Betting on hydrogen hype, Thyssenkrupp eyes $687 mln in IPO cash – Reuters

January 13, 2022 by No Comments

A logo of Thyssenkrupp AG is pictured at the company’s headquarters in Essen, Germany, November 21, 2018. REUTERS/Thilo Schmuelgen/File Photo

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  • Hydrogen business rebranded Nucera
  • Nucera could be floated in IPO in spring
  • Nucera had sales of 319 mln euros, EBIT of 27 mln in 2020/21

FRANKFURT/DUESSELDORF, Jan 13 (Reuters) – Thyssenkrupp’s (TKAG.DE) electrolysis business is aiming for proceeds of up to 600 million euros ($687 million) by selling new shares in a possible initial public offering this year, betting on the $130 billion hydrogen sector it supplies.

Thyssenkrupp plans to keep a majority in the business – which is being rebranded as Thyssenkrupp Nucera – following any IPO and aims to maintain the current shareholding ratio with its Italian co-owner De Nora (IPO-DENR.MI), said Volkmar Dinstuhl, who leads the conglomerate’s Multi Tracks division.

This implies a free-float of up to 25%.

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Nucera’s electrolysis technology uses power to split water into oxygen and hydrogen, allowing CO2 heavy sectors, including steelmaking, refining and fertilisers, to decarbonise using “green” hydrogen.

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