosting the emergence of efficient and competitive hydrogen ecosystems with the highest quality and safety levels.

Update on the Covid-19 outbreak and its potential impact on the Group’s activity

Given the uncertainty regarding the future chain of events, it is currently difficult to quantify the impacts of the Covid-19 epidemic on the Group’s activity in 2020, notably in terms of revenue, results and delays for the completion of some projects. In accordance with domestic and international governmental recommendations, McPhy has implemented all necessary safety measures to limit its employees and partners’ travel and exposure to the virus.

In China, at this stage, McPhy’s exposure to the coronavirus epidemic is limited to a Power-to-Gas application project in Hebei province, a project that is currently affected by delays in its execution. As a reminder, in June 2017 McPhy delivered 4 MW hydrogen production equipment enabling the transformation into zero-carbon hydrogen and storage of excess energy produced by a 200 MW wind farm (7).

In Italy, McPhy has a subsidiary based in San Miniato (Tuscany) devoted to the assembly of electrolyzers and the production of stacks. The Group is closely monitoring the evolution of the outbreak and its expansion and has particularly noted the decree communicated by the Italian government extending the containment measures to the entire country.

In this context of uncertainty and volatility, McPhy is currently assessing the potential impact of the outbreak on its activity.

Upcoming events
• Annual General Meeting, on May 20, 2020
• Publication of 2020 first-half results, on July 28, 2020 (after market)

Footnotes
(1) This project was aiming at developing two innovative technological offers (OSSHY and LASHY) combining hydrogen production through the electrolysis of water and its storage in the form of hydrides
(2) 4 MW Power-to-Gas application project whose timeline is uncertain due to the Covid-19 outbreak.
(3) Project supported by EU funding via the European INEA (Innovation and Networks Executive Agency) as part of the CEF-T (Connecting Europe Facility – Transports) infrastructure program
(4) www.atawey.com
(5) See press release of January 22, 2020
(6) Nouryon, global leader in specialty chemicals, and Gasunie, gas infrastructure company
(7) See press release of June 29, 2017
(8) Audit procedures have been carried out and the audit certification report is currently being prepared

About McPhy

In the framework of the energy transition, and as a leading supplier of hydrogen production and distribution equipment, McPhy contributes to the deployment of zero-carbon hydrogen throughout the world.

Thanks to its wide range of products and services dedicated to the industrial, mobility and energy markets, McPhy provides turnkey solutions to its clients adapted to their applications in industrial raw material supply, fuel cell electric car refueling or renewable energy surplus storage and valorization.
As a designer, manufacturer and integrator of hydrogen equipment since 2008, McPhy has three development, engineering and production units based in Europe (France, Italy, Germany).

The company’s international subsidiaries ensure a global sales coverage of McPhy’s innovative hydrogen solutions.

McPhy is listed on NYSE Euronext Paris (Segment C, ISIN code: FR0011742329; ticker: MCPHY).

www.mcphy.com

Media relations

NewCap
Nicolas Merigeau
T. +33 (0)1 44 71 94 98
mcphy@newcap.eu

Investor relations

NewCap
Théodora Xu | Emmanuel Huynh
T. +33 (0)1 44 71 20 42
mcphy@newcap.eu

Balance sheet (8)

 

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McPhy: strong revenue growth of +43% to €11.4 million in 2019

• Growth driven by excellent sales momentum over the year, with orders booked in France and Europe
• Capital increase of almost €7 million in November 2019 enabling the Company to roll-out its international activities and pursue its development strategy
• Confirmation of medium-term growth prospects with McPhy’s industrial scaling up

La Motte-Fanjas (France), January 28, 2020 – 5:45 pm CET – McPhy (Euronext Paris Compartment C: MCPHY, FR0011742329), a specialist in hydrogen production and distribution equipment, today announces its annual revenue for the year to December 31, 2019.

Laurent Carme, Chief Executive Officer of McPhy, states: “We ended 2019 on a very positive trend thanks to excellent sales activity throughout the year, initiated in the first half and confirmed during the second half which generated revenue growth of 58% compared with the same period in 2018. The taking and completion of orders in 2019 illustrate the relevance of our positioning on the industry, mobility and energy markets, as well as the technological maturity of our hydrogen production and distribution equipment.

The capital increase we carried out in November 2019 has given us the means to seize new opportunities within the context of an acceleration in the hydrogen market, and we would like to thank again all our investors for their trust.

