Report
Xavier Regnard

Cleantech & Energy transition Thyssenkrupp positions its electrolysis division ahead of an IPO

Cleantech & Energy transition
Thyssenkrupp positions its electrolysis division ahead of an IPO

IPO is coming
Hydrogen projects - already EUR900m in backlog
Valuation looks reasonable, relatively to the green hydrogen sector
We expect a “fly-to-quality” in favour of Nucera vs other alkaline players
Underlying
Thyssenkrupp AG

ThyssenKrupp is the parent company of the ThyssenKrupp Group. Co. has six business areas: Components Technology, which provides components for the automotive and machinery sectors; Elevator Technology, which supplies passenger and freight elevators, escalators and moving walks, passenger boarding bridges, stair and platform lifts; Industrial Solutions, which comprises the System Engineering and Marine Systems units; Materials Services, which focuses on materials distribution and technical services; Steel Europe, which develops, produces and markets flat carbon steel in the European market; and Steel Americas, which produces, processes and markets steel products in North and South America.

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Xavier Regnard

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