McPhy Energy, a La Motte-Fanjas, France-based developer and provider of a new technology for the solid storage of hydrogen in the form of magnesium hydride, has raised €13.7m in a second round of funding.
The investment was led by Sofinnova Partners, with participation from Gimv, Amundi Private Equity Funds and existing investors.
In January 2009, the company had raised €1.6m first round of funding from Emertec and Areva.
The new capital will allow McPhy Energy, which has developed an alternative solution for the on-site production of hydrogen for the industry and the renewable energy sectors, to reinforce its commercial and technical team and invest in additional production equipment.
The company is already present in Spain and in Italy and is planning to open offices in Germany, Northern Europe, the Middle East and Japan.