thyssenkrupp nucera has reported a 95% drop in green hydrogen electrolyser orders in Q1 2025 while forecasting up to €550m ($573m) of sales in the segment this year.
Logging a total of €95m ($99m) in orders in the quarter (down from €176m ($183m) a year previous), just €5m ($5.2m) was attributed to its alkaline electrolysers, citing high market volatility and project delays.
It also said a tranche of €100m ($104m), related to its 700MW order for the Stegra green steel project, had been included in the order intake in the prior-year quarter.
The German firm’s chlor-alkali business buoyed orders with €89m ($92.7m) of intake – up 35% from the previous quarter.
However, hydrogen electrolysers still account for 60% of its order backlog with €600m ($625m).
“The challenges in the market for green hydrogen remain very high,” said thyssenkrupp nucera CEO, Dr. Werner Ponikwar. “But the need to implement the decarbonisation strategies of industry also continues. The growth prospects for this market therefore remain intact.”
The company forecasts €850-950m ($885m-989m) in sales for 2024/2025, with hydrogen electrolysers making up €450-550m ($468m-572m), driven by already contractually agreed projects.
During the quarter, thyssenkrupp nucera said its R&D expenses rose from €5m to €7m as it dedicated more funds to alkaline and solid oxide electrolysis (SOEC).
Read more:SOEC technology is something we cannot ignore: thyssenkrupp nucera CEO
The firm’s EBIT also dramatically increased from -€2m (-$2.1m) 12 months ago to €8m ($8.3m) in Q1 2025. EBIT in the green hydrogen segment rose to -€8m (-$8.3m) from -€16m (-$16.7m) the previous year.
This improvement was attributed to a “more profitable project mix,” exchange rate effects and forward-looking cost optimisation.
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