![[News_Image]](ShowImage/News_Image_Width/News_Image_Base/1699441793logo_mcphy_home.gif.aspx "McPhy Energy - Eur 13.7m funding") McPhy Energy - Eur 13.7m funding - McPhy Energy, a hydrogen storage specialist based in South East France, has won Eur 13.7m of funding from investment companies Sofinnova Partners, GimV and Amundi Private Equity Funds, together with additional funding from its first round funders.McPhy aims to commercialise magnesium hydride hydrogen storage.
The company's first round of funding was Eur 1.6m, in January 2009, from Emertec and Areva.
McPhy is currently developing a second large capacity reservoir of magnesium hydride which can be used for testing.
The company will use the money to build its commercial and technical staff and invest in additional production equipment.
It currently has offices in Spain and Italy, and will open new offices in Germany, Northern Europe, the Middle East and Japan.
"We are convinced that solid state hydrogen storage will be one of the winning solutions to address the growing need for green and large-scale energy storage," says Bart Diels, Partner at Gimv.
"The powerful, breakthrough technology, an advanced industrial product on the brink of market launch, combined with an experienced and complementary management team and a huge market potential convinced us to accompany McPhy," says Amundi Private Equity Funds.
The company was launched in 2008, building on 8 years of research at the France Centre National de la Recherche Scientifique (National Centre for Scientific Research, CNRS) and Commissariat à l'Énergie Atomique (Commission of Atomic Energy, CEA).
Source: The Hydrogen JournalEnd
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