On June 3, John Cockerill announced that it had raised 230 million euros in equity from multiple investors. The Belgian engineering company plans to use the investment to build gigafactories for electrolyzers.
The Belgian company and its subsidiary John Cockerill Hydrogen received binding commitments from several investors in a capital financing round. SLB, a global energy technology company, SFPIM and Wallonie Entreprendre, two leading Belgian public investment institutions, along with international industry-focused family offices, are supporting the Belgian company with a total of 230 million euros. The financing round is expected to be completed by the end of June 2024. After this capital increase, the parent company will retain a significant majority stake in John Cockerill Hydrogen.
The engineering company plans to use the investors' funds to expand its hydrogen business. According to the company, the manufacturer of alkaline pressure electrolyzers has already delivered 1,300 electrolyzers worldwide. Existing offerings include 5 MW stacks and a complete 30 MW system.
International Locations
The Belgian company now aims to build electrolyzer gigafactories. The capital raise is a crucial step for this, according to the press release. John Cockerill plans to implement a multi-local strategy with electrolyzer production and service centers in the USA, India, and the United Arab Emirates. Similar investments are being considered in collaboration with partners in Morocco and Vietnam. The Norwegian electrolyzer manufacturer Nel has also announced plans to build an electrolyzer gigafactory.
The investment from SLB is expected to establish a strategic partnership between John Cockerill and the energy technology company. This partnership aims to accelerate the development and manufacturing of the next generation of electrolyzers by the Belgian manufacturer.
The joint venture Rely, founded in November 2023 between John Cockerill and Technip Energies, is also expected to strengthen the strategic partnership, which is "crucial given the significant challenges ahead."
