German OEM thyssenkrupp nucera has logged its highest quarterly sales for its alkaline electrolysers, reaching €175m ($183m) in Q4 2023/24, with legacy agreements buoying the segment.
Up from €88m ($92m) in the same quarter of 2022/23, it brings its 2024 order intake for the green hydrogen production technology to €524m ($549m) – up 60% year-on-year.
The vast majority of the sales come from its 700MW order from Swedish green steelmaker Stegra. Having received full notice to proceed, thyssenkrupp nucera recorded over €300m ($314m) in project bookings throughout the year.
Additionally, as of September, the electrolyser firm said around half (1.1GW) of the 2.2GW NEOM Green Hydrogen project’s electrolysis capacity had been delivered.
“By the end of the reporting year, we had produced a total of around 1.5GW of installed capacity,” it said.
Looking ahead to 2024/2025, the firm anticipates bolstering its alkaline electrolysis sales to €450-550m ($472-576m).
In its legacy chlor-alkali electrolysis, its sales dipped 5% in the quarter to €76m ($79.7m) from €79 ($82.8m) – logging a yearly total of €338m ($354m).
Despite the improving order list, the company’s EBITDA fell from €30m ($31m) in 2022/23 to -€8m (-$8.4m) in 2023/24, after the company warned of regulatory uncertainty clouding its hydrogen outlook.
Read more:Positive Q3 for thyssenkrupp nucera but regulatory delays cloud hydrogen outlook
The company previously said growth in green hydrogen had “significantly slowed” due to unresolved regulatory uncertainty and the slow pace of funding commitments leading to final investment decision (FID) delays.
“The long-term growth prospects of thyssenkrupp nucera remain intact,” said the firm’s CEO, Dr. Werner Ponikwar. “We are well positioned to cope with the current phase of temporarily somewhat slower growth thanks to our stable cash flow from the chlor-alkali business, our asset-light business model and our strong balance sheet.”
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