Engineering and technology companies Technip Energies and John Cockerill have established Rely, a provider of integrated and competitive green hydrogen solutions.
According to Technip, Rely will offer end-to-end solutions, from pre-final investment decision (pre-FID) services, including technical and financial advisory, to proprietary products, project execution, and operation and maintenance.
Technip informed Rely will ensure project execution for its clients by securing the supply chain thanks to a capacity reservation and supply contract for pressurised alkaline electrolysers with John Cockerill Hydrogen, a subsidiary of John Cockerill, and as part of the agreement, Rely is expected to become a minority shareholder in John Cockerill Hydrogen with a 10% minority stake.
Headquartered in Belgium, Rely will be 60%-owned by Technip Energies and 40%-owned by John Cockerill, and it will address the market for industrial and utility-scale projects with the ambition to reach revenues of more than €1 billion by 2030, Technip said.
To note, the transaction is subject to customary closing conditions, including regulatory approvals, and is expected to be finalised in the second half of this year.
Arnaud Pieton, CEO of Technip Energies, stated: “Achieving the world’s net zero targets requires significant investment to develop and scale decarbonisation solutions. Global ambitions demand that affordable solutions and sustainable products for industries and consumers alike must be developed.”
“ Technip Energies is committed to meeting this challenge, and, together with John Cockerill, we are announcing the creation of Rely, a new integrated technology and solutions company for green hydrogen and power-to-X markets. Rely will bring together a unique combination of expertise, bridging green electrons to molecules.”
François Michel, CEO of John Cockerill, said: “In order to play a large role in the energy transition, green hydrogen needs robust, scalable, and competitive solutions that are optimised from end-to-end. Rely will provide exactly what countries, industries, and markets need to decarbonise entire value chains through green hydrogen.”
“I look forward to seeing its formidable development in the next few years. I am also thrilled by the acceleration in the development of John Cockerill’s network of electrolyser gigafactories that Rely will allow, which will benefit all our customers across the world.”
To remind, a few weeks ago, Technip Energies entered a partnership with Casale, a provider of technologies and integrated engineering solutions, to jointly license oxidative reforming-based technologies – auto thermal reforming (ATR) and partial oxidation (POx) technologies for the blue hydrogen market.