John Cockerill and its subsidiary, John Cockerill Hydrogen, have signed binding commitments for a €230 million capital increase. This investment round, led by global energy technology company SLB and supported by Belgian public investment institutions SFPIM and Wallonie Entreprendre (WE), alongside international industrial-oriented family offices, is targeted for completion by the end of June 2024.
Green hydrogen, produced using renewable energy sources, offers a sustainable solution for decarbonizing various industrial sectors, including chemicals, heavy transport, and hard-to-abate industries like steel production. Green hydrogen has a significantly lower carbon footprint than traditional fossil fuel-based grey hydrogen. John Cockerill Hydrogen is at the forefront of this technology, having delivered 1,300 electrolyzers worldwide. Their offerings include advanced 5MW stacks and a complete 30MW pressurized alkaline electrolyzer system, crucial for economically producing green hydrogen at scale.
The €230 million capital increase is pivotal in John Cockerill Hydrogen’s strategy to expand its global presence. The company focuses on a multi-local strategy, establishing gigafactories and service hubs in key locations such as the USA, India, and the UAE. Further collaborations are being explored in Morocco and Vietnam.
SLB’s investment will facilitate a strategic partnership to accelerate the development and manufacturing of John Cockerill Hydrogen’s next-generation pressurized alkaline electrolyzers. This partnership, combined with the creation of Rely, a joint venture between John Cockerill and Technip Energies announced in November 2023, is expected to solidify John Cockerill’s leadership in pressurized alkaline technology.
François Michel, CEO of John Cockerill, expressed enthusiasm about the partnership with SLB and the backing from leading investors. “We are thrilled to join forces with SLB in this groundbreaking partnership and to be backed by leading investors with strong complementarity,” said Michel. “Combining our expertise in electrolyzer technology with SLB’s global reach and manufacturing and service know-how will further accelerate the adoption of our solutions to produce green hydrogen at scale.”
SLB’s President of New Energy, Gavin Rennick, highlighted the importance of accessible low-carbon hydrogen production technologies for industrial decarbonization and achieving net-zero targets. “Through this collaboration, we will combine John Cockerill Hydrogen’s proven track record in alkaline electrolyzer technology with SLB’s research and development, technology industrialization, global market presence, and manufacturing capabilities to accelerate the deployment of innovative low-carbon hydrogen production technologies worldwide,” said Rennick.
Belgian Institutional Support
Belgian institutions SFPIM and WE are critical in supporting John Cockerill Hydrogen’s initiatives. Koen Van Loo, CEO of SFPIM, emphasized their commitment to supporting innovative and sustainable technologies that drive the energy transition. “Our investment in John Cockerill Hydrogen underscores that goal. This strategic investment enhances Belgium’s position in the global hydrogen economy and supports industrial decarbonization worldwide,” stated Van Loo.
Olivier Bouchat, a member of the Board of Directors of Wallonie Entreprendre, highlighted the regional benefits of the investment. “By supporting a world leader in green hydrogen technology, we are not only contributing to the decarbonization of key industrial sectors but also strengthening our region’s position around a new structuring industrial sector that creates value while giving it significant international scope,” said Bouchat.
