DORTMUND (dpa-AFX) - Electrolysis specialist Thyssenkrupp Nucera remains on growth track. In the first nine months of fiscal 2022/2023 (ended June), sales climbed 79 percent year-on-year to 493 million euros, the plant engineering subsidiary of industrial group Thyssenkrupp reported in Dortmund on Monday. The company stressed that sales in water electrolysis had increased almost tenfold to 240 million. In the third quarter alone, 110 million euros were generated in this area, it said.

The newcomer was able to convince the market with its first quarterly figures since the Borsengang. At the start of trading, the share price rose by almost five percent, before the profit dropped off in the meantime. In the late morning, the share price was again up four percent. Analysts at Deutsche Bank praised the figures, which exceeded their expectations in the third quarter. Sales growth in the quarter was driven solely by the promising hydrogen business.

In water electrolysis, water is split into its components hydrogen and oxygen with the help of electricity. If the electricity was previously generated in a climate-neutral way, for example with wind turbines or solar cells, the hydrogen is called "green". Hydrogen is considered a key element in building a climate-neutral industry. Nucera also builds equipment for chlor-alkali electrolysis, which uses electricity to produce chlorine and alkali from a salt solution.

According to CEO Werner Ponikwar, the company sees itself "as the world's leading supplier of water electrolysis technology for the production of green hydrogen." This position will be further expanded, he added. "The long-term trend toward large-volume use of green hydrogen as an energy carrier in energy-intensive industries worldwide is intact," he said. Nucera is strategically well positioned for this with a highly efficient water electrolysis technology, he said. When it comes to green hydrogen, Europe and the U.S. are the fastest-growing regions, he said.

Earnings before interest and taxes climbed 77 percent to 20 million euros in the first nine months. The bottom line was a net profit of 18.2 million euros. Net income is also expected to be positive at the end of the fiscal year (Sept. 30), Ponikwar said. The profit is to be invested in further growth. A dividend payment is not planned for the foreseeable future, he said.

Thyssenkrupp floated the electrolysis specialist on the stock market in July. The number of employees rose by 139 to 628 within nine months, with just under 400 working in Germany. The headquarters are in Dortmund.

According to previous statements, industrial group thyssenkrupp intends to hold a majority stake in its subsidiary in the long term. The company currently holds 50.2 percent. Industrie De Nora currently holds 25.9 percent. De Nora is an Italian manufacturer of electrochemical technology. Thyssenkrupp shares were trading up one percent in late morning trading./nas/tob/DP/nas