The group also revealed the tax credits it is relying upon to subsidise the clean hydrogen market in the US could potentially be delayed until after November election.
ADVERTISEMENTGerman electrolyser manufacturer Thyssenkrupp Nucera has revealed robust sales for the third quarter of 2024, driven mainly by its alkaline water electrolysis (AWE) business.
Group sales during the third quarter surged 26% on a year-on-year basis touching €235.7m. For the AWE arm, sales shot up to €132.5m, up from €110.5m in the corresponding quarter last year.
This was mainly driven by continuing progress at the Saudi Arabian NEOM water electrolyser project, as well as Sweden's H2 Green Steel project.
Despite the rise in sales, earnings before interest and taxes fell to €0.7m in the third quarter, down from €7.0m in the corresponding quarter last year. That was largely due to a rise in research and development expenses which the company undertook to put in place a growth strategy for the AWE business.
For the past nine months, group sales have risen by 24%, reaching €612.0m.
Regarding another green hydrogen milestone in the US, Thyssenkrupp Nucera's chief executive officer Werner Ponikwar said in a statement: "We have also reached a very important milestone in the project execution: our water electrolyser with a capacity of 20 megawatts at CF Industries in the USA is already producing the first green hydrogen.
"The 20 MW water electrolyser is part of the decarbonisation efforts at the world's largest ammonia production site. Now, more Thyssenkrupp electrolysers will start operating worldwide on an ongoing basis, enabling the production of urgently needed green hydrogen for the decarbonisation of heavy industry."
However, Thyssenkrupp also revealed that ongoing market uncertainty was contributing to slowing growth in the green hydrogen sector. Difficulties in acquiring investment and regulatory issues had also added to the uncertainty.
The group's order intake for the nine-month period fell slightly on a year-on-year basis to €522.1m, down from €534.5m for the same time last year.
Thyssenkrupp Nucera expects delay in US tax credits
Thyssenkrupp Nucera also recently revealed that the tax credits - currently still provisional - it is relying upon to subsidise the clean hydrogen market in the US, as part of the Inflation Reduction Act (IRA), could potentially be delayed until after the November elections.
The US hydrogen generation market was valued at approximately $18.3bn (€16.74bn) in 2023, and is expected to reach $31.4bn by 2033, according to Precedence Research.
Steel giant Thyssenkrupp owns a majority stake in Thyssenkrupp Nucera.
