Things are progressing now – but it’s too late for Martina Merz: The former head of Thyssenkrupp left the Essen-based technology group two weeks ago because she had made no progress with her plans to sell parts of the company. Among other things, she had promised in 2021 to list the hydrogen subsidiary Nucera on the stock exchange, but the environment on the financial markets was too bad for a long time. On Monday, Nucera announced that it would actually go public on the Frankfurt Stock Exchange by the summer break. Merz’ project is implemented, but without Merz.
Thyssenkrupp Nucera is one of the world’s most important manufacturers of electrolysers. These plants use electricity to split water into hydrogen and oxygen. If green electricity is used, the hydrogen is called green, and the energy carrier is then climate-friendly. Such green hydrogen is indispensable if Europe wants to achieve its ambitious climate protection goals. For example, hydrogen in chemical plants, steel works, power plants or boilers is intended to replace the previous energy sources natural gas and coal. “Green hydrogen is a key factor for the decarbonization of industry,” says Nucera CEO Werner Ponikwar.
The demand for electrolysers will grow accordingly. So far, Nucera has been able to produce systems with an output of one gigawatt per year – this means that the Dortmund-based company already accounts for one eighth of the world’s production capacities. By 2025, Ponikwar wants to increase capacity fivefold while reducing production costs. The IPO is intended to help finance these investments.
The step onto the floor should bring in 500 to 600 million euros. So far, the company with its 600 employees is two-thirds owned by Thyssenkrupp and one-third by the Italian mechanical engineering company De Nora. The Italians also supply Nucera with the electrodes, i.e. important parts of the electrolysers. New shares will be issued for the IPO, with Thyssenkrupp wanting to continue to hold the majority of the shares.
Saudi Arabia buys a giant plant
Nucera is not the only German manufacturer of electrolysers for green hydrogen. Siemens Energy is also involved here, along with MAN Energy Solutions and the Dresden start-up Sunfire. Despite the competition, Nucera’s order book is full: Among other things, the Dortmund-based company is to deliver a huge system with a good two gigawatts of output to Neom, the new city that is being built in Saudi Arabia. In addition, Nucera is building the electrolysers for H2 Green Steel, a climate-friendly steelworks that is being built in northern Sweden. Ironically enough, this smelting works will compete with the Duisburg steelworks of the Nucera sister company Thyssenkrupp Steel Europe. This plant also wants to produce climate-friendly steel in the future. For this, one of the four blast furnaces will be replaced by a plant that produces pig iron with hydrogen instead of coke and coal.
In addition to hydrogen electrolyzers, Nucera also offers systems for chloralkali electrolysis. These produce chlorine and hydrogen from salt and water. This traditional business area has so far accounted for the majority of sales – but when it comes to orders, the green future division is already clearly ahead.