Thyssenkrupp Nucera posts order intake, sales rise in Q1 (updated)

thyssenkrupp nucera AG & Co KgaA

13/02/2024 06:58

(Adds CFO quote, details in paragraphs 3-6)
       FRANKFURT, Feb 13 (Reuters) - German hydrogen company
Thyssenkrupp Nucera  NCH2.DE  said on Tuesday that first-quarter
sales rose by more than a third, citing rising demand for its
electrolyser technology.
    The company, in which both Thyssenkrupp  TKAG.DE  and De
Nora  DNR.MI  hold significant stakes, also confirmed its annual
outlook, still expecting an operating loss in the mid
double-digit million euro range due to ramp-up costs.
    "In order to implement our growth strategy swiftly and take
advantage of market opportunities, we expect start-up costs to
continue to rise in the coming quarters," Chief Financial
Officer Arno Pfannschmidt said.
        Shares in hydrogen companies have been volatile in part
due to project delays and start-up costs for a nascent
technologies that still requires subsidies to be profitable.
  
        Thyssenkrupp Nucera, which listed last July in what was
one of Europe's biggest IPOs in 2023, has still remained bullish
on the sector, saying in December that all its projects remain
on track and on schedule.
  
        The group's shares have declined around a fifth
year-to-date, less than those of Norwegian rival Nel ASA
 NEL.OL , which have fallen 28% over the same period.
  

 (Reporting by Christoph Steitz; Editing by Cynthia Osterman and
Bartosz Dabrowski)
 ((christoph.steitz@thomsonreuters.com; +49 30 220 133 647;))