thyssenkrupp nucera

Frankfurt: NCH268Credible Contributor· Provisional

0 followersGreen hydrogen·Dortmund, Germany·Founded 1960

German alkaline water electrolysis specialist offering industrial-scale electrolyser plants for green hydrogen production, spun out of thyssenkrupp and listed on Frankfurt in 2023.

68/100

Credible Contributor· Provisional

ClimateTicker Green Score · how it's calculated

Greenwashing risk: lowData confidence: medium

Why it's on ClimateTicker

thyssenkrupp nucera is a genuine deep-tech enabler of industrial decarbonisation: its core product—large-scale alkaline water electrolysers—directly replaces fossil-fuel-derived hydrogen in hard-to-abate industries. The climate thesis is real but execution-risk-laden, with the green hydrogen market severely underperforming expectations since 2023 and the company's flagship NEOM contract tied to a Saudi state project that carries its own greenwashing and human-rights shadow. Investors should credit the technology leadership while discounting for market-cycle uncertainty and the reputational overhang of fossil-state client exposure.

enablerthyssenkrupp nucera earns revenue by engineering, procuring, and constructing large-scale electrolysis plants (primarily alkaline water electrolysis for green hydrogen and legacy chlor-alkali industrial plants), selling standardised modular electrolyser units and associated long-term service contracts; roughly 54% of FY2024/25 sales came from green hydrogen and 46% from chlor-alkali.

Commitments & Certifications

CDP: A-List (parent thyssenkrupp AG, 10 consecutive years through 2025) ↗other: EcoVadis Gold — 82/100 ↗other: DGNB Gold (new Dortmund HQ building) / KfW Effizienzhaus 40 EE ↗other: German Sustainability Award — Products/Climate category ↗SBTi: Targets validated (parent thyssenkrupp AG — near-term and net-zero; nucera entity-level targets not yet separately validated) ↗

Controversy & Greenwashing Watch

lowScope 3 Methodology Change Reduces Comparability

A significant revision to the Scope 3 Category 11 (use-of-sold-products) calculation methodology between FY23/24 and FY24/25 resulted in materially lower reported emissions, limiting independent verification of progress.source ↗

mediumNEOM Project — Greenwashing & Migrant Worker Rights

Activist shareholders and civil engineering press raised concerns that the 2GW NEOM green hydrogen project in Saudi Arabia carries greenwashing risk (given Saudi Arabia's fossil fuel dependency) and that migrant workers on-site face 'alarming dehumanisation'; thyssenkrupp nucera responded citing Euler Hermes ESHR due diligence and its EcoVadis Gold labour score, noting it provides advisory and commissioning support only, not on-site construction.source ↗

lowUS Green Hydrogen Project Cancellations

thyssenkrupp nucera abandoned multiple US green hydrogen projects in 2025, citing infeasibility following rollback of clean energy incentives under the Trump administration, raising questions about the resilience of its project pipeline.source ↗

lowGreen Hydrogen Order Collapse — 95% Drop in Q1 FY2024/25

Green hydrogen order intake fell 95% year-on-year in Q1 FY2024/25 to just €5M, exposing heavy reliance on a small number of large projects and the extreme cyclicality of the emerging hydrogen market.source ↗

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