Factbox: Thyssenkrupp's soon-to-be-listed Nucera unit

Mcphy Energy SA

12/06/2023 13:47

June 12 (Reuters) - German submarine-to-steel group
Thyssenkrupp  TKAG.DE  on Monday launched the long-awaited
listing of its hydrogen division Nucera, targeting proceeds of
up to 600 million euros ($646 million).
    Here is an overview of Nucera:
    
    BUSINESS
    Nucera is a hydrogen company born out of a 66:34 joint
venture between Thyssenkrupp and Italian gas grid operator De
Nora  DNR.MI .
    It builds electrolysers needed to produce green hydrogen, a
sector currently benefiting from the U.S. Inflation Reduction
Act and the European Union's initiatives to support the green
energy transition.
    The company, based in Dortmund and led by CEO Werner
Ponikwar, employs more than 600 people across four continents.
    
    RIVALS
    Nucera competes with Norway's Nel  NEL.OL , Britain's ITM
Power  ITM.L , France's McPhy Energy  MCPHY.PA  and U.S.-based
Plug Power  PLUG.O .
    
    RESULTS
    At the end of March, Nucera had an order backlog of 1.4
billion euros. First-half sales grew 74% to 306 million euros,
while its operating profit rose 87% to 13.3 million euros.
    Nucera recorded annual sales of 383 million euros in the
year ended Sept. 30, 2022.
    
    VALUATION
    When Thyssenkrupp first said it planned to list Nucera in
2021, analysts valued the business at 3 billion to 6 billion
euros. Recent estimates value it between 2 billion and 5 billion
euros.
    
    IPO
    The listing, run by Citi and Deutsche Bank, will primarily
consist of new shares. Thyssenkrupp also intends to sell some of
its own shares, but plans to retain a majority in the company.
    The IPO, which was delayed by weak market conditions after
Russia's invasion of Ukraine, is expected to be completed before
the summer break, depending on market conditions, Thyssenkrupp
said.

($1 = 0.9285 euros)

 (Reporting by Anna Mackenzie and Tristan Veyet in Gdansk;
Editing by Milla Nissi and Paul Simao)
 ((Tristan.Chabba@thomsonreuters.com;
anna.mackenzie@thomsonreuters.com))