Headquartered in Belgium, Rely will be owned 60% by Technip Energies and 40% by John Cockerill. Its ambition is to reach revenues of more than €1 billion by 2030.

The venture will combine Technip Energies’ project experience and technology integration capabilities with John Cockerill’s industrial know-how, engineering and manufacturing expertise, as well as its 20%-plus share of the electrolyzer market.

Rely will offer end-to-end solutions, from pre-final investment decision services including technical & financial advisory through to proprietary products, project execution, as well as operation and maintenance.

The joint venture will also benefit from a capacity reservation and supply contract for pressurized alkaline electrolyzers with John Cockerill Hydrogen, in which Rely is expected to take a 10% minority stake.

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 optimized from end-to-end. Rely will provide exactly what countries, industries and markets need to decarbonize entire value chains through green hydrogen.”

The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to be finalized in the second half of 2023.

Last month, Technip Energies announced a partnership with Casale to jointly license oxidative reforming-based technologies; autothermal reforming (ATR) and partial oxidation (POx) technologies for the blue hydrogen market.

ATR is a process to produce syngas that contains hydrogen, CO and CO₂ that Technip said becomes cost-effective for low-carbon hydrogen when combined with carbon capture technology and is suitable for larger-scale facilities.

Author: Elaine Burridge, Freelance Journalist