(Credit: Thyssenkrupp Nucrea)Thyssenkrupp Uhde Chlorine Engineers is rebranding as Thyssenkrupp Nucera and the electrolysis company is eyeing an initial public offering as it plans to further advance and develop the hydrogen business.
The potential IPO would be worth $687 million and Thyssenkrupp says the stock exchange listing would help it finance further growth in the industry.
Thyssenkrupp Nucera says its revenues grew by about 25% from 2019-20 to 2020-21 to $361.9 million. The company says it hopes to grow revenue to up $794 million by 2024-25 and currently has a backorder of more than $1 billion worth of green hydrogen.
Thyssenkrupp Nucera has more than five decades of experience in electrolysis technology and more than 600 projects with more than 240,000 electrolytic cell elements worldwide. It has more than 10 gigawatts of electrolyzer capacity installed.
Reuters reported that Thyssenkrupp Nucera receiving that amount of cash from an IPO offering would correspond to a stake sale of roughly 10% to 20% based on a valuation of $3.4 billion to $6.8 billion. It could be listed this spring, according to Reuters.
The green hydrogen market is growing as a response to sustainability initiatives and is seen as especially beneficial in heavy, carbon intensive industries. The market was estimated to be $897.5 million at the end of 2020 but will grow to nearly $2.6 billion by 2028, according to Emergen Research.
Green hydrogen projects are growing at a quick enough pace that organizations such as the Green Hydrogen Catapult expanded its commitment to commission electrolyzers from 25 GW to 45 GW by 2027.
Among Thyssenkrupp Nucera’s projects are two of what it calls the largest hydrogen projects in the world.
One of those is a 2 GW electrolysis plant at NEOM in Saudi Arabi, which is expected to open in 2026. The other is a collaboration with Royal Dutch Shell in which Thysenkrupp Nucera is engineering a 200-megawatt plant in the Netherlands, which the company says would be in production by 2024.
The name Nucera means new era and the company says it symbolizes its growing efforts in innovation, transformation and green energy
