De Nora

What De Nora does

Industrie De Nora S.p.A. is an Italian multinational founded in 1923 and listed on Euronext Milan (DNR) that designs, manufactures and supplies electrodes, coatings and complete electrochemical systems across three divisions: Electrode Technologies, Water Technologies, and Energy Transition. Its core technology is the proprietary DSA® (Dimensionally Stable Anode) platform, which applies Mixed Metal Oxide coatings to titanium substrates and is extended into specialty variants such as De Nora DT for PCB plating and Gas Diffusion Electrodes with oxygen depolarized cathodes for chlor-alkali and alkaline water electrolysis (Dragonfly®). The Water Technologies franchise spans Capital Controls® gas feed, ozone (up to 6,000 lb/day) and chlorine dioxide generation, Sentinel® medium-pressure UV disinfection, ClorTec®/SEACLOR®/SANILEC® electrochlorination, DE NORA TETRA® filtration, OMNIPURE™ marine wastewater systems, RAYOX® advanced oxidation, and SORB media systems for PFAS and arsenic removal.

De Nora monetizes primarily through project-based hardware sales of proprietary electrodes, electrolyzers and water treatment skids, supplemented by a recurring aftermarket layer of spare parts, electrode repair and recoating, retrofits, service and maintenance agreements, replacement media, and engineering/pilot services. Pricing is quote-based and project-specific, with no public list price disclosed. The company serves five primary verticals — chlor-alkali producers, municipal and industrial water users, electronics (PCB and copper foil) manufacturers, mining and metals refining operators, and green hydrogen/energy transition developers — via a direct enterprise sales motion augmented by channel partners and contractors (e.g., Flotech Controls for the PUB Singapore Johor River Waterworks project). FY 2025 revenues were €875.0 million with a 19.6% Adjusted EBITDA margin, supported by 2,000+ professionals across 23 companies in 10 countries and 13 manufacturing sites.

Name

De Nora

Legal name

Industrie De Nora S.p.A.

Website

https://denora.com

Company type

Public

Founded year

1923

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Industrie De Nora S.p.A. is an Italian multinational, listed on Euronext Milan, that designs and manufactures proprietary DSA® electrodes, MMO coatings, electrolyzers and water treatment systems serving chlor-alkali producers, municipal/industrial water utilities, electronics manufacturers, mining/metals refiners and green hydrogen developers across 10 countries.

Ownership category

akta.pro rank

Product category

Electrochemical Technologies and Industrial Water Treatment Equipment

NAICS

Electrical Equipment Manufacturing (33531), Automatic Environmental Control Manufacturing for Residential, Commercial, and Appliance Use (334512), Other Measuring and Controlling Device Manufacturing (334519)

SIC

Electronic & Other Electrical Equipment (No Computer Equip) (3600), Electrical Industrial Apparatus (3620), Miscellaneous Chemical Products (2890)

akta.pro primary industry

Water & Wastewater Treatment Plant Equipment (Clarifiers, Aeration, Membrane Systems) (IMAHAEAJ)

akta.pro secondary industries

Electroplating & Metallization Chemicals (Cu/Ni/Au plating, additives) (IMAEAKAK), Water Systems & Treatment (Pumps/Boilers/Water Heaters/Filtration) (IMAIABAK)

Keywords

• Electrochemical electrodes
• Water treatment systems
• Chlor-alkali technology
• Green hydrogen electrolyzers
• UV disinfection equipment

