In the process of restructuring, Thyssenkrupp intends to reposition itself in low-carbon technologies. The intention is laudable and in keeping with the times, but the prospects for profitability are still uncertain and largely dependent on proactive public policies.

For the time being, however, the latter have been forthcoming, and there is no other segment of heavy industry with such promising prospects for expansion. In volume terms, the hydrogen market is set to increase sixfold by 2050. Producers have jumped on the bandwagon, and announced electrolyser capacity has doubled in two years.

Nucera is a world leader in alkaline and chlor-alkali electrolysis. The Group has the scale and expertise required by its customers - mainly world leaders in petrochemicals - to take on multi-decade projects where barriers to entry are high.

It has already installed 3GW of electrolyser capacity, and boasts the highest order book among its peers. This remains a drop in the bucket in a fast-growing market where 250GW of capacity has already been announced. So it comes as no surprise that Nucera, which reported its annual results yesterday, is forecasting 70% growth in sales by 2023.

Such growth does not come free of charge. If operations are positive this year, the Group warns that they will be in the red by 2024. Unperturbed by this outlook, the market is maintaining its vote of confidence, propelling the stock higher this morning.

Hydrogen is a fashionable theme among investors. So fashionable, in fact, that Nucera's market capitalization is x85 its 2023 profit. If we prefer to see the glass as half full, we might also point out that the group is valued at less than twice its expected sales in 2025.