Belgium/France – Technip Energies and John Cockerill have launched Rely, a new provider of integrated green hydrogen solutions.
The launch comes at a time when the energy and heavy industries are undergoing a major shift towards decarbonization to meet Net Zero goals. Green hydrogen and its derivatives, such as power-to-X, are expected to play a critical role in decarbonizing hard-to-abate and hard-to-electrify industries.
Technip Energies and John Cockerill share a common objective of driving the acceleration of energy transition. Technip Energies has over 60 years of experience in project delivery and technology integration, including delivering more than 270 hydrogen plants. Meanwhile, John Cockerill has over 200 years of industrial know-how and engineering and manufacturing expertise, and a 20%+ share of the electrolyzer market.
End-to-end solutions
Rely will provide end-to-end solutions, from pre-Final Investment Decision services, including technical and financial advisory, to proprietary products, project execution, and operation and maintenance. A unique research and development platform will be instrumental in breaking cost barriers and enabling the rapid growth of green hydrogen markets. The platform will deliver technology enhancements, new technologies and products, and improved project economics for green hydrogen and power-to-X markets.
To ensure project execution, Rely will secure the supply chain with 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% stake.
Rely will address the market for industrial and utility-scale projects, with the ambition to reach revenues of over €1 billion by 2030. Headquartered in Belgium, Rely will be 60% owned by Technip Energies and 40% owned by John Cockerill. The new company will be led by Damien Eyriès from Technip Energies as CEO and Jean Jouet from John Cockerill as CTO, with access to over 200 hydrogen specialists.
Green hydrogen development
The launch of Rely is a significant development in the green hydrogen market, as it provides a unique and comprehensive solution to address the challenges of decarbonization in hard-to-abate and hard-to-electrify industries. The research and development platform is expected to be a key factor in breaking cost barriers and accelerating the growth of green hydrogen markets. The capacity reservation and supply contract for pressurized alkaline electrolyzers with John Cockerill Hydrogen is also a critical element in securing the supply chain for Rely’s clients.
However, there may be challenges ahead for Rely. The green hydrogen market is still in its early stages, and there is a risk that demand may not materialize as expected. The development of green hydrogen infrastructure and technologies may also face regulatory and technical challenges. Additionally, the competitive landscape is likely to become more crowded, with many other companies also entering the market.
