German electrolyser provider thyssenkrupp nucera has today (June 12) announced intentions to list its shares on the regulated marker of the Frankfurt Stock Exchange.
Set to go through an Initial Public Offering (IPO), thyssenkrupp has said the offering is expected to consist primarily of newly listed shares from a capital increase. The proceeds of the primary offering are anticipated to be between €500m and €600m ($537m and $645).
thyssenkrupp AG does intend to remain a “committed shareholder” of the company and says it will retain a majority stake in the hydrogen technology provider.
Long-standing shareholder of thysseknkrupp nucera, De Nora, which holds 34% of shares is also committed to continuing the partnership.
With the IPO and listing expected to be completed this summer (2023), the Primary Offering is hoped to drive the growth of the alkaline water electrolysis (AWE) technology business of the company.
“We want to further increase thyssenkrupp nucera’s visibility as a global electrolysis technology leader for green hydrogen,” said Miguel Ángel López, CEO of thyssenkrupp AG. “Our goal is to participate significantly in the growth of one of the key enablers of the green transformation.”
López said the potential IPO would enlarge the company’s financial flexibility and raise its profile as a technology provider. “thyssenkrupp nucera will receive the proceeds of the primary offering,” he added.
Reaffirming the Italian multinational’s commitment to the electrolyser producer, Paolo Dellachá, CEO of De Nora, added, “A potential IPO of thyssenkrupp nucera is a strategic step to support the projected growth further and increase our technological leadership position.”
Having revealed its 20MW electrolyser brand name as, Scalum, thyssenkrupp nucera has set out on ramping up its production capacity.
Speaking to H2 View, Dr. Christoph Noeres, Head of Green Hydrogen at thyssenkrupp nucera, said, “We have developed an industrial scale [electrolyser] module with 20MW of capacity, which I think is outstanding. It’s one of the biggest modules currently available on the market and is very easy to scale.”
With deals signed with the likes of Air Products for its 2GW project in Saudi Arabia, as well as Unigel’s project in Brazil, the company is pursuing large-scale projects. Currently boasting a production capacity of over 1GW per year, that aspiration only looks set to grow, with a commitment to ramp up production to 5GW of capacity by the end of 2025.
