Cingolani and De Nora’s hydrogen, the former minister joins the board of directors – Corriere.it

The former Minister of Ecological Transition Roberto Cingolani joined the board of directors of Industrie De Nora, an Italian multinational among the leaders of sustainable technologies including the electrolysers used to produce green hydrogen. This was decided by the board of directors, which co-opted Cingolani as an independent member of the board (in place of the outgoing Sami Petteri Pelkonen) and new member of the strategy committee. The new director will remain in office until the next shareholders’ meeting. I thank Professor Cingolani for having accepted the proposal to join the board of directors of Industrie De Nora- declared the CEO Paolo Dellach-. His profound knowledge of the energy world and his spirit of civil servant will help the group to be even more a protagonist in the path of the energy transition. The company, founded one hundred years ago and whose main shareholders are the Milanese family De Nora (54.8%) and Snam (26%), plans to open a production plant in Cernusco sul Naviglio (Milan).

Boom of the Energy Transition division

The company listed on Euronext Milan since February 2022 closed 2022 with preliminary revenues exceeding 850 million (+38% compared to 2021), thanks to the increase in volumes. The increase in revenues – explains the company in a note – also reflects an increase in the prices applied to customers connected to the increase in the quotation of some raw materials and in particular of some noble metals. In particular, the Energy Transition division recorded an increase of over 300% compared to 2021 (revenues of around 43 million, equivalent to around 5% of group turnover). Adjusted Ebitda (gross operating margin net of extraordinary items, editor’s note) as at 31 December 2022 is expected to be over 190 million, up by around 50% compared to 2021, with a margin of over 22% up by around 200 basis points compared to 2021. The preliminary evidence that emerges at the close of the first accounting year as a listed company – commented Paolo Dellach – underlines the strong positioning of De Nora and the development prospects of all business segments in line with our Plan . A sustained growth is increasingly consolidating which sees the appearance of the first results of the Energy Transition segment achieved in a short time thanks to a technological know-how developed during the one hundred year history of the group. In particular, during 2022, products were created to serve the generation of green hydrogen for approximately 300 MW.

The order book

The backlog (i.e. the backlog of orders still outstanding, ed) growing by over 44% compared to 31 December 2021 which stands at around 790 million, a record level in the company’s history. The record backlog – added the CEO – makes us confident in facing 2023, proposing a consolidation of the traditional Electrode Technologies and Water Technologies businesses and an important development of the Energy Transition segment. To cope with an increasingly rewarding market, the De Nora Group is actively working on expanding production capacity which will see a gradual grounding in the coming quarters.