John Cockerill Hydrogen secures €230 million capital increase in funding led by SLB

John Cockerill and its subsidiary, John Cockerill Hydrogen, announced on Monday the signing of binding commitments for a €230 million (US $250.9 million) capital increase.

The funding round is led by SLB, a global energy technology company, and supported by SFPIM and Wallonie Entreprendre (WE), two leading Belgian public investment institutions, along with international industrial-oriented family offices.

This strategic move is set for completion by the end of June 2024.

François Michel, CEO of John Cockerill, said in a press statement, “Our companies are remarkably complementary and share a strong commitment to technology and to delivering tangible solutions for decarbonisation. Getting the support of the Belgian institutions such as SFPIM and WE as well as established industrial players demonstrates the commitment and potential of our project.”

Pioneering green hydrogen solutions

Green hydrogen, a low-carbon energy carrier, provides a promising route for decarbonization, particularly in industries like chemicals, heavy transport, and steel production.

John Cockerill Hydrogen specialises in pressurised alkaline electrolysers, a proven technology for large-scale green hydrogen production. To date, the company has delivered 1300 electrolysers globally, including advanced offerings like 5MW stacks and a complete 30MW pressurised alkaline electrolyser system.

“Access to proven low-carbon hydrogen production technologies is vital for industrials to decarbonise their operations and for our world to meet crucial net-zero targets,” Gavin Rennick, President of SLB New Energy, said.

Strategic expansion and global presence

This substantial capital increase will bolster John Cockerill Hydrogen’s strategy to expand its global footprint. The company plans to establish gigafactories and production hubs in key locations, including the USA, India, and the UAE. Additional investments are under consideration in Morocco and Vietnam, in collaboration with major partners.

SLB’s investment will facilitate a strategic partnership aimed at advancing John Cockerill Hydrogen’s next generation pressurised alkaline electrolysers. This partnership complements the recent formation of Rely, a joint venture with Technip Energies announced in November 2023, reinforcing John Cockerill’s leadership in this critical technology.