On Friday, shares of thyssenkrupp nucera (ETR:NCH2) experienced an uptick of over 3% following the announcement of their acquisition of essential assets from the financially troubled Danish company, Green Hydrogen Systems. This strategic move encompasses the acquisition of intellectual property based in Skive, Denmark, alongside a test facility equipped with a full-size prototype, thereby enhancing nucera’s capabilities in alkaline water electrolysis (AWE) technology.
The acquisition marks an end to months of financial instability for Green Hydrogen Systems, which had been struggling to attract new investors. The transaction, which is completely financed through cash, did not have its value disclosed by either party. However, analysts from RBC Capital Markets speculate that the deal likely aligns with Green Hydrogen Systems’ market valuation of approximately 10 million euros, a modest amount considering nucera’s substantial cash reserves of over 700 million euros at the end of their second quarter.
While this acquisition brings new expertise in modular high-pressure electrolysis to nucera, RBC analysts have raised potential concerns regarding the strategic fit of these assets with the company’s broader innovation objectives. In a recent discussion, thyssenkrupp nucera CEO Werner Ponikwar remarked, “Companies that exit the industry prematurely often have less competitive technology,” hinting at possible challenges in aligning the new assets with nucera’s strategic vision.
Despite these considerations, RBC views the acquisition as both timely and opportunistic. They highlight the minimal financial ramifications and the potential to enhance research and development initiatives, positioning thyssenkrupp nucera favorably for future advancements.
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