Technip Energies, a French oil and gas services company, has formed a joint venture with John Cockerill, a Belgian company, to offer green hydrogen solutions.
Called Rely, the JV aims to provide comprehensive services, starting from pre-final investment decision services such as technical and financial advisory, up to its proprietary products, project execution, and operation and maintenance.
Technip Energies will control 60% of Rely, which is headquartered in Belgium, while John Cockerill will own the remaining 40%.
The firms noted that as clean fuels, green hydrogen and its derivatives (power-to-X(1)) will be crucial in decarbonising hard-to-abate and hard-to-electrify sectors.
Power-to-X means using renewable electricity to produce another type of energy carrier that can be stored and transported, such as eco-friendly hydrogen, ammonia or other types of sustainable fuels.
Rely will cater to industrial and utility-scale projects and hopes to achieve $1bn in revenue by 2030.
Technip Energies CEO Arnaud Pieton said: “Achieving the world’s net zero targets requires significant investment to develop and scale decarbonisation solutions. Global ambitions demand that affordable solutions and sustainable products for industries and consumers alike must be developed.”
As per the terms of the agreement, Rely will also acquire a 10% stake in John Cockerill Hydrogen, a unit of John Cockerill.
John Cockerill CEO François Michel said: “Rely will provide exactly what countries, industries and markets need to decarbonise entire value chains through green hydrogen.”