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June 6, 2018, 10:33 a.m. EDT

EDF, McPhy Energy to ally on carbon-free hydrogen

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By Anthony Shevlin

Electricite de France SA (EDF.FR) said late Tuesday that it signed a partnership agreement with McPhy Energy (MCPHY.FR) to develop carbon-free hydrogen in France and worldwide.

EDF said its EDF Nouveaux Business division will invest about 16 million euros ($17.7 million) in McPhy Energy via a subscription to a reserved capital increase, subject to approval by McPhy shareholders and French market authorities.

Two directors designated by EDF Nouveaux Business will be proposed to McPhy's shareholders at a meeting on June 26, EDF said. EDF said it will then become McPhy's key shareholder.

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