Headquarters

HQ city

Milan

HQ country

Italy

HQ region

Europe

Offices19 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Hardware sales of electrodes, electrolyzers and water treatment systems: One-time and project-based sale of proprietary electrodes (DSA®, MMO, GDE), electrolyzers (Dragonfly®, Electrode Package), UV reactors (Sentinel®, Capital Controls® UV, C3 Series), ozone generators, chlorine dioxide systems, electrochlorination systems (ClorTec®, SEACLOR®, SANILEC®, OMNIPURE™), filtration (DE NORA TETRA®), and SORB media systems. Drives the bulk of De Nora's FY 2025 revenue of €875.0 million.
2. Customer services: spare parts, repair/recoating, retrofits, service & maintenance agreements, site surveys: Recurring and aftermarket revenue from spare parts, electrode repair and recoating, upgrade/refurbishment/retrofit services, customized service & maintenance agreements (with remote assistance), and site surveys/health check audits across the installed base.
3. Consumables / replacement media: Recurring consumable revenue from replacement media and chemicals used in SORB systems (ion exchange resin, GAC) and electrode recoating consumables tied to installed systems.
4. Engineering, piloting and customization services: Project engineering, pilot studies (e.g., PFAS piloting), tailored solutions design and technical advisory services for industrial and municipal customers.

Pricing tiers

Go-to-market motion4 records

Distribution channels4 records

Marketing channels8 records

Core offering

De Nora designs, manufactures, and supplies proprietary electrochemical products and complete water treatment systems organized into three divisions: Electrode Technologies (DSA® anodes, MMO-coated titanium electrodes for chlor-alkali, chlorate, PCB plating, and metal winning/refining), Water Technologies (UV disinfection, ozone, chlorine dioxide, electrochlorination, filtration, and SORB media systems for municipal and industrial customers), and Energy Transition (Dragonfly® electrolyzer systems and electrode packages for green hydrogen production). The company sells these systems directly to industrial chemical producers, municipal water utilities, electronics manufacturers, mining/metals refiners, and energy transition project developers, complemented by lifecycle services including spare parts, electrode recoating, retrofits, and maintenance agreements.

Product overview

De Nora operates a diversified electrochemical platform organized into three divisions: Electrode Technologies, Water Technologies, and Energy Transition. The Electrode Technologies division centers on the proprietary DSA® anodes platform, including the GreenChrome™ DSA® variant, supporting chlorine, chlorate, electroplating, metal winning, electrogalvanizing, and cathodic protection applications. The Water Technologies division bundles disinfection, oxidation, and filtration offerings, including the Sentinel® UV disinfection systems (with C3 Series), Capital Controls® gas feed, ozone and chlorine dioxide generators (including OXICORE™), ClorTec®, MIOX®, SEACLOR®, SANILEC®, OMNIPURE™ marine systems, CECHLO hypochlorite generation, RAYOX® Advanced Oxidation, DE NORA TETRA® filtration, and SORB systems for contaminants such as PFAS and arsenic. The Energy Transition division houses the Dragonfly® electrolyzer system and the Electrode Package for Alkaline Water Electrolysis (AWE), including GDE with oxygen depolarized cathode technology and non-asbestos diaphragm technology. Across all three divisions, De Nora complements its hardware portfolio with a customer services layer covering maintenance, spare parts, electrode repair/recoating, retrofit, and site audits.

Differentiator

Problem solved

Functional benefit

Brands

• DSA®: De Nora's proprietary dimensionally stable anode technology used across chlor-alkali, water treatment, and electrolysis applications.
• Capital Controls®
• Sentinel®
• SORB
• ClorTec®
• SEACLOR®
• SANILEC®
• DE NORA TETRA®
• OMNIPURE™
• MIOX®
• RAYOX®
• OXICORE™
• GreenChrome™
• Dragonfly®
• CECHLO
• De Nora Permelec

