May 4, 2023
John Cockerill and Technip Energies (PARIS: TE), two industrial leaders in the hydrogen market, announce the launch of Rely, a unique provider of integrated and competitive green hydrogen solutions.
Energy and heavy industries are at a major turning point. To reach Net Zero goals, these vital contributors to the global economy require massive decarbonization. Green hydrogen and its derivatives (power-to-X(1)) will, as clean fuels, play a critical role in decarbonizing hard-to-abate and hard-to-electrify industries.
Technip Energies and John Cockerill share a common objective of driving acceleration in energy transition. Technip Energies will leverage more than 60 years’ experience of best-in-class project delivery and technology integration capabilities, including a leading market share with over 270 hydrogen plants delivered. John Cockerill will draw on its 200 plus years of industrial know-how, its engineering and manufacturing expertise, and a 20% plus share of the electrolyzer market.
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Rely will offer end-to-end solutions, from pre-Final Investment Decision services including technical & financial advisory through to proprietary products, project execution and operation and maintenance.
Innovation will be instrumental in breaking cost barriers and enabling the rapid growth of green hydrogen markets. Through a unique research and development platform, which will deliver technology enhancements, new technologies and products, and improved project economics for green hydrogen and power-to-X markets.
Rely will ensure project execution for its clients by securing the supply chain thanks notably to a capacity reservation and supply contract for pressurized alkaline electrolyzer with John Cockerill Hydrogen, a subsidiary of John Cockerill. As part of the agreement Rely is expected to become a minority shareholder in John Cockerill Hydrogen with a 10% minority stake.
Rely will address the market for industrial and utility scale projects with the ambition to reach revenues of more than €1 billion by 2030.