Industry - Hydrogen market of the future: thyssenkrupp Nucera wants to grow
Electrolysis specialist Thyssenkrupp Nucera intends to benefit greatly from the growing global demand for climate-neutral hydrogen in the coming years. On Monday, the electrolyzer manufacturer announced sales growth in the mid double-digit percentage range for the current 2023/24 financial year. In 2022/23, turnover had already risen by 70 percent to 653 million euros.
The company was floated on the stock exchange in July. The industrial group Thyssenkrupp holds 50.2 percent. The second largest shareholder is Industrie De Nora, an Italian manufacturer of electrochemical technology, with 25.9 percent. Nucera is based in Dortmund and employs around 750 people worldwide. A total of "several hundred" new employees are to be added in the current financial year. In addition to hydrogen electrolysers, Nucera has been building systems for chlor-alkali electrolysis, in which chlorine and alkali are produced from a salt solution with the help of electricity, for many decades.
"Green" hydrogen important for climate protection
Climate-neutral hydrogen is set to play a central role in the future economic system. As an energy source, it will generate electricity in new gas-fired power plants when the sun is not shining and the wind is not blowing. In industry, it will replace carbon in steel production, for example, and avoid climate-damaging carbon dioxide. Huge quantities are needed for this.
The hydrogen is to be produced in large plants known as electrolysers. In these, water is broken down into its components hydrogen and oxygen using electricity. If the electricity was previously generated in a climate-neutral way, for example with wind turbines or solar cells, the hydrogen is called "green".
Nucera builds modular electrolysers that can each absorb up to 20 megawatts of electricity. In large projects, several such modules are to work in parallel. The first four standard modules have already been delivered, said CEO Werner Ponikwar on Monday. The first plant in the USA is due to go into operation in the spring.
Profit up sharply - but business ramp-up expensive
Nucera is in an excellent position to exploit the opportunities offered by green hydrogen, Ponikwar continued. He referred to existing contracts for the production of water electrolysis plants with a capacity of more than three gigawatts. This corresponds to the production of more than 150 modules. By the end of the 2025/26 financial year, the company aims to be able to provide five gigawatts of electrolysis capacity per year, i.e. a good 250 systems.
Nucera also made strong gains in terms of profit in the past financial year. Earnings before interest and taxes (EBIT) rose from 8.8 million to 23.8 million euros. At the bottom line, Thyssenkrupp Nucera also earned a multiple of 22.5 million euros, up from six million euros in the previous year. However, the ramp-up of the hydrogen business with major investments will have a negative impact on earnings in the current financial year, as the company explained. Thyssenkrupp Nucera expects an operating loss (EBIT) in the mid double-digit million euro range for 2023/24.
Nevertheless, the stock market reacted positively to the figures. Nucera shares were up around 4.5 percent on Friday's closing price at 16.73 euros in the early afternoon. This made them one of the top stocks in the SDax stock market segment. However, the first quotation after the IPO had been 20.20 euros.
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- ThyssenKrupp, the industrial group, holds a significant stake in the company, as they own 50.2% of Thyssenkrupp Nucera, which is based in Dortmund, North Rhine-Westphalia, and specializes in hydrogen electrolysis.
- During the current 2023/24 financial year, Thyssenkrupp Nucera aims to continue its growth trajectory, with sales projected to increase in the mid-double-digit percentage range, following a 70% rise in revenue to 653 million euros during the previous 2022/23 financial year.
- Germany, as a key player in the global industry, has a significant role to play in the hydrogen market, with climate-neutral hydrogen set to become an essential energy source, generating electricity in gas-fired power plants and replacing carbon in steel production to minimize carbon dioxide emissions.
- Nucera's operations in Germany contribute to the country's commitment to reducing carbon emissions, as they build modular electrolyzers that can each absorb up to 20 megawatts of electricity, ultimately contributing to the production of green hydrogen, which will play a crucial role in Germany's energy transition and its future economic system.
Source: www.stern.de
