Walloon industrial group John Cockerill has completed a 166 million euros capital increase. With that much-needed money, it intends to pursue its strategic development plan around hydrogen, and thus the production of its electrolyzers. Among others, the semi-public investment company SFPIM and gas grid operator Fluxys are stepping into the project.
John Cockerill Hydrogen had already raised 230 million euros from investors in 2024. Therefore, an additional 116 million euros will be added to that. According to the industry group, that is virtually the entire amount needed to develop those activities for the hydrogen subsidiary, including the expansion in Europe and on an international scale.
From SFPIM to Fluxys
The Liège-based industrial group, also active in defense, claims to be a world leader in alkaline electrolyzer technology, with a market share of around 25%.
It has already supplied more than 1,300 electrolyzers worldwide, including giant systems of up to 30 MW. However, because investment is expensive and the technology is not yet breaking through, a new capital round was much needed.
Key investors this time include the federal government’s investment arm, the Federal Participation and Investment Company (SFPIM), Walloon counterpart Wallonie Entreprendre, French American oil technology company SLB, and Rely, a joint venture between John Cockerill and Liège-based technology company Technip Energies.
A new investor is Fluxys, through its subsidiary Fluxys Hydrogen, an investment that aligns with the gas grid operator’s strategy to contribute to the creation of a hydrogen ecosystem and value chain, from production to distribution.
Production will also start in China and the US
Series production of electrolyzers has already begun at plants in Seraing, near Liège, and Aspach, France. In India, work is underway with partner AM Green to supply electrolyzers for the country’s largest green ammonia project.
Electrolyzer production is also underway at the Suzhou CJH workshop in China. To support North American customers pursuing low-carbon hydrogen development, the new Houston-area gigafactory will boast 1 GW per year of annual manufacturing capacity by 2026. Gigafactories are also planned in Morocco and Vietnam.
‘Growing global industry’, dixit Cockerill’s CEO
According to François Michel, CEO of John Cockerill, the fundraising confirms its ambition to remain at the forefront of a “growing global industry that sees the potential of alkaline electrolyzers under pressure, as a proven technology for large-scale, low-cost production of green hydrogen based on low-carbon energy.”
The green hydrogen produced by John Cockerill using the alkaline electrolyzers should replace the traditional gray hydrogen produced from fossil fuels. However, not all experts are equally convinced, also because the breakthrough of the hydrogen economy is lacking.
While no one disputes the potential of the promising technology, the high energy cost of producing it, its relatively low efficiency if you look at the whole process (batteries have a much higher efficiency, for example), and the fact that there is still a scarcity if green power due to the mismatch between supply and demand, among other things, already also questioned.
