Thyssenkrupp’s rapidly growing green hydrogen technology unit unveiled a new brand name as its parent company mulls how to best take the business forward, with an initial public offering (IPO) seen as the preferred option.

The unit now will be called Thyssenkrupp Nucera instead of Thyssenkrupp Uhde Chlorine Engineers, which still reflected the previous main business of chlor-alkali electrolysis. The company is now increasingly focused on manufacturing alkaline water electrolysers, which split water into green hydrogen and oxygen using renewable power.

At the end of 2021, the unit had reached an order backlog for green hydrogen of around €900m ($1.03bn), while revenues in the 2020/21 financial year have grown by 25% to €319m, and earnings before interest and taxes (Ebit) have reached €27m.

“We are taking off from a strong position in the chlor-alkali market with best-in-class technology and a yearly gigawatt supply chain,” Thyssenkrupp Nucera chief executive Denis Krude said.

“It is our aim to become the number-one technology leader for large-scale industrial green hydrogen production in the alkaline water electrolysis market.”

A stock exchange listing would make it possible for the market to apply a market value to the business and the IPO proceeds could be used to finance further growth, the company said. The IPO plans confirm a report by Bloomberg in November that revealed a possible stock listing, which the business news wire said could value Thyssenkrupp Nucera at up to €5bn.

The German industrial conglomerate's hydrogen unit is involved in several of the world’s largest projects in the booming green hydrogen market.

Thyssenkrupp Nucera earlier this week signed a contract to supply oil supermajor Shell with a 200MW electrolysis plan in the Port of Rotterdam to produce green hydrogen from power coming from the future Hollandse Kust North offshore wind farm. The plant is in contention to be the world's largest when commissioned, which is foreseen in 2024.

The company also has won a deal to install a 2GW-plus electrolysis plant at Saudi Arabia’s future city Neom based on its 20MW alkaline water electrolysis modules, which is expected to be commissioned as early as in 2026.

The company and its parent are certainly thinking big. “The green transformation of the industry is a task for the next decades. The complete system change can only be accomplished together with a common vision and when we rethink existing systems,” said Volkmar Dinstuhl, CEO of Thyssenkrupp’s multi tracks segment.

“This needs the right investment, technology, business model as well as lean processes.

“This new brand (Thyssenkrupp Nucera) in our Thyssenkrupp family is an important step towards fostering our electrolysis leadership position – with blueprint technologies and business cases for the world.”

The subsidiary aims to achieve revenues of €600-700m by 2024/25, based mainly on alkaline water electrolysis, as it expects that most of previously fossil-based production will be converted to green hydrogen.