John Cockerill Addresses Hydrogen Subsidiary’s Debt Issues
Belgian newspaper L’Echo reports that John Cockerill Hydrogen Belgium (JCHB), the subsidiary managing the group’s hydrogen division, has received significant financial support from its parent company to stabilize its finances.
At the end of 2023, JCHB reported negative equity of €87.99 million ($94.15 million USD), as disclosed in documents reviewed by L’Echo via the Moniteur Belge. However, the parent company stepped in to provide substantial assistance. John Cockerill Hydrogen SAS, a French-registered subsidiary, secured a €230 million ($246.10 million USD) capital injection last June from investors including SLB (formerly Schlumberger), SFPIM, and Wallonie Entreprendre. Of this amount, €202.96 million ($217.16 million USD) was used to repay JCHB’s bank debts and restore its equity to a positive standing.
John Cockerill’s communications manager, Caroline Crèvecoeur, confirmed the restructuring, describing the company’s financial state as ‘healthier’. She explained, “Bank debt has been replaced by equity.”
The outlook is improving for the group’s hydrogen division, which has recently secured major contracts. Notable achievements include a deal with Am Green in India to supply electrolysers for one of the world’s largest green ammonia projects. Additionally, John Cockerill was chosen as a key strategic partner by ETFuels for its 120,000-ton-per-year e-methanol project in Texas, alongside Johnson Matthey.
Looking ahead, 2025 promises to be a transformative year for the group.
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