Atawey raises €22m to increase European hydrogen refuelling network

Atawey, a leading specialist in the deployment of hydrogen refuelling stations, has raised €22m ($25.8m) as it looks to increase its European network.

The company, which acquired now-insolvent McPhy’s refuelling business last year, said the funds from industrial consortium Armor Group, and the Auvergne-Rhône-Alpes Regional Industry Future Fund would help it expand its footprint across Europe.

Following the McPhy business acquisition, Atawey said it now operates 51 hydrogen refuelling stations and two production sites in the French Alps.

New hydrogen refuelling stations in Italy, Spain, and Benelux are being targeted to support heavy-duty vehicles such as buses and trucks. Image ©Atawey

Atawey acquired McPhy’s hydrogen refuelling station business last year, which included a network of 70 stations.

Having reported a 113% revenue increase last year, to €18m ($21m), it is aiming for profitability by the end of this year, despite a slowdown in the wider hydrogen market.

New hydrogen refuelling stations in Italy, Spain, and Benelux are being targeted to support heavy-duty vehicles such as buses and trucks.

Jean-Michel Amaré, CEO of Atawey said: “This fundraising is an important milestone in Atawey’s growth. It enables us to accelerate without compromising our DNA: customer intimacy, technological excellence, and deep commitment.”

For more information, visit www.atawey.com.