PARIS, FRANCE: Technip Energies and John Cockerill have announced the creation of Rely, a new company that will offer integrated and competitive green hydrogen solutions.
The two industrial leaders in the hydrogen market aim to help energy and heavy industries reach net-zero goals by providing end-to-end solutions for hard-to-abate and hard-to-electrify sectors.
Rely will benefit from Technip Energies’ more than 60 years of experience in project delivery and technology integration, including a leading market share of over 270 hydrogen plants delivered, and John Cockerill’s 200-plus years of industrial know-how, engineering and manufacturing expertise, and a 20%-plus share of the electrolyzer market.
The new company will offer pre-Final Investment Decision services, including technical and financial advisory, proprietary products, project execution, and operation and maintenance. It will also have a research and development platform to deliver technology enhancements, new technologies and products, and improved project economics for green hydrogen and power-to-X markets.
Rely will secure the supply chain for its clients by entering into a capacity reservation and supply contract for pressurized alkaline electrolyzers with John Cockerill Hydrogen, a subsidiary of John Cockerill. As part of the agreement, Rely will become a minority shareholder in John Cockerill Hydrogen with a 10% minority stake.
The new company aims to address the industrial and utility-scale projects market with the ambition of reaching revenues of more than €1 billion by 2030. Rely will be headquartered in Belgium and will be 60%-owned by Technip Energies and 40%-owned by John Cockerill. It will be led by Damien Eyriès from Technip Energies as CEO and Jean Jouet from John Cockerill as CTO. The company will benefit from the access to over 200 hydrogen specialists.
Arnaud Pieton, CEO of Technip Energies, said that Rely is committed to meeting the challenge of developing and scaling decarbonization solutions for net-zero targets. François Michel, CEO of John Cockerill, added that Rely will provide robust, scalable, and competitive solutions that are optimized from end-to-end for the energy transition.