Thyssenkrupp has found the corporate equivalent of a winning lottery ticket down the back of the sofa. The 7 billion euro German conglomerate’s shares leapt 12% on Tuesday on hopes it might list its electrolysis division, which is rapidly undergoing a hydrogen-focused makeover . The unit’s sales are negligible. But such is the hype around the gas, a key enabler of the zero-carbon economy, that it may be a multibillion-euro jackpot.
it might list its electrolysis division, which is rapidly undergoing a hydrogen-focused makeover . The unit’s sales are negligible. But such is the hype around the gas, a key enabler of the zero-carbon economy, that it may be a multibillion-euro jackpot.
The oversight is understandable. Thyssenkrupp’s sales in the financial year just completed were 33 billion euros, according to Refinitiv estimates. The lion’s share came from steel and auto-related industrial units. Meanwhile, Chief Executive Martina Merz’s Uhde Chlorine Engineers division, which makes kit to split sea water into chlorine and sodium hydroxide, commonly known as lye, had sales of around 250 million euros, analysts reckon.
, which makes a different type of hydrogen electrolyser, has an enterprise value of 2.7 billion pounds, 675 times last year’s 4 million pounds of revenue.
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