thyssenkrupp has successfully listed its hydrogen subsidiary thyssenkrupp nucera on the Frankfurt Stock Exchange (Prime Standard). thyssenkrupp nucera is one of the world’s leading suppliers of electrolysis plants for the production of green hydrogen. The gross proceeds from the IPO of around €526 million will go to thyssenkrupp nucera and will be invested in the further growth of the hydrogen business. Subject to the allocation of further shares to stabilise the share price (greenshoe option), thyssenkrupp will retain a stake of at least 50.2 percent in its hydrogen subsidiary.
Miguel Ángel López Borrego, Chairman of the Executive Board of thyssenkrupp AG: “We have achieved our goal and successfully floated our hydrogen business in a challenging capital market environment. This gives the company sufficient financial leeway to grow further and expand its leading market position in the production of green hydrogen. We are convinced of the considerable development potential of thyssenkrupp nucera and will accompany the growth of the company, which is quite essential for the decarbonisation of many industries, in the long term. The IPO is an important step in the transformation process of the entire thyssenkrupp Group.”
More than 30 million shares
In the course of the IPO, a total of more than 30 million shares were placed; of these, more than 26 million were new shares. The issue price was set at 20 euros per share. The market capitalisation for thyssenkrupp nucera thus amounts to around 2.53 billion euros. The gross proceeds accruing to thyssenkrupp nucera from the sale of the new shares amount to around 526 million euros. The Saudi Arabian sovereign wealth fund PIF and a fund of the French bank BNP Paribas have secured a considerable part of the issue volume and are acting as “cornerstone” investors. The previous joint venture partner De Nora will retain a stake of at least 25.9 percent in thyssenkrupp nucera, subject to the allocation of further shares to stabilise the share price (greenshoe option).
Green hydrogen as a key factor
thyssenkrupp nucera has well-filled order books with an order backlog worth around €1.4 billion. The contracted projects together comprise an installed electrolysis capacity of more than 3 gigawatts (GW). These include one of the world’s largest planned electrolysis plants in Saudi Arabia with a capacity of more than 2 GW, a 200 megawatt (MW) plant for the customer Shell in the port of Rotterdam and a 700 MW plant for a steelworks in Sweden. In the alkaline water electrolysis (AWE) business field alone, thyssenkrupp nucera expects sales of around 600 to 700 million euros in the coming 2023/24 financial year.
Green hydrogen is a key factor for the decarbonisation of many energy-intensive industries and thus for achieving climate protection targets. The alkaline water electrolysis (AWE) used by thyssenkrupp nucera enables – compared to other technologies – the production of green hydrogen on a large industrial scale. The company has more than five decades of experience in the electrolysis business, both in plant construction and in the service business.