Thyssenkrupp launched on Monday the long-awaited listing of its hydrogen division Nucera, suggesting its new chief executive intends to waste no time in reviving the fortunes of the embattled conglomerate.

Thyssenkrupp Nucera, a 66:34 joint venture with Italy’s De Nora, is targeting proceeds of up to 600 million euros ($647 million) via the sale of new shares, confirming initial listing plans first outlined in early 2022.

The initial public offering (IPO), which was delayed by weak market conditions after the Ukraine war, is expected to be completed before the summer break, depending on market conditions, the company said.

It comes as hydrogen technology is getting a boost from favourable legislation in the United States and Europe, which are both seeking to strengthen the technology to help carbon dioxide-heavy industries, including steel and chemicals, to decarbonise.