John Cockerill Hydrogen finalises a €116 million capital increase to continue its strategic development plan

John Cockerill Hydrogen is continuing its expansion across Europe and internationally, successfully completing the planned €116 million capital raise to support its strategic development.

The support of SFPIM and Wallonie Entreprendre strengthens the John Cockerill Group’s Belgian roots, while SLB and Rely reaffirm their commitment to John Cockerill Hydrogen’s industrial project portfolio. Fluxys, a Belgian infrastructure group, is joining as a strategic partner by acquiring a stake in John Cockerill Hydrogen.

In Europe, large-scale production of electrolysers has started at John Cockerill Hydrogen plants in Aspach (France) and Seraing (Belgium) for leading European clients.

Large-scale production of electrolysers has started at John Cockerill Hydrogen plants in France and Belgium for leading European clients. Image ©JohnCockerillHydrogen

In India, John Cockerill Hydrogen is working hand in hand with its partner AM Green to deliver electrolysers for India’s largest green ammonia project. The Group is working on a focused portfolio of projects around the world and plans to serve them from its global manufacturing centres.

After securing an initial €230 million round of financing in 2024 with long-term strategic and industrial investors, an additional round of financing was planned for 2025. This new round has now been finalised as scheduled, under largely similar terms, and will allow John Cockerill Hydrogen to increase its capital by €116 million. This amount covers nearly all of the funding required to develop the Hydrogen business.

John Cockerill Group, SLB and Rely–the joint venture between Technip Energies and John Cockerill–are demonstrating their long-term vision by participating in this fundraising with the aim of contributing to the accelerated development of the business and next-generation pressurised alkaline electrolyser technologies.

The investment by SFPIM and Wallonie Entreprendre further solidifies the Group’s Belgian foundation. Public support ensures John Cockerill’s capacity to meet Belgium’s strategic needs in terms of technological and industrial sovereignty.

Finally, this capital increase also paves the way for the entry of a new investor, Fluxys, a major internationally active Belgian infrastructure group whose subsidiary, Fluxys Hydrogen, has been designated as the hydrogen transport operator in Belgium. Fluxys’ investment aligns with its strategy to help build a robust hydrogen ecosystem and value chain, from production to distribution.

François Michel, CEO of John Cockerill said: “Numerous reports from recognised institutions confirm the potential of pressurised alkaline electrolysers as a proven technology for large-scale, cost-effective production of green hydrogen from low-carbon energy sources–offering a substitute for traditional grey hydrogen produced from fossil fuels.

“Together with its partners, the John Cockerill Group is making significant investments in its subsidiary, which is one of the market leaders. The fundraising achieved by John Cockerill Hydrogen demonstrates the strength of our strategic plan and reinforces our ambition to remain at the forefront of this growing global sector.”

Pierre-Yves Jeholet, Vice-President of the Walloon Government, Minister for Economy, Industry, Digital Technology, Employment and Training said: “John Cockerill is an important group for the Walloon economy, with activities that are vital to our region.

“Wallonie Entreprendre’s participation in this fundraising campaign is a strong signal of Wallonia’s commitment to a real, ambitious and forward-looking climate transition.”

For more information, visit www.hydrogen.johncockerill.com.