Technip Energies and John Cockerill have announced the creation of Rely, an integrated technology and solutions provider for green hydrogen and power-to-X markets. The companies aim to address the decarbonization requirements of energy and heavy industries and the need to reach Net Zero goals.
Rely plans to provide end-to-end solutions, including pre-Final Investment Decision services, project execution and operation and maintenance. The new company will draw on Technip Energies’ 60 years of project delivery experience and technology integration capabilities and John Cockerill’s 200-plus years of industrial know-how, engineering and manufacturing expertise, and a 20%-plus share of the electrolyzer market.
Rely will focus on the industrial and utility-scale green hydrogen markets with the ambition to generate more than €1 billion in revenue by 2030. The company will also establish a unique research and development platform to enhance technology, products and project economics for green hydrogen and power-to-X markets.
The supply chain will be secured by Rely through a capacity reservation and supply contract for pressurized alkaline electrolyzers with John Cockerill Hydrogen, and Rely is expected to become a minority shareholder in John Cockerill Hydrogen with a 10% minority stake.
Rely will be headquartered in Belgium, and Technip Energies will hold a 60% ownership stake, while John Cockerill will hold the remaining 40%. Damien Eyriès from Technip Energies will serve as CEO, and Jean Jouet from John Cockerill will serve as CTO. The company will have access to more than 200 hydrogen specialists.
According to Arnaud Pieton, CEO of Technip Energies, achieving the world’s net zero targets requires significant investment in developing and scaling decarbonization solutions. He believes that Rely will bring together a unique combination of expertise and bridge green electrons to molecules, allowing the development of affordable and sustainable products for industries and consumers alike.
François Michel, CEO of John Cockerill, added that green hydrogen requires robust, scalable, and competitive solutions optimized from end-to-end to play a large role in the energy transition. He believes that Rely will provide exactly what countries, industries, and markets need to decarbonize entire value chains through green hydrogen, and he looks forward to seeing the company’s development in the coming years.