Products and services

• DSA® anodes Proprietary dimensionally stable anodes (mixed metal oxide-coated titanium) used across chlorine, chlorate, electroplating, metal winning, electrogalvanizing, and cathodic protection applications for industrial customers.
• GreenChrome™ DSA® anodes DSA® anode variant designed for trivalent chrome plating, supporting sustainable decorative and functional chromium plating processes.
• Sentinel® UV disinfection systems (with C3 Series platform) Medium-pressure UV disinfection systems using DVGW-certified sensors for municipal drinking water and industrial water treatment, offering up to 30% space savings versus traditional UV reactors and chemical-free Quickwipe automatic cleaning.
• Capital Controls® ozone generators Ozone generation systems with proprietary XTL™ dielectric and O3-SAFEGUARD™ electronic controls for water and wastewater disinfection and oxidation, capacities from 20 PPD (500 g/h) to 6,000 lb/day (113 kg/h).
• Capital Controls® and OXICORE™ chlorine dioxide generators On-site chlorine dioxide generation systems for municipal and industrial water treatment under the Capital Controls® and OXICORE™ brands.
• Capital Controls® gas feed systems and scrubbers Gas feed and scrubbing systems for safe delivery and handling of treatment chemicals such as chlorine and sulfur dioxide, including the ChlorGuard safety shutdown systems.
• OMNIPURE™ marine wastewater treatment systems Electrolytic marine wastewater treatment systems engineered for offshore and vessel compliance with international discharge standards (blackwater and graywater streams).
• SEACLOR® seawater electrochlorination systems Seawater electrochlorination systems producing sodium hypochlorite on-site for biofouling control in power plants, cooling towers, desalination, LNG terminals, and offshore oil and gas facilities.
• SANILEC® seawater electrochlorination systems Seawater electrochlorination systems for on-site generation of sodium hypochlorite in coastal, aquarium, marine, and offshore applications.
• ClorTec® on-site sodium hypochlorite generator On-site electrochemical generation of low-strength sodium hypochlorite using only salt, water, and electricity for municipal and industrial water disinfection; 5,000+ units installed worldwide.
• MIOX® on-site generators MIOX® branded on-site mixed oxidant and hypochlorite generators for municipal and industrial water treatment systems with a small footprint.
• RAYOX® Advanced Oxidation Systems Advanced Oxidation Process (AOP) systems for destruction of recalcitrant dissolved organic contaminants in highly polluted industrial and remediation water streams.
• CECHLO electrochemical system On-site high-strength sodium hypochlorite generation and small industrial chlor-alkali plant solution, including a salt splitting variant (CECHLO-MS).
• DE NORA TETRA® advanced media filtration systems Advanced media filtration systems for removal of suspended solids and particulate contaminants in drinking water, tertiary, and biological wastewater treatment.
• SORB systems Specialty sorbent-based treatment systems targeting PFAS, arsenic, and other trace contaminants of concern, including SORB IX ion exchange resin, SORB GAC media, SORB OTTO underdrain diffuser, and fully engineered SORB FX PAK plug-and-play systems.
• Dragonfly® System electrolyzer Packaged electrolyzer system for green hydrogen generation using pressurized alkaline technology, paired with proprietary Electrode Package components.
• Electrode Package for Alkaline Water Electrolysis (AWE) Proprietary electrode package for Alkaline Water Electrolyzers (AWE), including electrodes, diaphragms, and gas diffusion electrode (GDE) with oxygen depolarized cathode technology for energy-efficient hydrogen production.
• Customer Services Lifecycle services including service and maintenance agreements (with remote assistance), spare and replacement parts, electrode repair and recoating, upgrade/refurbishment/retrofit services, and site surveys and health check audits across the installed base.

Quantifiable outcome

• Up to 30% space savings versus traditional UV reactors with Sentinel® systems; UV turndown to 30% for lower power use.
• +9 more outcomes

Named customers4 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature10 records

Partnerships

Seven partnerships are on record, tiered core, flagship customer reference, flagship / major strategic, flagship / transformational and minor.

