'Aim to be number one': Thyssenkrupp mulls IPO for green hydrogen business as order backlog hits $1bn
German industrial conglomerate rebrands H2 unit to Thyssenkrupp Nucera and plans to use proceeds from stock listing for further growth
Thyssenkrupp’s rapidly growing green hydrogen technology unit unveiled a new brand name as its parent company mulls how to best take the business forward, with an initial public offering (IPO) seen as the preferred option.
The unit now will be called Thyssenkrupp Nucera instead of Thyssenkrupp Uhde Chlorine Engineers, which still reflected the previous main business of chlor-alkali electrolysis. The company is now increasingly focused on manufacturing alkaline water electrolysers, which split water into green hydrogen and oxygen using renewable power.
At the end of 2021, the unit had reached an order backlog for green hydrogen of around €900m ($1.03bn), while revenues in the 2020/21 financial year have grown by 25% to €319m, and earnings before interest and taxes (Ebit) have reached €27m.
“We are taking off from a strong position in the chlor-alkali market with best-in-class technology and a yearly gigawatt supply chain,” Thyssenkrupp Nucera chief executive Denis Krude said.
“It is our aim to become the number-one technology leader for large-scale industrial green hydrogen production in the alkaline water electrolysis market.”
The German industrial conglomerate's hydrogen unit is involved in several of the world’s largest projects in the booming green hydrogen market.
The company and its parent are certainly thinking big. “The green transformation of the industry is a task for the next decades. The complete system change can only be accomplished together with a common vision and when we rethink existing systems,” said Volkmar Dinstuhl, CEO of Thyssenkrupp’s multi tracks segment.
“This needs the right investment, technology, business model as well as lean processes.
“This new brand (Thyssenkrupp Nucera) in our Thyssenkrupp family is an important step towards fostering our electrolysis leadership position – with blueprint technologies and business cases for the world.”
The subsidiary aims to achieve revenues of €600-700m by 2024/25, based mainly on alkaline water electrolysis, as it expects that most of previously fossil-based production will be converted to green hydrogen.
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