German engineering conglomerate Thyssenkrupp is planning to list its electrolyser manufacturing subsidiary, Thyssenkrupp Uhde Chlorine Engineers (TUCE), as early as the first quarter of next year, with an initial public offering (IPO) valuing the company at up to €5bn ($5.7bn), according to business news company Bloomberg.

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TUCE, a joint venture between Thyssenkrupp Industrial Solutions and Italian multinational Industrie De Nora, was formed in 2015, concentrating on chlor-alkali electrolysers that split salt water molecules into chlorine gas, “by-product” hydrogen and caustic soda. In 2018, it expanded into large-scale water electrolysers, which split H2O molecules into hydrogen and oxygen.

The venture says it can now produce up to 1GW of water electrolysers a year, with plans to reach 5GW of manufacturing capacity by 2025 — which would make it the world’s joint-largest supplier, alongside the UK’s ITM Power. ITM is aiming to boost its electrolyser production to 5GW by 2024.

TUCE is headquartered in Dortmund, Germany, but also has locations in in Okayama, Tokyo, Shanghai, Milan and Houston.

Bloomberg attributed the IPO news to confidential sources. Thyssenkrupp declined to comment.