De Nora was founded in 1923 and focuses on electrode and water treatment technologies.
Pavlo Gonchar | Lightrocket | Getty Images
The CEO of electrode maker Industrie De Nora says it’s “not scared” concerning the current market turbulence because it braves an IPO this week.
The initial public offering was priced at 13.50 euros per share on Tuesday, valuing the Italian company at 2.723 billion euros, or $2.88 billion.
“It was the appropriate time for us, we now have an incredible equity story, so for us … it’s the start of a recent journey, and we aren’t scared concerning the current market turbulences,” CEO Paolo Dellacha told CNBC’s Julianna Tatelbaum. “Now we have an industrial plan to execute.”
The corporate is resulting from start trading on the Euronext Milan on Thursday, in what will probably be Europe’s first major IPO because the war in Ukraine began.
Read more about energy from CNBC Pro
It comes at a volatile time for markets, with the pan-European Eurostoxx 600 down over 14% over the yr so far. Traders are reacting to each the Ukrainian conflict and its global ramifications, in addition to a more aggressive rate hike policy by the U.S. Federal Reserve and other central banks world wide.
De Nora, which relies in Milan, was founded in 1923 and focuses on electrode and water treatment technologies.
One area where the corporate is trying to make a mark is within the hydrogen sector, and it’s specializing in technologies related to the production of so-called “green” hydrogen.
Hydrogen could be produced in plenty of ways. One method uses electrolysis, with an electrical current splitting water into oxygen and hydrogen.
If the electricity utilized in this process comes from a renewable source similar to wind or solar then some call it “green” or “renewable” hydrogen.
Today, the overwhelming majority of hydrogen generation relies on fossil fuels, but De Nora’s Dellacha was bullish concerning the prospects for the green option.
Green hydrogen had been considered to be “something that would achieve a certain competitiveness down the road,” he said, before arguing that change was coming.
“Now we have to say that, due to the sudden increase of the natural gas [price], green hydrogen is competitive now,” he said.
Dellacha’s comments come at a time when plenty of major corporations are searching for a approach to drive green hydrogen production costs down and make the sector competitive.
Last week, Siemens Energy and Air Liquide announced plans to establish a three way partnership focused on the production of “industrial scale renewable hydrogen electrolyzers in Europe.”
June also saw oil and gas supermajor BP announce it had agreed to take a 40.5% equity stake within the Asian Renewable Energy Hub, an enormous project planned for Australia.
In an announcement, BP said it might turn into the operator of the event, adding that it had “the potential to be considered one of the biggest renewables and green hydrogen hubs on the planet.”