According to a Reuters report, Ponikwar told reporters that the company is in intense discussions with stakeholders in its green hydrogen projects in the U.S. to determine whether to continue working or exit them.
President Donald Trump’s policy changes have reportedly forced Thyssenkrupp Nucera Ag & Co. (THYKF) to abandon its green hydrogen projects deemed unfeasible in the U.S., according to the company’s CEO, Werner Ponikwar.
According to a Reuters report, Ponikwar told reporters that the company is in intense discussions with stakeholders in its green hydrogen projects in the U.S. to determine whether to continue working or exit them.
Thyssenkrupp’s stock is up 1.3% year-to-date and 0.3% in the past 12 months. Stocktwits data showed the retail sentiment around the company was in the ‘bearish’ territory.
The company is currently evaluating which green hydrogen projects in the U.S. remain feasible in light of President Trump’s tax and spending changes, according to the report. This comes after the Trump administration recently scrapped certain tax credits for clean or low-carbon energy projects. “We have sorted out all projects that have less chance of being realized due to the new framework conditions in the U.S.,” Ponikwar said, according to the report.
The company is instead working to speed up state-side projects where it has the opportunity to begin construction before the end of 2027, Ponikwar added. The Trump administration’s clean energy policy changes have revised deadlines for clean energy funding, advancing the qualification timeline to the end of 2027. “We are convinced that the hydrogen electrolysis market continues to offer enormous potential,” Ponikwar said, according to the report. He added that Thyssenkrupp will need to be more patient than initially expected.
However, if Thyssenkrupp’s U.S. projects do not come to fruition or cannot be completed, Ponikwar said the company will utilize these resources for other purposes, stopping short of elaborating on what this would entail.
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