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John Cockerill raises €230m for hydrogen business

HYDROGEN IN CENTRAL ASIA AND CASPIAN

John Cockerill raises €230m for hydrogen business

John Cockerill, a pioneer in sustainable technological solutions, is securing a substantial amount of €230m in equity. This funding is being raised from their strategic partner SLB, along with several other investors. The primary purpose of this capital infusion is to expedite the implementation of John Cockerill's innovative electrolyser strategy. This is a critical step in John Cockerill's journey towards sustainable energy, as it will drastically enhance their capabilities and accelerate their progress in the domain of hydrogen technology.

Source: ReNews

The company has entered binding agreements with SLB, a global energy technology company, SFPIM, Wallonie Entreprendre (WE), two Belgian public investment institutions, and family offices to participate in a €230m capital increase for John Cockerill Hydrogen.

SLB is the lead investor in this capital funding round, aiming to complete it by the end of June 2024.

John Cockerill, a manufacturer of pressurised alkaline electrolysers, has distributed 1300 units worldwide. The company's product line includes 5MW stacks and a complete 30MW system.

John Cockerill's CEO, Francois Michel, expresses enthusiasm about a partnership with SLB, backed by strong investors. The collaboration combines expertise in electrolyser technology with SLB's global manufacturing reach, potentially accelerating green hydrogen production. The commitment of Belgian institutions like SFPIM and WE, along with other industrial players, highlights the project's potential.

This fundraising effort supports John Cockerill Hydrogen's strategy, which includes establishing gigafactories in key locations.

The Belgian firm is expanding its global footprint through a multi-local strategy, setting up electrolyser production and service hubs in the USA, India, and the UAE.

Similar investments, in collaboration with major partners, are under consideration in Morocco and Vietnam.

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