The recognition of our know-how and our technology by major industrial groups and the zero-carbon hydrogen market’s positive outlook strengthen our confidence in our medium-term growth prospects. The signing, in January 2020, of an engineering contract to equip Europe’s largest zero-carbon hydrogen site (20 MW) substantiates this first step in McPhy’s industrial scaling up.”

McPhy records strong growth in 2019

As announced, McPhy recorded a +43% increase in revenue in 2019 to €11.4 million, versus €8 million in 2018. This growth was driven by the taking and completion of a number of orders for electrolyzers and hydrogen production and distribution stations in France and abroad.

In 2019, McPhy continued its ramp-up and the consolidation of its technological lead on its key markets.

The Company also strengthened its shareholders’ equity and, at December 31, 2019, had a cash position of €13 million, notably as a result of the success of the capital increase by private placement of almost €7 million carried out last November. This operation enables the Company to accelerate its development strategy and the roll-out of its international activities.

McPhy’s Extraordinary General Meeting of January 16, 2020 approved the resolution pertaining to the issuance of 14,773,307 stock warrants (“BSA”), thus enabling all shareholders (apart from Fonds Ecotechnologies and EDF Pulse Croissance Holding, who have agreed not to exercise any stock warrants allocated to them) to participate in the operation and benefit from the same subscription conditions. The stock warrants can be exercised from January 17, 2020 until May 18, 2020, i.e. two days before the Company’s Annual General Meeting called to approve its annual accounts for the year to December 31, 2019. The exercise of the stock warrants could strengthen the Company’s shareholders’ equity by a maximum of €2.8 million.

Bolstered by its commercial successes, a strengthened financial structure and its positioning as a major technological and industrial partner on a high-potential market, McPhy is reaffirming its confidence in its medium-term growth prospects.

Confirmation of the transition to hydrogen production on an industrial scale

According to the Hydrogen Council’s “Path to Hydrogen Competitiveness: A Cost Perspective” report, the scaling up of the zero-carbon hydrogen production and distribution markets and the industrialization of equipment manufacturing should lead to a reduction of up to 50% in costs by 2030.

Perfectly in line with the global acceleration of the sector, this cost-reduction trajectory will help strengthen the attractiveness and competitiveness of zero-carbon hydrogen.

Within this buoyant and high-potential context, McPhy has further strengthened its leadership position after it was chosen by two globally-renowned industrial groups to equip the first zero-carbon hydrogen production plant on a large scale in Europe.

Designed, manufactured and integrated by McPhy, the 20 MW zero-carbon hydrogen production platform uses the Company’s innovative “Augmented McLyzer” electrolysis technology. Each year, 3,000 tons of clean hydrogen will thus be generated by electrolysis from green electricity and utilized to produce bio methanol used in industrial processes, thus helping reduce CO2 emissions by up to 27,000 tons a year, the equivalent of the annual emissions of 4,000 French households.

This major project marks a change in McPhy’s size, confirming its transition to an industrial scale with the aim of cutting zero-carbon hydrogen production costs and thus promoting the emergence of efficient and competitive hydrogen ecosystems with the highest quality and safety levels.

Upcoming financial communication

2019 annual results, on March 10, 2020 (after market)

About McPhy

In the framework of the energy transition, and as a leading supplier of hydrogen production, storage and distribution equipment, McPhy contributes to the deployment of clean hydrogen throughout the world.
Thanks to its wide range of products and services dedicated to the hydrogen energy, zero emission mobility and industrial hydrogen markets, McPhy provides turnkey solutions to its clients. These solutions are tailored to our client applications: renewable energy surplus storage and valorization, fuel cell car refueling, raw material for industrial sites.
As a designer, manufacturer and integrator of hydrogen equipment since 2008, McPhy has three development, engineering and production units based in Europe (France, Italy, Germany).
The company’s international subsidiaries ensure a global sales coverage of McPhy’s innovative hydrogen solutions.

McPhy is listed on NYSE Euronext Paris (Segment C, ISIN code: FR0011742329; ticker: MCPHY).

www.mcphy.com

Media relations

NewCap
Nicolas Merigeau
T. +33 (0)1 44 71 94 98
mcphy@newcap.fr

Investor relations

NewCap
Julie Coulot | Emmanuel Huynh
T. +33 (0)1 44 71 20 40
mcphy@newcap.fr

 

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McPhy to equip the largest zero-carbon hydrogen site in Europe

• The first zero-carbon hydrogen plant on this scale to be implemented in Europe, with a production capacity of 3,000 tons per year (20 MW)
• A project initiated by Nouryon and Gasunie, two leading industrial groups, to be installed in Delfzijl, the Netherlands
• Reducing CO2 emissions by up to 27,000 tons per year, pointing towards the decarbonization of the industry sector

La Motte Fanjas (France), January 22, 2020 – 08:00 am CET – McPhy (Euronext Paris Compartment C: MCPHY, FR0011742329), a specialist in hydrogen production and distribution equipment, today announces it has been selected to equip the largest electrolysis plant for zero-carbon hydrogen production, the first of its kind and on this scale in Europe.

