Spinning trendy green assets out of venerable industrial companies at high valuations is a strategy that often sounds better in theory than in practice. But
promising hydrogen business could be an exception.
On Thursday, the German company best known for steel production gave investors a closer look at a 66%-owned joint venture long buried within its conglomerate structure: Uhde Chlorine Engineers, now rebranded as Thyssenkrupp Nucera. The unit has long been making chlorine electrolyzers, which generate hydrogen as a byproduct. A product redesign means its existing facilities can now crank out one gigawatt annually of green-hydrogen electrolyzers at competitive costs to be installed and serviced by its existing network.
Thyssenkrupp last year announced plans to…