Exclusive-Italy’s De Nora picks Goldman, Credit Suisse to work on IPO

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MILAN (Businesshala) – Italy’s Industrie di Nora, which makes components to produce green hydrogen, has chosen Goldman Sachs and Credit Suisse to work on plans to list in Milan, two sources said on Tuesday. .

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One of the sources said the initial public offering (IPO), which is planned for next spring, could value the Italian company at more than 2 billion euros ($2.3 billion).

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Italian gas conglomerate Snaam last year completed the acquisition of a 33% stake in De Nora, which was valued at around 1.2 billion euros including debt. Snam now holds 37% stake.

From Nora, Goldman Sachs and Credit Suisse declined comment.

Sources said the prospects of the green hydrogen market as a potential solution to reduce fossil fuel use and limit climate change had attracted investors looking for a company well positioned in global clean energy.

De Nora, who also operates in the water treatment sector, is a leading manufacturer of electrodes used in devices called electrolyzers that generate carbon-free green hydrogen.

It also holds 34% of the electrolyzer joint venture with ThyssenKrupp of Germany which is involved in several large global hydrogen projects.

“This stake alone is worth more than 1 billion euros,” another source said.

As the energy transition picks up pace, Brussels is determined to give hydrogen a major role in helping clean economies and decarbonize sectors difficult to electrify, such as heavy transport and industry.

The electrode business accounts for 60% of De Nora’s revenue, which stood at EUR 500 million last year. Core income rose to 80.5 million euros in a year marked by the COVID pandemic.

($1 = 0.8655 Euro)

Reporting by Stephen Jukes; Editing by Alexander Smith

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