Belgian mechanical engineering company John Cockerill announced on Monday its plans to raise EUR 230 million (USD 249m) in equity to bolster its hydrogen strategy, with a particular focus on expanding electrolyser gigafactories.
The capital infusion, spearheaded by its subsidiary John Cockerill Hydrogen, is anticipated to be finalized by the end of the month, with the parent company retaining a significant stake in the division.
Leading the investment drive is US offshore oil drilling giant SLB (NYSE:SLB), which has committed to being the primary investor. Joining SLB are two Belgian public investment institutions, The Federal Holding and Investment Company (SFPIM) and Wallonie Entreprendre (WE), along with undisclosed international industrial-oriented family offices.
John Cockerill Hydrogen specializes in pressurized alkaline electrolysers, boasting offerings like 5-MW stacks and a complete 30-MW system, with a footprint of 1,300 electrolysers delivered globally. The firm's strategy pivots on establishing gigafactories in strategic locales, with plans underway for electrolyser production and service hubs in the US, India, and the UAE. Similar initiatives are under consideration in Morocco and Vietnam.
The strategic alliance between SLB and John Cockerill is projected to expedite the global advancement and manufacturing of John Cockerill Hydrogen's next-generation pressurized alkaline electrolysers, bolstered by a joint venture between John Cockerill and Technip Energies announced in November 2023.
In a statement, Gavin Rennick, President of SLB's New Energy business, expressed optimism, stating, “Through this collaboration, we will combine John Cockerill Hydrogen's proven track record in alkaline electrolyser 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.”
