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By Christoph Steitz and Tom Käckenhoff
FRANKFURT / DUESSELDORF (Reuters) – Thyssenkrupp’s electrolysis business aims to make a profit of up to 600 million euros ($ 687 million) by selling new shares in a possible initial public offering this year, focusing on the growth of the hydrogen supply sector.
Thyssenkrupp (DE 🙂 plans to keep a majority in the business – which is being renamed Thyssenkrupp Nucera – after any IPO and aims to maintain its current share ratio with its Italian co-owner De Nora, said Volkmar Dinstuhl, who runs the conglomerate. Multi Tracks division.
This means a free float of up to 25%.
The potential profit of 500-600 million is related to the sale of a stake of around 10-20%, based on a valuation range of between 3,000 and 6 billion euros in the division, which can be quoted in the spring.
Thyssenkrupp Nucera is the world’s leading supplier of chlor-alkali membrane technologies needed to produce hydrogen, competing with Japan’s Asahi Kasei, China’s Bluestar Beijing Chemical Machinery and Britain’s Ineos chemical groups.
It is also active in the electrolysis of alkaline water, a key requirement for the generation of hydrogen from renewable energy sources, against Norway’s Nel ASA, UK’s ITM Power and France’s McPhy Energy SAS.
“The demand is huge. We want to use that opportunity,” Denis Krud, CEO of Thyssenkrupp Nucera, told Reuters ahead of a capital market on Thursday, where investors are getting more details about the business for the first time.
“We are a leader in electrolysis technology and have been in business for decades,” said Krud, who has led the division since October 2016.
At the end of September, Thyssenkrupp Nucera made a profit of 27 million euros before interest and tax, and sales were 319 million euros, a level expected to triple from 900 million euros to 1 billion euros by 2025/26.
The proceeds from the sale of the new shares do not include the sale of the shares held by the current owners in a 66/34 division of Thyssenkrupp and De Nora, owned by Thyssenkrupp Nucera.
Thyssenkrupp, who first introduced the idea of an IPO for his hydrogen business in May last year, did not say how much he would sell within a second bid, in the case of an IPO.
“The market has tremendous potential,” Krud said, adding that Nucera will invest $ 200 million and $ 300 million by 2024/25, of which $ 150 million to $ 200 million will be spent on strategic moves, including partnerships, production and smaller deals.
Europe, especially Germany, wants to be a world leader in green hydrogen, which is generated from renewable sources and is carbon-neutral to reduce emissions and decarbonise its economy.
Thyssenkrupp, which runs everything from steel and submarines to car parts and fertilizer factories, sees an IPO as the preferred option for Nucera, but has not made a final decision.
“The most important thing for a potential IPO for the Thyssenkrupp group is what is called value crystallization,” Dinstuhl said.
($ 1 = $ 0.8738)
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