The group also announced that the rollout of tax credits it plans to use to subsidize the clean hydrogen market in the U.S. may be delayed until after the November election.
ADVERTISINGGerman electrolyzer manufacturer Thyssenkrupp Nucera has announced robust sales for the third quarter of 2024, driven primarily by its alkaline water electrolysis (AWE) business.
Group sales increased by 26% to €235.7 million in the third quarter compared to the same period last year. In the AWE division, sales rose to €132.5 million, compared to €110.5 million in the corresponding quarter last year.
The main reasons for this were the continued progress in the Saudi Arabian water electrolyzer project NEOM and the Swedish project H2 Green Steel.
Despite the increase in sales, earnings before interest and taxes fell to €0.7 million in the third quarter, compared to €7.0 million in the same quarter last year. This is mainly due to an increase in research and development costs incurred by the company to implement a growth strategy for the AWE business.
In the past nine months, group sales increased by 24 percent to 612.0 million euros.
Commenting on another green hydrogen milestone in the US, Werner Ponikwar, CEO of Thyssenkrupp Nucera, said in a statement: “We have also reached a very important milestone in project execution: Our 20-megawatt water electrolyzer at CF Industries in the US is already producing the first green hydrogen.
“The 20 MW water electrolyzer is part of the decarbonization efforts at the world’s largest ammonia production site. Now, additional Thyssenkrupp electrolyzers will continuously come into operation around the world, enabling the production of urgently needed green hydrogen for the decarbonization of heavy industry.”
However, Thyssenkrupp also announced that ongoing market uncertainty was contributing to slower growth in the green hydrogen sector. Difficulties in raising investments and regulatory issues had also increased uncertainty.
The Group’s order intake in the nine-month period fell slightly compared to the same period last year and amounted to €522.1 million (previous year: €534.5 million).
Thyssenkrupp Nucera expects delay in US tax credits
Thyssenkrupp Nucera also recently announced that the granting of the – currently provisional – tax credits with which the company plans to subsidize the clean hydrogen market in the US under the Inflation Reduction Act (IRA) may be postponed until after the November elections.
The U.S. hydrogen production market was estimated to be worth around $18.3 billion (€16.74 billion) in 2023 and is expected to reach $31.4 billion by 2033, according to Precedence Research.
The steel giant Thyssenkrupp owns a majority stake in Thyssenkrupp Nucera.
