John Cockerill is raising €230m of equity from strategic partner SLB and several investors to accelerate the deployment of its electrolysers strategy.
The company has signed binding commitments with SLB, a global energy technology company, SFPIM and Wallonie Entreprendre (WE), two Belgian public investment institutions, and family offices to participate in the €230m capital increase for John Cockerill Hydrogen.
SLB is acting as lead investor in the capital funding round, targeted for completion by the end of June 2024.
John Cockerill makes pressurised alkaline electrolysers and has delivered 1300 units around the world, with existing offerings including 5MW stacks and a complete 30MW system.
This fund raising is a step to support John Cockerill Hydrogen’s strategy including the rolling out of gigafactories in key locations.
The Belgian company is investing in expanding its global presence through a multi-local strategy by establishing electrolyser production and service hubs in the USA, India and the UAE.
Similar investments are being considered in collaboration with major partners, in Morocco and in Vietnam.
“We are thrilled to join forces with SLB in this groundbreaking partnership and to be backed by leading investors with a strong complementarity,” said John Cockerill chief executive Francois Michel.
He added: “Combining our expertise in electrolyser technology with SLB’s global reach and manufacturing and service knowhow 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 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.”