Thyssenkrupp, the German industrial conglomerate, has officially launched the highly anticipated initial public offering (IPO) of its hydrogen division, Nucera. The company aims to raise up to €600 million ($645 million) through the sale of new shares in Nucera.
The IPO is expected to be completed before the summer break, subject to favorable market conditions, according to Thyssenkrupp.
Nucera is a joint venture between Thyssenkrupp and Italy’s De Nora, with a 66-34 ownership split. It specializes in engineering electrolysers, a key component in the production of green hydrogen. In the rapidly growing field of green hydrogen, Nucera competes with companies such as Nel from Norway, ITM Power from the UK, McPhy Energy from France, and Plug Power from the United States.
Werner Ponikwar, CEO of Thyssenkrupp Nucera, expressed the company’s vision, stating, “With our electrolysis technology, we want to shape a new era of the energy transition.”
The targeted proceeds of €600 million align with the initial IPO plan outlined in January 2022. However, the plan had to be postponed due to unfavorable financial markets leading up to the Ukraine war.
Nucera focuses on alkaline water electrolysis, a method Credit Suisse predicts will capture 60% of the global market share by 2030. This technology is well-suited for large-scale projects. In comparison, proton exchange membrane electrolysis is projected to account for approximately one-third of the market.
The goal of Nucera’s IPO is to secure the necessary capital to further develop and expand its electrolysis technology. Green hydrogen, produced through electrolysis using renewable energy sources, has gained significant attention as a potential clean and sustainable energy carrier. It has the potential to decarbonize various sectors, such as transportation and industrial processes, helping to mitigate climate change and reduce reliance on fossil fuels.
While the IPO presents an exciting opportunity for Thyssenkrupp’s Nucera to raise funds and accelerate its growth, it also faces challenges. The green hydrogen market is becoming increasingly competitive, with multiple players vying for market share. Nucera will need to demonstrate the uniqueness and efficiency of its electrolysis technology to attract investors and stand out in this crowded field.
