German energy storage provider Intilion said it’s planning a third-quarter listing on the Frankfurt Stock Exchange, adding to a slow pick-up in activity in Europe. 

The initial public offering is expected to include a sale of new shares as well as a stake sell down by the company’s sole shareholder Hoppecke Rail Systems GmbH, Intilion said in a statement. Hoppecke Rail will continue to hold a majority stake in the firm after the IPO, it said. 

Intilion is betting on booming demand for energy storage systems aided by the transition to cleaner power sources. Its products are used, among other things, to provide storage for power from clean and renewable energy sources on things like electricity and e-mobility charging infrastructure. Bloomberg News first reported plans for the listing in April. 

IPOs are slowly recovering from a prolonged slump brought on by higher interest rates and heightened inflation. Now, with volatility in stocks easing off, a handful of issuers are testing demand.

The company started the process of getting ready to go public roughly 12 months ago and while “the timing may not be perfect” right now, Intilion decided to press on because of strong interest from investors, Chief Executive André Haubrock said in an interview. 

“Energy transition is on everybody’s mind,” he said. “It’s a pure ESG story, so green funds and funds around energy transition want to invest in that story.” 

German Deals 

In Germany, Thyssenkrupp AG’s Nucera hydrogen unit is marketing a share sale of up to €566 million ($618 million), while Schott AG is said to be eyeing a September listing of its specialty medical-glassware division.

Bankhaus Metzler, a private banking company in Europe better known for its relationships with wealthy German families, is the sole global coordinator on Intilion’s IPO, while Stifel Europe Bank AG is joint bookrunner.