Thyssenkrupp to list hydrogen unit Nucera

German industrial giant Thyssenkrupp on Monday launched the listing of its hydrogen unit Nucera, in what will be one of the largest initial public offerings so far this year in Europe.

Thyssenkrupp said it aimed to raise 500-600 million euros ($537-644 million) through the sale of new Nucera shares in Frankfurt, with the IPO expected to be completed "before summer break".

"With our technology for the production of green hydrogen, we want to help shape the new era of sustainable energy use," said Werner Ponikwar, CEO of Thyssenkrupp Nucera, in a statement.

As countries around the world look at ways to reduce carbon emissions to help meet climate targets over the coming decades, green hydrogen has increasingly come into focus as an alternative to fossil fuels.

Green hydrogen can be manufactured by electrolysis of water, using electricity obtained through renewable energy sources such as solar or wind.

The proceeds from the Frankfurt listing will be used to support "the strong growth of Thyssenkrupp Nucera's alkaline water electrolysis (AWE) business", the group said.

The Nucera unit is a joint venture between Thyssenkrupp and Italian company Industrie De Nora.

De Nora holds 34 percent of the Nucera subsidiary.

In a statement, De Nora said it planned to continue the partnership with Thyssenkrupp.

It added that the IPO was identified as "the best solution for Thyssenkrupp Nucera to exploit the significant development opportunities offered by the green hydrogen market."

 

AFP