Thyssenkrupp Nucera has announced its first IPO. Credit: T. Schneider via Shutterstock

Thyssenkrupp and De Nora have announced plans for an initial public offering (IPO) for the Thyssenkrupp Nucera hydrogen joint venture.

Thyssenkrupp Nucera, which has more than 600 hydrogen and electrolysis projects globally, expects to raise as much as $645m (€597.09m) from the share offering. The company will list on the Frankfurt Stock Exchange.

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The IPO’s proceeds will go towards investment in Nucera’s alkaline water electrolysis (AWE) technology. Unlike traditional electrolysis, AWE utilises two electrodes diffusing hydroxide ions as opposed to hydrogen ions. The result is an electrode that is as much as $100/kW cheaper to produce than the membrane-based alternative.

De Nora CEO Paolo Dellachà stated: “The combination of our technologies with our manufacturing capacity of AWE elements is already playing a key role in the sustainable energy revolution. A potential IPO of Thyssenkrupp Nucera is a strategic step to support the projected growth further and increase our technological leadership position.”

Miguel Ángel López Borrego, CEO of Thyssenkrupp, remarked that: “A potential IPO would enlarge the financial flexibility of Thyssenkrupp Nucera and raise its profile as a leading supplier of technology for the production of green hydrogen.”

Borrego added that “Thyssenkrupp Nucera will receive the proceeds of the primary offering.”

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In the first half of the financial year 2022/23, the company saw a ninefold increase in AWE sales. This in turn saw the company achieve $332.7m in sales, almost double the $190.1m it achieved in the equivalent period of 2021/22. By the end of the fiscal year 2023/24, Thyssenkrupp Nucera stated its aim of increasing AWE sales to between $648m and $756m, showcasing the potential for growth it believes green hydrogen technology has.

In May, the company announced it will provide more than 30 electroylsers for Europe’s first commercial green steel plant in 2025.