Industrial equipment company John Cockerill announced a new agreement to raise €230 million (USD$250 million) for its subsidiary John Cockerill Hydrogen, in a deal led by energy services and technology company SLB, and Belgian public investment institutions SFPIM and Wallonie Entreprendre, and aimed at accelerating the deployment of the company’s electrolyzer technology, enabling the production of green hydrogen.

Hydrogen is viewed as one of the key building blocks of the transition to a cleaner energy future, particularly for sectors with difficult to abate emissions, in which renewable energy solutions such as wind or solar are less practical. The development of clean hydrogen capacity, such as green hydrogen, which uses renewable energy to power the process to extract hydrogen from other materials, will require massive investments in areas including infrastructure, electrolysis, transport and storage.

John Cockerill Hydrogen offers efficient solutions for producing green hydrogen, including its alkaline electrolyzer technology. The company has delivered 1,300 electrolyzers in over 30 countries globally. The company’s 5 MW single stack pressurised electrolyzer is the largest on the market, enabling low capex and opex, and a complete 30MW pressurized alkaline electrolyzer system. John Cockerill also offers hydrogen refueling stations and integrated mobility solutions, as well as technology solutions for electrolyzer project developers.

According to John Cockerill, the capital raise will support its strategy, which includes rolling out gigafactories in key locations, as it invests in expanding its global presence through the establishment of electrolyzer production and service hubs in the USA, India, and the UAE. The company added that it is considering similar investments with partners in Morocco and Vietnam.

François Michel, CEO of John Cockerill, said:

“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. Our companies are remarkably complementary and share a strong commitment to technology and to delivering tangible solutions for decarbonization.”

The company’s also announced that the 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.

Gavin Rennick, President of SLB’s New Energy business, said:

“Access to proven low-carbon hydrogen production technologies is vital for industrials to decarbonize their operations and for our world to meet crucial 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 deployment of innovative low-carbon hydrogen production technologies worldwide.”

John Cockerill will continue to hold a large majority position in John Cockerill Hydrogen following the transaction.