Now is the time to scale-up and industrialize clean hydrogen production technologies to lower their costs and boost the rise of a clean, secure and cost-competitive hydrogen ecosystem.

Laurent Carme, Chief Executive Officer of McPhy, states: “We are proud of the trust we received from Nouryon and Gasunie, two major industrial groups. The size and scope of this unique project, as well as its deep integration into our customers’ processes, represent a major step change for McPhy and more globally for the hydrogen market. Now is the time to scale-up and industrialize clean hydrogen production technologies to lower their costs and boost the rise of a clean, secure and cost-competitive hydrogen ecosystem.”

With the technology from McPhy we are one step closer to competitive large-scale production of green hydrogen.

Marcel Galjee, Energy Director at Nouryon Industrial Chemicals, adds: “Green hydrogen is a cornerstone of building a sustainable, circular economy. Nouryon is already a leader in electrolysis in Europe and with the technology from McPhy we are one step closer to competitive large-scale production of green hydrogen for a more sustainable future.”

The first large-scale zero-carbon hydrogen project to be implemented in Europe

The 20 MW hydrogen production platform will be designed, manufactured and integrated by McPhy with its innovative electrolysis technology “Augmented McLyzer” and will convert green electricity by electrolysis into 3,000 tons of clean hydrogen per year.

This will be used to produce bio methanol and will contribute to reducing CO2 emissions by up to 27,000 tons per year.

This project, initiated by Nouryon, a leading specialty chemical company, and Gasunie, a gas infrastructure company, is a front-runner among hydrogen initiatives with the objective of reducing carbon emissions.

The project’s value chain breaks down as follows:

  • Conversion of electricity from renewable sources into zero-carbon hydrogen (by the 20 MW electrolysis platform developed by McPhy);
  • Transport of hydrogen from the point of production to the point of consumption;
  • Production of clean methanol.

The proposed clean hydrogen project will be funded by an €11m EU grant from the Fuel Cells and Hydrogen Joint Undertaking (FCH-JU) as well as an additional €5m in subsidies from Waddenfonds, a fund that invests in projects in the Netherlands.

McPhy, a technological breakthrough allowing hydrogen to transition to an industrial scale

This reflects our constant innovation policy as well as our expertise in large-scale platforms electrolysis.

Following a technological review conducted by Nouryon, the innovative electrolysis technology “Augmented McLyzer” by McPhy has been selected to be the cornerstone of this key project.

“This reflects our constant innovation policy as well as our expertise in large-scale platforms electrolysis. Our electrolysis platform will produce zero-carbon hydrogen with best-in class performances. This project confirms the relevance of our technological positioning and our transition to an industrial scale, in order to better meet the future needs of the industry as well as the mobility and energy sectors”, concludes Laurent Carme.

The “Augmented McLyzer” technology consists of a unique combination of McPhy 30-bar high-pressure alkaline electrolysis and a package of advanced electrodes, specifically designed for large-scale platforms (multi-MW).
It is currently the most mature and robust technology available on the market, recognized among the market leaders and one of the most promising in terms of future development.

McPhy will be involved in the pre-engineering phase and subsequently in the detailed engineering, production and commissioning of the electrolysis platform.

McPhy electrolyseur 20 MW

3D simulation of the 20 MW electrolysis platform equipped with McPhy technology Augmented McLyzer

Consortium members & Funders

Upcoming financial communication

2019 annual revenues: Tuesday January 28, 2020, after market.

About McPhy

In the framework of the energy transition, and as a leading supplier of hydrogen production, storage and distribution equipment, McPhy contributes to the deployment of clean hydrogen throughout the world.
Thanks to its wide range of products and services dedicated to the hydrogen energy, zero emission mobility and industrial hydrogen markets, McPhy provides turnkey solutions to its clients. These solutions are tailored to our client applications: renewable energy surplus storage and valorization, fuel cell car refueling, raw material for industrial sites.
As a designer, manufacturer and integrator of hydrogen equipment since 2008, McPhy has three development, engineering and production units based in Europe (France, Italy, Germany).
The company’s international subsidiaries ensure a global sales coverage of McPhy’s innovative hydrogen solutions.

