backKing & Spalding advised McPhy Energy on an investment and partnership protocol with Hype, a brand owned by STEP (Société du Taxi Electrique Parisien), a group at the forefront of the deployment of hydrogen infrastructure for zero-emission urban mobility solutions in France and Europe, and Hydrogen Refueling Solutions (HRS), a pioneer in hydrogen mobility.
Hype relies on a first market that is immediately relevant for hydrogen - the urban cab - in order to deploy a green hydrogen production and distribution network that is open to all other forms of urban mobility: utility vehicles, buses, trucks, etc. Already operating more than 700 hydrogen cabs in the Paris region, the largest fleet in the world, and 4 hydrogen stations, HYPE's ambition is to deploy 10,000 zero-emission cabs and 20 high-capacity stations in the Paris region by the end of the 2024 Olympic Games, and to establish itself in 15 other cities worldwide by the end of 2024.
The strategic agreement between McPhy and Hype is part of this development plan, and includes a commercial, technological and financial component (McPhy's investment of 12 million euros in the form of convertible bonds to be issued by Hype).
The agreement between Hype and HRS includes similar components.
Through this transaction, McPhy and HRS are forging two partnerships with a leading operator in zero-emission urban mobility, based on a common vision of the democratization of green hydrogen to serve the decarbonization of the transport sector and sustainable development.
McPhy Energy is a leading designer, manufacturer and integrator of hydrogen solutions whose shares are listed on Euronext Paris Compartment C (MCPHY, FR0011742329).