John Cockerill raising EUR-230m to drive electrolysers strategy

Belgian mechanical engineering company John Cockerill on Monday said it will raise EUR 230 million (USD 249m) of equity to drive forward its hydrogen strategy, which includes the roll out of electrolyser gigafactories.

The capital funding round by the company’s subsidiary John Cockerill Hydrogen is expected to be completed by the end of the month. John Cockerill will keep a large majority in the division.

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US offshore oil drilling giant SLB (NYSE:SLB) is acting as lead investor in the fundraise. It has signed binding commitments to participate, as have two Belgian public investment institutions, namely The Federal Holding and Investment Company (SFPIM) and Wallonie Entreprendre (WE), and unnamed international industrial-oriented family offices.

John Cockerill Hydrogen is focused on pressurised alkaline electrolysers, currently offering 5-MW stacks and a complete 30-MW system. It says it has delivered 1,300 electrolysers worldwide. The business’ strategy includes the deployment of gigafactories in key locations. The company is investing in establishing electrolyser production and service hubs in the US, India and the UAE, and is considering similar investments with partners in Morocco and in Vietnam.

The strategic partnership between SLB and John Cockerill is expected to accelerate the global development and manufacturing of John Cockerill Hydrogen’s next-generation pressurised alkaline electrolysers. It builds on a joint venture between John Cockerill and Technip Energies announced in November 2023.

“Through this collaboration, we will combine John Cockerill Hydrogen’s proven track record in alkaline electrolyser technology with SLB’s research and development, technology industrialisation, global market presence and manufacturing capabilities to accelerate deployment of innovative low-carbon hydrogen production technologies worldwide,” said Gavin Rennick, president of SLB’s New Energy business.

(EUR 1 = USD 1.084)