In a momentous collaboration, Technip Energies and John Cockerill have unveiled Rely, an extraordinary enterprise that promises to revolutionize the green hydrogen market with its integrated and highly competitive solutions. Recognizing the critical role of energy and heavy industries in the global economy and their indispensable need for decarbonization, Rely aims to drive the transition towards a sustainable future by leveraging the power of green hydrogen and its derivatives to decarbonize hard-to-abate and hard-to-electrify sectors.
Drawing on Technip Energies' more than six decades of expertise in project delivery and technology integration, as well as John Cockerill's illustrious 200-year industrial heritage and a significant share of the electrolyzer market, Rely is poised to offer end-to-end solutions. From pre-Final Investment Decision services and technical & financial advisory to project execution, proprietary products, and operation and maintenance, Rely will cater to the diverse needs of its clients.
Recognizing the crucial role of innovation in driving down costs and enabling the rapid expansion of green hydrogen markets, Rely will establish a unique research and development platform. This platform will focus on technological enhancements, novel products, and improved project economics for green hydrogen and power-to-X markets.
Ensuring seamless project execution for its clients, Rely has secured the supply chain through a capacity reservation and supply contract 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, solidifying their collaborative efforts.
With an ambitious vision to address industrial and utility-scale projects, Rely aims to surpass €1 billion in revenues by 2030. Headquartered in Belgium, the company will be 60% owned by Technip Energies and 40% owned by John Cockerill. Leading the way as CEO and CTO respectively will be Damien Eyriès from Technip Energies and Jean Jouet from John Cockerill, supported by a team of over 200 hydrogen specialists.
Arnaud Pieton, CEO of Technip Energies, emphasizes the need for significant investments in developing and scaling decarbonization solutions to meet global net-zero targets. He affirms Technip Energies' commitment to addressing this challenge by establishing Rely—a cutting-edge technology and solutions company bridging the gap between green electrons and molecules.
François Michel, CEO of John Cockerill, highlights the importance of robust, scalable, and competitive solutions for green hydrogen to play a substantial role in the energy transition. He expresses his excitement about Rely's potential in driving the decarbonization of entire value chains and accelerating the development of John Cockerill's network of electrolyzer gigafactories.
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to be finalized in the second half of this year.
