Thyssenkrupp Uhde Chlorine Engineers was formed in 2015 as a joint venture with Italy’s Industrie De Nora. Thyssenkrupp said it plans to remain the majority shareholder after the IPO and maintain the current share ratio. “A stock-exchange listing would make it possible for the capital market to apply a market value to the business and the IPO proceeds could be used to finance further growth,” the German group said.

Essen-based Thyssenkrupp is said to be targeting proceeds of up to $687 million from the sale of 10-20% of the business, which analysts have valued between €3 billion and €6 billion. An IPO could take place as early as spring 2022, reports said.

“It is our aim to become the number-one technology leader for large-scale industrial green hydrogen production in the alkaline water electrolysis (AWE) market,” said Denis Krude, CEO of Thyssenkrupp Nucera. “The industry is ready for the energy transition, and we are ready to deliver the technology needed to achieve net zero in sectors that cannot be electrified and for processes with hard-to-abate emissions.”

Annual revenue at Thyssenkrupp Nucera increased by about 25% from €255 million in fiscal 2019-2020 to €319 million in 2020-2021, with EBIT fairly stable at €27 million. The parent group said a focus on AWE will fundamentally change the scope of Thyssenkrupp Nucera in the years to come. By 2024-2025, the business aims to drive AWE and achieve revenues of about €600-700 million.

Thyssenkrupp expects the hydrogen market to increase sevenfold by 2050. Most of the previously fossil-based production is expected to be converted to green hydrogen, with significant additional demand coming from new applications such as power generation and storage, transport, industrial energy and raw materials.

As of Dec. 31, 2021, the Thyssenkrupp electrolysis business had an order backlog for green hydrogen projects of about €900 million, which includes two of the world’s largest hydrogen projects. In December, Thyssenkrupp Nucera signed a contract with Air Products to supply an electrolysis plant in Saudi Arabia. It is also collaborating with Shell on Europe’s largest green hydrogen project in Rotterdam, the Netherlands.

Author: Dede Williams, Freelance Journalist