McPhy is listed on NYSE Euronext Paris (Segment C, ISIN code: FR0011742329; ticker: MCPHY).

www.mcphy.com

Media relations

NewCap
Nicolas Merigeau
T. +33 (0)1 44 71 94 98
mcphy@newcap.fr

Investor relations

NewCap
Julie Coulot | Emmanuel Huynh
T. +33 (0)1 44 71 20 40
mcphy@newcap.fr

About Nouryon

We are a global specialty chemicals leader. Markets worldwide rely on our essential chemistry in the manufacture of everyday products such as paper, plastics, building materials, food, pharmaceuticals, and personal care items. Building on our nearly 400-year history, the dedication of our 10,000 employees, and our shared commitment to business growth, strong financial performance, safety, sustainability, and innovation, we have established a world-class business and built strong partnerships with our customers. We operate in over 80 countries around the world and our portfolio of industry-leading brands includes Eka, Dissolvine, Trigonox, and Berol.

About Gasunie

Gasunie is a European gas infrastructure company. Gasunie’s network is one of the largest high-pressure pipeline networks in Europe, comprising over 15,000 kilometres of pipeline in the Netherlands and northern Germany. Gasunie wants to help accelerate the transition to a CO2-neutral energy supply and believes that gas-related innovations, for instance in the form of renewable gases such as hydrogen and green gas, can make an important contribution. Both existing and new gas infrastructure play a key role here.

About the Fuel Cells and Hydrogen Joint Undertaking (FCH-JU)

The Fuel Cells and Hydrogen Joint Undertaking (FCH JU) is a unique partnership between the European Commission and the industry to fund and support the development of hydrogen technologies including research, technological development and demonstration (RTD) activities in fuel cell and hydrogen energy technologies in Europe. Its aim is to accelerate the market introduction of these technologies, realizing their potential as an instrument in achieving a carbon-clean energy system.
The three members of the FCH JU are the European Commission, fuel cell and hydrogen industries represented by Hydrogen Europe and the research community represented by Hydrogen Europe Research.

 

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All resolutions recommended by the Board of Directors were approved

La Motte Fanjas, January 16, 2020 – 5:45 pm CET – McPhy (Euronext Paris Compartiment C: MCPHY, FR0011742329) is a specialist in hydrogen production and distribution equipment. The Extraordinary General Shareholders Meeting of McPhy was held today at the head office of the Company, 1115, Route de Saint-Thomas – 26190 La Motte Fanjas (Drôme), France.

Shareholders present or represented totaling 7,545,461 (43.47%) voting rights, have adopted with a large majority all the resolutions recommended by the Board of Directors including the issuance of 14,773,307 stock warrants (“BSA”) announced in the Press release dated November 6, 2019.

It should be noted that the issuance and the allocation of the stock warrants is part of the capital increase through the issuance of new ordinary shares without preferential subscription rights in favour of qualified investors carried out by the Company on November 6, 2019.

In this context, a Board of Directors of the Company was held today in order to implement the resolution relating to the issuance of these stock warrants and to proceed with their allocation to the Company’s shareholders who have benefited from this right.

On December 20, 2019, the Autorité des Marchés Financiers (the “AMF”) approved the prospectus no.19-582 filed on the occasion of the admission to the regulated market of Euronext in Paris of the new shares resulting from the exercise of the stock warrants (Press release dated December 23, 2019).

Upcoming financial communication

2019 annual revenues: Tuesday January 28, 2020, after market

About McPhy

In the framework of the energy transition, and as a leading supplier of hydrogen production, storage and distribution equipment, McPhy contributes to the deployment of clean hydrogen throughout the world.
Thanks to its wide range of products and services dedicated to the hydrogen energy, zero emission mobility and industrial hydrogen markets, McPhy provides turnkey solutions to its clients. These solutions are tailored to our client applications: renewable energy surplus storage and valorization, fuel cell car refueling, raw material for industrial sites.
As a designer, manufacturer and integrator of hydrogen equipment since 2008, McPhy has three development, engineering and production units based in Europe (France, Italy, Germany).
The company’s international subsidiaries ensure a global sales coverage of McPhy’s innovative hydrogen solutions.

McPhy is listed on NYSE Euronext Paris (Segment C, ISIN code: FR0011742329; ticker: MCPHY).

www.mcphy.com

Media relations

NewCap
Nicolas Merigeau
T. +33 (0)1 44 71 94 98
mcphy@newcap.fr

Investor relations

NewCap
Julie Coulot | Emmanuel Huynh
T. +33 (0)1 44 71 20 40
mcphy@newcap.fr

 

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