John Cockerill and its subsidiary, John Cockerill Hydrogen, announced the signing of binding commitments by SLB, a global energy technology company, SFPIM and Wallonie Entreprendre (WE), two leading Belgian public investment institutions, and international industrial-oriented family offices to participate to a €230-MM capital increase of John Cockerill Hydrogen. SLB is acting as lead investor in John Cockerill Hydrogen’s capital funding round, targeted for completion by the end of June 2024.

Green H₂, a low-carbon energy carrier, offers a viable pathway for advancing decarbonization by replacing traditional fossil fuel-based gray H₂ for various industrial sectors, including chemicals, heavy transport and hard-to-abate industries, such as steel. Pressurized alkaline electrolyzers are a proven technology to economically produce green H₂ at scale. John Cockerill Hydrogen is one of the global leaders in this field, having delivered 1,300 electrolyzers around the world, with existing offerings including 5MW stacks and a complete 30-MW pressurized alkaline electrolyzer system.

This fund raising is a major step to support John Cockerill Hydrogen’s strategy including the rolling out of gigafactories in key locations. The company is investing in expanding its global presence through a multi-local strategy by establishing electrolyzer production and service hubs in the U.S., India and the UAE. Similar investments are being considered in collaboration with major partners, in Morocco and in Vietnam.

SLB’s investment will enable the creation of a strategic partnership between John Cockerill and SLB aimed at accelerating the global development and manufacturing of John Cockerill Hydrogen’s next generation pressurized alkaline electrolyzers. In conjunction with the creation of Rely, a joint venture between John Cockerill and Technip Energies announced in November 2023, these strategic partnerships are designed to reinforce John Cockerill’s technological leadership in pressurized alkaline technology which is crucial given the scale of the challenges.

Following this capital raise, John Cockerill will keep a large majority in John Cockerill Hydrogen.