2023 revenues : Atawey exceeded targets
In an intensively developing hydrogen mobility market, Atawey once again reported major business growth in 2023. This dynamic materialized in a 2.6-fold increase in revenue compared to 2022, reaching 8.5 million euros, and an expansion of its portfolio of partners and customers. Atawey pursued sustained growth by winning orders for high-capacity hydrogen refueling stations (in excess of 1T/day) and transforming its business model from an equipment manufacturer to a supplier of solutions for hydrogen mobility. All this while remaining true to its principles of commitment, collaboration with stakeholders, and sustainable performance.
The achievements of 2023 have laid the foundations for an upward trajectory for the Savoy-based company, which aims to become a leader in hydrogen mobility in Europe by 2024, with an installed base of over 75 hydrogen charging stations following the acquisition of McPhy.
This growth occurs against a backdrop of strong dynamism in the European hydrogen mobility market, driven by European and national decarbonization policies and the arrival of new vehicle models and hydrogen refueling stations offers.
2023: very strong sales and business growth
- Revenue increased by 165% compared to 2022, reaching 8.5 million euros;
- Order backlog exceeded 20 million euros, confirming growth targets;
- Sales pipeline amounted to over 100 million euros in potential orders;
- Strong growth in operating income;
- Expansion of its hydrogen refueling station range, including the launch of new products: the station co-developed with HYVIA (branded as Hywell®) and the high-capacity Evolutives stations (up to 2T/day);
- Structuring and expansion of the company’s workforce with the recruitment of 45 employees, bringing the total to 100;
- Transformation of its business model to deploy a complete range of hydrogen mobility solutions:
- Investment in the deployment of a network of hydrogen refueling infrastructures, with an initial investment in the “Arv’hy” hydrogen production and distribution project, for which Atawey will supply, operate, and maintain the station;
- Partnership with Hyvia, which provides an as-a-service offer for LCVs and hydrogen refueling solutions;
- Launch of a station operation business with recurring revenues to complement the existing maintenance offering.
Outlook for 2024: Atawey among the leaders in hydrogen mobility
Following strong growth in 2023, the company is maintaining its momentum in 2024, aiming for revenue of €22 million, a further 2.6-fold increase on the previous year. To date, 75% of this target has already been achieved thanks to a significant number of new orders, testifying to the current dynamism of the hydrogen mobility market. Confirmation of this momentum is reflected in the entry into production of these new orders, which will enable the company to continue improving its profitability, and is also reflected in the company’s sales pipeline, which should enable it to achieve the same rate of growth in 2025 and 2026. Finally, the prospect of Atawey – currently in exclusive negotiations to acquire McPhy’s stations business – having installed 75 stations by the end of 2024, will position it as the company with the largest network of installed hydrogen refueling stations in Europe.
These successes confirm the company’s strategy of answering as closely as possible to the needs of infrastructure project developers, where mobility needs – both heavy and intensive – converge, and where the use of hydrogen is most relevant.
“The market for intensive hydrogen mobility is booming, and we have maintained our commercial and technological lead by consolidating our expertise and launching our first high-capacity hydrogen refueling stations. Thanks to our strategic decisions and the commitment of our teams, we are now in a position to offer our customers high-performance, customizable equipment coupled with a range of services precisely tailored to their needs, thus contributing to low-carbon mobility.
For the years 2024 and 2025, we remain resolutely focused on our strategy of integrating the best modular and efficient technologies into our stations. Our partners and customers are delighted with this approach, some of whom have renewed their confidence by placing new orders. Our plan to acquire McPhy’s hydrogen refueling station business, with its industrial facilities and fully operational teams, confirms our ambition to become a leader in hydrogen mobility in Europe,” says Jean-Michel Amaré, co-founder, and Chairman of Atawey.
Sustainable extra-financial performance
In parallel with the growth of its business, Atawey has continued to implement a number of initiatives to promote a sustainable, inclusive, and environmentally-friendly corporate policy.
The company is now “eligible” and “aligned” with articles 8 and 9 of the Sustainable Finance Disclosure Regulation (SFDR), the most demanding and stringent regulation governing sustainable investment funds in the European Union. This compliance of its entire activity, OPEX and CAPEX, represents a significant milestone.
By becoming eligible for sustainable funds, Atawey confirms its commitment to first-rate extra-financial performance, reinforcing its reputation with investors concerned about the environmental, social, and governance impact of the companies in which they invest.
“A commitment to ecological transition has been rooted in the very foundations of Atawey since its inception, shaping the essence of our mission: to accelerate decarbonized mobility. The challenges associated with Corporate Social Responsibility (CSR) are central to Atawey’s development strategy, and we are committed to fostering sustainable growth while meeting the imperatives of creating local and lasting value,” concludes Pierre-Jean Bonnefond, co-founder, and CEO of Atawey.
