Green Hydrogen Systems

About Green Hydrogen Systems

Positioned within the clean technology sector, Green Hydrogen Systems A/S operates as a manufacturer and provider of standardized, modular electrolyzers used for producing green hydrogen from renewable energy sources. The company was founded in Kolding, Denmark, in 2007 with a core mission to commercialize green hydrogen. The initial decade, from 2007 to 2017, was dedicated to intensive research and development to refine its pressurized alkaline electrolyzer technology.

The company's business model centers on the design, manufacturing, and sale of this electrolyzer equipment. Clients are companies in sectors such as industry, energy, and heavy-duty transport that require green hydrogen to decarbonize their operations. Revenue is generated from the sale of these systems. For instance, the company reported revenue of DKK 42 million in 2023 and has provided revenue guidance of DKK 125 to 165 million for 2024. A significant milestone was its initial public offering (IPO) on Nasdaq Copenhagen in June 2021, which raised approximately DKK 1 billion in net proceeds to fund production scale-up and R&D. Key investors have included Nordic Alpha Partners, A.P. Moller Holding, and Norlys.

Green Hydrogen Systems offers two main product lines: the HyProvide A-Series and the newer X-Series. The A-Series is designed for projects up to 4.5 MW and is noted for its modularity and ability to handle fluctuating energy inputs from renewable sources. The X-Series is a larger, 6 MW module based on the same pressurized alkaline technology but optimized for bigger industrial applications. This product recently achieved technical proof of concept, validated by a third party, and completed initial reliability testing, positioning it as a key future revenue driver. The company is currently focusing its commercial efforts on the X-Series, while fulfilling the remaining orders for the A-Series and continuing to service existing units.

The company's leadership has seen some transitions. Sebastian Koks Andreassen, with a background at Ørsted and INEOS, served as CEO from November 2020 until his resignation in August 2023. He was succeeded by Peter Friis, who in turn stepped down in October 2024. The board then appointed René Umlauft, who brings experience from Siemens Renewable Energy and MAN Diesel & Turbo, as the new CEO to navigate the company through a strategic restructuring.