Thyssenkrupp rebrands electrolyser JV ahead of possible IPO

Image source: thyssenkrupp nucera.

January 13 (Renewables Now) - German industrial conglomerate Thyssenkrupp AG (ETR:TKA) is rebranding its chlor-alkali electrolysis joint venture with Italy's Industrie De Nora SpA ahead of a potential initial public offering (IPO) that would help finance further growth.

Previously known as Thyssenkrupp Uhde Chlorine Engineers, the business is now called Thyssenkrupp Nucera. One of its specialities is the alkaline water electrolysis (AWE) technology for green hydrogen production, having more than 10 GW of electrolyser capacity installed to date. The JV generated revenues of EUR 319 million (USD 366m) in 2020/21 and targets a top line of between EUR 600 million and EUR 700 million by 2024/25.

As of December 31, 2021, the business’ order backlog for green hydrogen amounted to EUR 900 million, with two large projects included – a contract for a 2-GW-plus electrolysis plant at NEOM in Saudi Arabia and an order from Royal Dutch Shell tied to the 200-MW Hydrogen Holland I project in the port of Rotterdam.

“We are taking off from a strong position in the chlor-alkali market with best-in-class technology and a yearly gigawatt supply chain. It is our aim to become the number one technology leader for large-scale industrial green hydrogen production in the alkaline water electrolysis market,” said Denis Krude, CEO of Thyssenkrupp Nucera.

As announced previously, Thyssenkrupp plans a stock exchange listing for the particular business. Reuters quoted Volkmar Dinstuhl, CEO of Thyssenkrupp’s segment Multi Tracks, as saying today that an IPO of Thyssenkrupp Nucera could raise between EUR 500 million and EUR 600 million in proceeds.

The news agency also cited CEO Krude as saying that Thyssenkrupp Nucera intends to invest EUR 200 million-300 million by 2024/25, including EUR 150 million-200 million in partnerships, production and smaller deals.

(EUR 1.0 = USD 1.146)

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