Snam will buy a strategic stake of approximately 33% in Industrie De Nora to enhance its technological positioning, making it increasingly competitive in new projects for hydrogen development.
The Italian energy infrastructure company will acquire its 33% stake from Blackstone Tactical Opportunities. The purchase is set to be complete in the first quarter of 2021.
Based on the agreements, which will be finalised upon completion of the operation, Snam will be able to appoint three directors of De Nora and will be represented on the newly formed technical and strategic committees, with the possibility of seconding its staff to the company.
Marco Alverà, CEO of Snam, said, “The strategic partnership with an Italian company of excellence, global innovator in sustainable technologies and with important prospects for hydrogen development, is a unique opportunity to strengthen Snam’s role in the energy transition.”
“Thanks to this transaction 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 and contributing to a net zero world.”
A global leader in alkaline electrodes, essential components for the production of alkaline water electrolysers, De Nora holds a 34% stake in ThyssenKrupp Uhde Chlorine Engineers (TKUCE) and collaborates with other companies such as AFC Energy.
Federico De Nora, Chairman of De Nora, said, “The Blackstone team has demonstrated an excellent understanding of our business and the market, and they have helped us reshape our organisation to drive significant growth and be in the strong position we are today.”
“We now look forward to working with Snam, our new minority shareholder, as we embark on the next phase in our company’s history. In Snam, we identified an industrial partner with significant operational synergies, who also share in our ongoing commitment to dedicate substantial resources in support of the global Energy Transition, for a less polluted world.”