How Snam will gas with De Nora on hydrogen
Snam acquires 33% of De Nora from Blackstone. Objective: to strengthen the technologies for green hydrogen. All the details
Green shopping for Snam. The company led by Marco Alverà has acquired 33% of Industrie De Nora, an Italian company founded in 1923 by Oronzo De Nora, active in the sustainable energy sector and in technologies and processes for water filtration and disinfection.
All the details.
THE ACQUISITION
Snam acquired an approximately 33% stake in Industrie De Nora from the Blackstone fund. In April 2017, Blackstone had acquired 35% of the company through the Blackstone Tactical Opportunities fund.
The operation has a value of 400 million euros.
SNAM BETS ON GREEN HYDROGEN
Thanks to De Nora, a company founded in 1923, "innovator on a global scale in sustainable energy and technologies for water treatment", as Snam writes, and manufacturer of electrodes for electrochemical industrial applications, the company headed by the CEO Alverà wants to increase the competitive position in green hydrogen projects, the one on which the government is also banking (and on which the Ministry of Economic Development has promised incentives thanks to the Recovery Plan in the pipeline ).
ALVERA 'POINTS TO ROLE AS A LEADER
“The partnership with De Nora will allow us to be a leader in the development of green hydrogen, which is becoming a key element of decarbonisation in Italy, in Europe and in many countries around the world. Thanks to this operation and the new energy innovation platform, we will be able to increase our exposure to new green technologies while remaining focused on our core business, contributing to the achievement of the global objectives of zero net emissions ”, commented Alverà.
YOU NEED THE OK OF THE ANTITRUST
The completion of the acquisition should take place within the first quarter of 2021, following the relevant antitrust authorizations.
THE MARKET APPROVES ACQUISITION
Meanwhile, the market is blessing the acquisition, celebrating by bringing Snam shares up by more than 3%, to € 4.73. On the rise, in the wake of the energy company race, also the "colleagues" in the sector: positive sign for Terna (+ 2.4%), Italgas (+ 1.4%) and A2a (+ 1.35%), Enel (+ 0.9%) and Hera (+ 0.6%).
THE DE NORA GROUP
The company, founded in 1923, is chaired by Federico De Nora, grandson of the founder Oronzo De Nora. Paolo Dellachà, who joined the Group in June 2009 as General Manager, is Chief Executive Officer.
The company offers sustainable solutions for various industrial processes and specializes in the energy transition, through the development of green hydrogen production and water treatment.
“Over the last three years De Nora has established itself as a leader in new and existing markets, also in light of the growing global demand for sustainable and environmentally friendly solutions. We are well positioned to support global investments in decarbonisation through a comprehensive portfolio of high performance electrodes and solutions delivered through our key partnerships with key manufacturers and especially through the strength of our joint venture with ThyssenKrupp Uhde Chlorine Engineers ”Commented Paolo Dellachà.
THE NUMBERS OF DE NORA
Good company numbers. Revenues amount to over 500 million a year (60% in electrodes, 40% in water treatment), with an EBITDA expected to be around 90 million in 2020 and an average growth (CAGR) of 8% in the last three years. .
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/energia/come-si-gasera-snam-con-de-nora-sullidrogeno/ on Thu, 19 Nov 2020 15:29:40 +0000.