Technip Energies and John Cockerill have launched Rely, which the companies called “a unique provider of integrated and competitive green hydrogen solutions” in a joint statement.
In the statement, the companies said that green hydrogen and its derivatives, as clean fuels, will play a critical role in the decarbonization of hard-to-reduce and electrify industries.
In creating Rely, Technip Energies will leverage more than 60 years of project delivery experience and technology integration capabilities, including a leading market share with more than 270 delivered hydrogen plants. On the other hand, John Cockerill will take advantage of its more than 200 years of industrial knowledge, its engineering and manufacturing experience and a share of more than 20 percent of the electrolyser market.
Rely will offer end-to-end solutions from pre-FID services, including technical and financial advice to proprietary products, project execution and operation and maintenance, according to the statement. Rely will also ensure the execution of the project for its customers by securing the supply chain thanks, in particular, to a capacity reservation and pressure alkaline electrolyser supply contract with John Cockerill Hydrogen, a subsidiary of John Cockerill, according to the statement .
As part of the deal, Rely is expected to become a minority shareholder in John Cockerill Hydrogen with a minority stake of 10%. In addition, Rely will address the market for industrial projects and at the scale of public services with the ambition of achieving revenues of more than one billion euros by 2030.
Headquartered in Belgium, Rely will be owned 60% by Technip Energies and 40% by John Cockerill and led by Technip Energies’ Damien Eyriès as CEO and John Cockerill’s Jean Jouet as Chief Technology Officer. From its inception, the new company will benefit from access to more than 200 hydrogen specialists.
“Achieving the world’s net zero goals requires significant investment to develop and scale decarbonization solutions. Global ambitions demand that affordable solutions and sustainable products are developed for both industries and consumers. Technip Energies is committed to meeting this challenge, and together with John Cockerill, we announce the creation of Rely, a newly integrated technology and solutions company for the green hydrogen and power-to-X markets. Rely will bring together a unique combination of expertise, connecting green electrons to molecules,” said Arnaud Pieton, CEO of Technip Energies.
“To play a significant role in the energy transition, green hydrogen needs robust, scalable and competitive end-to-end optimized solutions. Rely will provide exactly what countries, industries and markets need to decarbonize supply chains value through green hydrogen. I look forward to seeing its tremendous development in the coming years. I am also excited by the acceleration in the development of John Cockerill’s electrolyser gigafactory network that will enable Rely, which will benefit all our customers in worldwide,” added François Michel, CEO of John Cockerill.
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the second half of this year.
On the same day, Technip Energies announced its financial results for the first quarter of 2023 in which it reported adjusted revenue of 1.4 billion euros ($1.5 billion) and 10 percent year-over-year growth in adjusted net profit of 80 million euros (87.7 million dollars).
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