Thyssenkrupp nucera plans Initial Public Offering.
thyssenkrupp AG and thyssenkrupp nucera AG & Co. KGaA (thyssenkrupp nucera), a provider of world-leading technologies for high-efficiency electrolysis plants, announce the intention to list thyssenkrupp nucera’s shares on the regulated market (Prime Standard) of the Frankfurt Stock Exchange. The Initial Public Offering (IPO) and listing of thyssenkrupp nucera’s shares is expected to be completed before the summer break, subject to capital market conditions.
The offering is anticipated to consist primarily of newly issued ordinary shares from a capital increase (Primary Offering). The total number of shares to be offered in the IPO, in addition to other relevant terms, will be determined prior to the launch of the IPO.
The proceeds of the Primary Offering are expected to be around €500-600 million and are intended to drive the strong growth of the alkaline water electrolysis (AWE) technology business of thyssenkrupp nucera. thyssenkrupp AG intends to remain a committed shareholder of thyssenkrupp nucera and will retain a majority stake in the hydrogen technology provider while securing to create a liquid market for the shares of thyssenkrupp nucera following the completion of the IPO.
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De Nora, which holds 34% of the shares of thyssenkrupp nucera, is committed to continue the long-standing partnership with thyssenkrupp AG and thyssenkrupp nucera.
Werner Ponikwar, CEO of thyssenkrupp nucera said:
With our technology to produce green hydrogen we want to help shape the new era of sustainable energy use.
“Green hydrogen is a key factor for the decarbonization of the industry and thus the achievement of climate protection targets. Our technology produces green hydrogen on a large scale and supports our customers on their way to climate neutrality.”
Miguel Ángel López Borrego, CEO of thyssenkrupp AG said:
We want to further increase thyssenkrupp nucera’s visibility as a global electrolysis technology leader for green hydrogen.
“Our goal is to participate significantly in the growth of one of the key enablers of the green transformation. 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. thyssenkrupp nucera will receive the proceeds of the Primary Offering. thyssenkrupp AG is committed to remaining a long-term shareholder of thyssenkrupp nucera and accompanying its growth strategy.”
Paolo Dellachà, CEO of De Nora said:
We are strongly committed to our strategic partnership with thyssenkrupp nucera.
“The combination of our technologies with our manufacturing capacity of AWE elements can play, and 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.”
thyssenkrupp nucera: A technology leader in the electrolysis market
thyssenkrupp nucera is a provider of world-leading technologies for high-efficiency electrolysis plants. Their green hydrogen technology enables customers to minimize their carbon footprint and transform their operations into net zero. With over 600 projects, 240,000 electrolytic cell elements produced and over 10 GW of electrolyzer capacity installed, thyssenkrupp nucera is a technology leader in the chlor-alkali sector.
Its experience in the chlor-alkali business stretches over five decades, providing a strong basis for the development and upscaling of its alkaline water electrolysis (AWE) business. AWE is an industrial-scale green hydrogen production technology for thyssenkrupp nucera. It enables customers to produce large volumes of hydrogen with a standardized modular approach at leading cost of ownership.
Renewable energy is expected to be the primary energy source in the future. With a clear strategy in place, thyssenkrupp nucera supports industrial customers to switch from grey to green.
This includes the expansion of its international locations close to the customers to roll out the technology on a broad scale, the reduction of the total cost of ownership of the technology as well as strong, reputable partners like thyssenkrupp’s chemical plant engineering business Uhde and electrochemistry technology provider and the minority shareholder De Nora.
Ready for dynamic growth in the fast-developing alkaline water electrolysis market
thyssenkrupp nucera has an attractive financial profile ready to scale up quickly due to the modularized product business. The chlor-alkali business has generated stable revenues in the past years. Around half of the sales in each of the last fiscal years were generated by aftermarket and highly profitable holistic life cycle services which ensures recurring revenues and high visibility.
At the same time, the company has all the advantages of an industrial supplier for green hydrogen production – including a strong order backlog that generates significant growth through an accelerating installed base and, in the long run, highly attractive aftermarket, services and life cycle contract revenues.
Order intake in the first half of the financial year 2022/2023 was €292 million (compared to the first half of the financial year 2021/2022: €1,003 million), as planned below the prior-year level to allow the very large orders of the previous year to be processed on schedule.
The order intake in the first half of the year is mainly characterized by the contract effectiveness of the first phase of the project with Unigel and by change orders of the NEOM project. As of H1 2022/2023, the order backlog for the AWE business is around €1.0 billion – with a total order backlog of around €1.4 billion. This backlog volume demonstrates thyssenkrupp nucera’s technology leadership and competitiveness in AWE as well as its expertise in the technology delivery for industrial green hydrogen production.
In the first half of the financial year 2022/2023, the company grew sales to €306 million (first half of the financial year 2021/2022: €176 million). This development was driven primarily by an ninefold increase in AWE sales. The EBIT of thyssenkrupp nucera in H1 2022/2023 amounted to €13.3 million.[1]
The focus on AWE capacity growth will change the scope of thyssenkrupp nucera in the years to come. By the financial year 2023/2024, the business aims to drive AWE and achieve around €600 to €700 million of revenues in this business area and continue to grow strongly thereafter.
The hydrogen market is expected not only to increase sevenfold by 2050[2] but most of the previously hard to abate fossil-based production of hydrogen is expected to be converted to green hydrogen. The additional demand will come significantly from new applications and thus from many different sectors, such as steel production, refineries, power generation and storage, building heating and power supply and heavy-weight transport.
Citigroup and Deutsche Bank are acting as Joint Global Coordinators in connection with the planned transaction. Commerzbank, Société Générale as well as UniCredit are Joint Bookrunners and Banco Santander, Crédit Agricole Corporate and Investment Bank and Intesa Sanpaolo have been appointed as Co-Lead Managers.
Highlights:
- thyssenkrupp nucera, a leading global electrolysis technology provider for green hydrogen plant solutions plans a public listing on the Regulated Market (Prime Standard) of the Frankfurt Stock Exchange
- Offering expected to be completed before the summer break, subject to capital market conditions
- Werner Ponikwar, CEO of thyssenkrupp nucera: “With our electrolysis technology we want to shape a new era of the energy transition”
- Miguel Ángel López Borrego, CEO of thyssenkrupp AG: “thyssenkrupp AG is committed to remain a long-term shareholder of thyssenkrupp nucera and accompany its growth strategy”
- Paolo Dellachà, CEO of Industrie De Nora S.p.A.: “We are committed to continuing our long-standing partnership with thyssenkrupp nucera, and believe this potential IPO is a strategic step to support the projected growth and to further enhance the technological leadership position”
- Proceeds from the newly issued shares are to be used to support the strong growth of the alkaline water electrolysis (AWE) technology business of thyssenkrupp nucera
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Thyssenkrupp nucera plans Initial Public Offering, June 12, 2023
