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Italy specialist in green hydrogen industry De Nora Eyes going public in 2022

(Bloomberg) – Industrie De Nora SpA, an Italian manufacturer of components for the production of green hydrogen, plans to list its shares on the Milan Stock Exchange next year.

“We are seriously considering an IPO in the near future,” said Chief Executive Officer Paolo Dellacha in an interview. “We are optimistic for 2022, but we have to evaluate the market development.”

De Nora anticipates sales of more than 600 million euros ($ 677 million) in 2021 with a profit margin before interest, taxes, depreciation and amortization of about 20%.

Industrie De Nora, founded in Milan in 1923 as a manufacturer of chemicals, produces electrodes for electronic devices and electrolysers for the production of hydrogen from renewable energy – so-called green hydrogen. It has more than 1,650 employees and 24 locations worldwide.

The natural gas infrastructure group Snam SpA holds 35% of the shares in the company, which is controlled by the founding family. The De Nora family plan to maintain control after the IPO and Snam is a long-term investor in the company.

De Nora expects the hydrogen business to gain momentum in the years to come. “We need to expand our size and provide access to c -ital markets” to prepare for that growth, said the CEO.

The executive did not rule out ESG bonds or future growth through acquisitions.

In 2013, De Nora founded the Uhde Chlorine Engineers joint venture with Thyssenkrupp Industrial Solutions. Thyssenkrupp AG is pushing plans for the unit’s IPO, Bloomberg reported earlier this month.

EXPLANATION: Why hydrogen is the hottest thing about green energy: QuickTake

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