Thyssenkrupp plans to spin off electrolyser business

: Hydrogen
22/01/17

Multinational conglomerate Thyssenkrupp has rebranded its electrolyser manufacturing arm as Thyssenkrupp Nucera and says an initial public offering (IPO) is its preferred option to develop the business further.

Although it is yet to make a final decision, the firm said it is targeting proceeds of €500-€600mn from any IPO of what is now Thyssenkrupp Uhde Chlorine Engineers. Thyssenkrupp holds two thirds of the business and Italy's De Nora holds the rest. These holdings would be reduced to 50pc and 25pc respectively in an IPO, with the balance made available to investors.

Thyssenkrupp Nucera's pipeline of five electrolysis projects increased tenfold to around €900mn in value at the end of 2021, from €90mn at the end of 2020. The company aims to expand its alkaline electrolysis manufacturing capacity to 5 GW/yr by 2025, from 1 GW/yr currently.

Nucera's business model is to support industrial customers to switch from fossil-derived grey hydrogen to renewables-derived green hydrogen for use in their processes.

In December 2021 it signed a contract to supply a 2GW of electrolyser capacity to the Neom project in Saudi Arabia, and this month agreed a deal to supply Shell with 200MW of capacity in Rotterdam.

Around 90mn t/yr of fossil hydrogen is used in refining and in industrial processes such as production of ammonia, methanol, and steel. This represents a ready-made market for green hydrogen, provided it can become cost-competitive with fossil hydrogen, but this will only be possible with subsidies and carbon taxes.

Thyssenkrupp is already a market leader in chlor-alkali electrolysis with 600 projects and 10GW capacity for production of chlorine, where hydrogen is a byproduct. It aims to build on this to capture a share of the fast-growing market for green hydrogen production, which it entered in 2010.

By Aidan Lea

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25/06/13

Australia allows emissions reporting for biomethane, H2

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US Senate looking at ways to save 45V: Cornyn

25/06/12

US Senate looking at ways to save 45V: Cornyn

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Lithuania mulls green H2 transport quota at EU minimum

25/06/10

Lithuania mulls green H2 transport quota at EU minimum

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Partners to build NH3 bunkering in Australia’s Pilbara

25/06/10

Partners to build NH3 bunkering in Australia’s Pilbara

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Q&A: Engie targets Mideast Gulf efficiency, renewables

25/06/02

Q&A: Engie targets Mideast Gulf efficiency, renewables

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Sohar 1 was originally a 585MW CCGT plant with 150,000 m³/d desalination capacity, whose power purchase agreement (PPA) expired in May 2022. Engie maintained the plant in preservation mode and, after successful debt restructuring, secured a new PPA in October 2024 for 405MW of OCGT capacity. The plant resumed commercial operations on 28 March. Looking at affordability, it is better to extend current contracts than build new projects. Engie also secured a 15-year extension and reconfiguration of the Shuweihat 1 power plant, in partnership with Taqa and Sumitomo. Transitioning from a cogeneration facility to a 1.1GW open-cycle gas plant, Shuweihat 1 will provide fast, flexible reserve capacity critical to integrating Abu Dhabi's growing renewable energy portfolio. The conversion optimises existing infrastructure, minimises carbon intensity and enhances grid stability, reinforcing Engie's role as a leader in supporting the UAE's net zero ambition. Commercial operations are set for 2027. With regional competition growing in clean energy and hydrogen, how is Engie positioning itself to remain a preferred partner for governments and sovereign funds across the Gulf? We recognise that the Gulf's ambitions for clean energy are accelerating — and competition is intensifying. What sets us apart is a simple but powerful approach — we position ourselves not just as a project developer, but as a long-term strategic reliable partner aligned with national visions like the Saudi Vision 2030 and the UAE's Net Zero 2050. In clean energy, we are scaling at pace. Across the region, we are building gigawatt-scale renewables while expanding in BESS and grid flexibility solutions, which are critical to decarbonising at scale. Our 2045 Net Zero target is underpinned by a pragmatic roadmap — not only growing renewables, but also decarbonising molecules and investing in solutions like carbon capture, utilisation and storage (CCUS). This resonates with governments and sovereign investors that are looking for partners capable of delivering growth and climate ambition. Ultimately, we see ourselves as an extension of the region's aspirations — flexible, innovative and firmly committed to creating lasting value for the Gulf. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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