• Flotech ControlscoreChannel Partner/ Reseller/ Distributor · 1 June 2026Flotech Controls awarded De Nora the contract for refurbishment of UV disinfection systems at the Johor River Waterworks in Malaysia's Johor state, for end user PUB, Singapore's National Water Agency. Existing UV systems (commissioned 2011) will be upgraded with De Nora's Sentinel® technology and upgraded electronic ballast systems, with installation scheduled for 2027.
• PUB (Singapore's National Water Agency)flagship customer referenceOthers · 1 June 2026End-user customer for the Johor River Waterworks UV systems refurbishment project delivered through Flotech Controls. Highlights confidence in De Nora's medium-pressure UV technology and local Singapore support.
• PSI GlobalcoreStrategic or Co-development Partner · 1 June 2026De Nora acquired ChlorGuard safety shutdown systems from PSI Global to expand its Capital Controls gas feed portfolio in water treatment, reinforcing De Nora's 'Total Plant Safety' approach by integrating ChlorGuard's shutdown technology with existing gas feed, scrubbing, and toxic gas monitoring solutions. De Nora plans to showcase the combined portfolio at Singapore International Water Week.
• Thyssenkrupp nuceraflagship / major strategicStrategic or Co-development Partner · 1 May 2026Initial order worth €30-40 million from Thyssenkrupp nucera joint venture for the Moeve project in Andalusia, Spain, involving 300 MW of De Nora electrolytic cells for green hydrogen production. Anchors De Nora's positioning in the European green hydrogen industrial-scale pipeline.
• BW Waterflagship / transformationalStrategic or Co-development Partner · 1 May 2026Industrie De Nora S.p.A. announced on 26 May 2026 the Share Purchase Agreement to acquire BW Water, a fast-growing global player in integrated water treatment solutions. Conference call hosted by CEO Paolo Dellachà, CFO Luca Oglialoro, and IR/ESG Executive Director Chiara Locati.
• Edge Innovation Hub (startup partners)minorGTM or Marketing Partner · 1 May 2026De Nora launched Edge, a hub that turns startup technologies into scalable industrial solutions. First call for startups focused on Operations Innovation is open.
• China decarbonization partners (Prysmian, Snam, De Nora, Italmatch)minorStrategic or Co-development Partner · 1 October 2025De Nora listed among Italian companies engaged in international cooperation with China on low-impact technologies, renewable energy and green technology, supporting China's decarbonization targets to peak emissions by 2030 and reach carbon neutrality by 2060.

Recent moves7 records

Expansion highlights6 records

Emerging players

• ITM Power plc: UK-based PEM electrolyzer manufacturer focused on green hydrogen for industrial and mobility applications; emerging player in the same Energy Transition end-market that De Nora's Dragonfly® and Electrode Package address, with overlapping industrial customers.
• Nel ASA: Norwegian electrolyzer company specializing in PEM and alkaline hydrogen production systems; emerging player in the same green hydrogen end-market as De Nora's Dragonfly®/Electrode Package, though Nel is stack-focused while De Nora supplies the core electrodes.

Broad incumbents

• Ecolab Inc. U.S. global leader in water, hygiene and infection prevention solutions for industrial and institutional customers; broad incumbent whose industrial water and chemical treatment offerings overlap with parts of De Nora's water and electrode coatings portfolio.
• Halma plc: UK-listed group of safety, environmental and analytical technology companies including water quality and UV disinfection businesses; broad incumbent with technology adjacencies in UV water treatment and industrial sensors that overlap with De Nora's Sentinel® UV and Capital Controls® portfolio.
• Xylem Inc. U.S. global water technology company providing pumps, filtration, disinfection and digital water solutions; broad incumbent that competes with De Nora's Water Technologies division in municipal and industrial water treatment, though De Nora focuses more on electrochemical disinfection.
• Veolia Environnement: Global water and waste management operator and technology provider; broad incumbent that overlaps with De Nora's municipal and industrial water treatment portfolio, particularly in disinfection, ozone, and PFAS removal.
• SUEZ SA: French water and waste management major with significant municipal and industrial water treatment technology offerings; broad incumbent competing in disinfection, filtration and PFAS/emerging contaminant treatment alongside De Nora's water portfolio.

Regional players

• Kurita Water Industries Ltd. Japanese water treatment specialist with strong industrial customer base in Asia; regional player whose industrial water and ultrapure water offerings partially overlap with De Nora's water and electrode technologies in APAC.

Direct peers

• Thyssenkrupp nucera: Germany-based supplier of alkaline water electrolysis technology and chlor-alkali cells; a direct peer and channel partner in the Energy Transition division (joint Moeve project) and a competitor for industrial-scale hydrogen electrolyzer stacks.
• Permascand AB: Swedish independent manufacturer of electrodes and electrochemical cells for chlor-alkali, water treatment and energy applications; the closest pure-play direct competitor to De Nora's DSA®/MMO anode and electrolyzer electrode business.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/de-nora
• Facebookfacebook.com/WeAreDeNora

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries22 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about De Nora