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.