Technip Energies and John Cockerill Reach Closing of Rely, a New Company Dedicated to Integrated Green Hydrogen and Power-to-X Solutions

1 December 2023

Technip Energies a world-leading engineering and technology company for the energy transition, and John Cockerill, a major designer and manufacturer of large-scale technological solutions and leader in pressurized alkaline electrolyzers, are pleased to announce the formal creation of Rely.

Technip Energies and John Cockerill acknowledge the need to accelerate technology development to support net-zero ambitions. The creation of Rely responds to this urgent need to scale up green hydrogen and power-to-X(1) solutions to decarbonize hard-to-abate industries.

Rely offers end-to-end large-scale solutions, from pre-Final Investment Decision services including technical and financial advisory through to proprietary technologies, project execution, and operation and maintenance.

Rely also fuses a commitment to a standardized approach, developing a unique portfolio of solutions for project of 100MW capacity and above, leveraging the technology and engineering expertise of its parent companies.

With a unique offering integrating all electrolyzer solutions, Rely will bridge green electrons to molecules and help customers reach their decarbonization goals.

Headquartered in Brussels, Belgium, Rely is an asset light joint-venture, 60%-owned by Technip Energies and 40%-owned by John Cockerill, harnessing the expertise of more than 200 hydrogen specialists working across the globe.

Arnaud Pieton, CEO of Technip Energies stated: “Rely was born out of our commitment to make green hydrogen and power-to-X a feasible low-carbon alternative for industrial-scale applications. We created Rely after carefully listening to our customers' needs and forming strong convictions about the way to break the industrial and cost barriers associated with large-scale green hydrogen. Partnering with John Cockerill will help us bring green hydrogen power-to-X to life. Moreover, we're determined to develop a portfolio of technologies that will drive down costs over the long haul. This is just the beginning of the story.”

François Michel, CEO of John Cockerill: “To John Cockerill, Rely constitutes a new way of approaching the green hydrogen market, perfectly completing the alkaline electrolyzer offering of John Cockerill Hydrogen which will be the world leader OEM in the field. Rely will also enable us to further develop all the technologies included in a green hydrogen production facility.”

Damien Eyriès, CEO of Rely: “Rely exists to bridge the green electron—molecule gap. We are dedicated to building solutions making green hydrogen and power-to-X production at scale, accessible, certain, safe and affordable. Specifically, we are targeting an important reduction in Levelized Cost of Hydrogen (LCOH). Rely enters the market at the right moment and we are looking forward to presenting our integrated solutions in detail soon.”

(1) Power-to-X refers to the conversion of essentially renewable electricity, which is by nature intermittent, into another storable and transportable energy carrier such as green hydrogen, green ammonia or other sustainable fuels.

About Technip Energies

Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.

Operating in 35 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.

Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”) traded over-the-counter in the United States.

For further information:

About John Cockerill

Driven since 1817 by the entrepreneurial spirit and passion for innovation of its founder, the John Cockerill Group develops large-scale technological solutions to meet the needs of its time: preserving natural resources, contributing to greener mobility, producing responsibly, enhancing security and facilitating access to fossil-free energies. Its offer to businesses, governments and communities consists of services and associated equipment for the sectors of energy, defence, industry, the environment, transports, and infrastructures. A pioneer in pressurized alkaline electrolyzers since 2018, John Cockerill is the world leader in this technology with a 20% market share in 2022 and production capacities currently being developed in 7 countries. With over 6000 employees, the Group achieved a turnover of €1 billion in 2022 in 23 countries, on 5 continents. For further information:

Important Information for Investors and Securityholders

Forward-Looking Statement

This Press Release contains forward-looking statements that reflect Technip Energies’ (the “Company”) intentions, beliefs or current expectations and projections about the Company's future results of operations, anticipated revenues, earnings, cashflows, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company operates. Forward-looking statements are often identified by the words “believe”, “expect”, “anticipate”, “plan”, “intend”, “foresee”, “should”, “would”, “could”, “may”, “estimate”, “outlook”, and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on the Company’s current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on the Company. While the Company believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Company will be those that the Company anticipates.

All of the Company’s forward-looking statements involve risks and uncertainties, some of which are significant or beyond the Company’s control, and assumptions that could cause actual results to differ materially from the Company’s historical experience and the Company’s present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements.

For information regarding known material factors that could cause actual results to differ from projected results, please see the Company’s risk factors set forth in the Company’s 2022 Annual Financial report filed on March 10, 2023, with the Dutch Authority for the Financial Markets (AFM) and the French Autorité des Marchés Financiers which include a discussion of factors that could affect the Company's future performance and the markets in which the Company operates. Please also see Section 1.3 (Principal Risks and Uncertainties) of the Company's 2023 Half-Year Report which was filed with the AFM and the AMF on July 27, 2023.

Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. The Company undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.

Contacts Technip Energies

Investor relations

Phil Lindsay
Vice-President Investor Relations
Tel: +44 20 75 85 50 51
Email: Phillip Lindsay

Media relations

Jason Hyonne
Press Relations & Social Media Lead
Tel: +33 1 47 78 22 89
Email: Jason Hyonne

Contact John Cockerill

Caroline Crevecoeur
Email: [email protected]
Tel: +32 475 30 20 09

Contact Rely

Laura Pereira-Neto
Email: [email protected]