Green Hydrogen Systems Announces Full Subscription of Rights Issue: a Strong Support for Growth Strategy Company Announcement 25/2023

By July 4, 2023 4   min read  (634 words)

July 4, 2023 |

green hydrogen systems announces full subscription of rights issue a strong support for growth strategy company announcement 252023
  • Raises $69 million in share offering.

Kolding, Denmark– Green Hydrogen Systems A/S (“Green Hydrogen Systems” or the “Company”) is pleased to announce today that all 104,296,612 new shares offered under the rights issue announced by the Company on 13 June 2023 (the “Offering”) have been fully subscribed.

The total number of subscribed shares corresponds to gross proceeds accruing to the Company of approximately DKK 469 million. Thus, the Company anticipates the completion of the Offering and draw on the term loan facilities for a total principal amount of DKK 250 million made available to the Company by two shareholders. In total, the capital raise reached the targeted full amount of DKK 719 million.

Sebastian Koks Andreassen, CEO of Green Hydrogen Systems, comments: “We are very pleased with the result of the rights issue and see it as strong support from existing and new investors. The gross proceeds from the rights issue and the term loans provide the capital and the financial flexibility to continue executing our growth strategy towards our medium-term targets.”

A total of 100,619,454 of the new shares have been subscribed for by exercise of pre-emptive subscription rights at the ratio 5:4. A total of 3,677,158 of the new shares have been subscribed for as a result of applications for subscription of remaining shares.

Given the demand for the remaining shares exceeded the number of new shares not subscribed for by exercise of pre-emptive subscription, the Company’s Board of Directors has resolved to allocate the remaining shares as follows: All orders for remaining shares up to 8,544 will receive full allocation. Orders for remaining shares exceeding 8,544 will receive an allocation of 8,544 shares.

The Company expects to complete the Offering on 6 July 2023 after receipt of all subscription amounts, upon which the capital increase will be registered with the Danish Business Authority.

As soon as possible, the new shares will be admitted to trading and official listing on Nasdaq Copenhagen A/S under the ISIN code for the Company’s existing shares DK0061540341, expected to occur no later than 10 July 2023.

As stated in Company Announcement no. 19/2023, the Offering may be withdrawn at any time prior to registering the capital increase relating to the Offering with the Danish Business Authority. Any such withdrawal will be notified via Nasdaq Copenhagen A/S.


The timetable for the remaining events relating to the Offering is expected to be as follows:

Completion of the Offering, including settlement of the new shares: 6 July 2023 Registration of the capital increase regarding the new shares with the Danish Business Authority: 6 July 2023 First day of trading and official listing of the new shares on Nasdaq Copenhagen under the ISIN code of the existing shares: 10 July 2023 Merger of the temporary ISIN code and permanent ISIN codes in Euronext Securities Copenhagen: 11 July 2023 after 17:00 (CEST) The timetable above is subject to change. Any such changes will be announced via Nasdaq Copenhagen.

Global coordinator and legal advisors

Danske Bank is acting as global coordinator and manager of the Offering. Bech-Bruun Law Firm P/S and Fried, Frank, Harris, Shriver & Jacobson (London), LLP act as Danish and US legal advisors to the Company. Plesner Advokatpartnerselskab acts as Danish legal advisor to Danske Bank.

Green Hydrogen Systems in brief

Green Hydrogen Systems is a leading provider of standardised and modular electrolysers to produce green hydrogen based on renewable electricity. With its wide range of possible applications, green hydrogen plays a vital role in the ongoing fundamental shift in our energy systems towards a net-zero emission society in 2050. As a result, the demand for green hydrogen is surging, requiring a significant scale-up of electrolysis capacity. Founded in 2007 and building on more than 10 years of technology development, Green Hydrogen Systems today has a commercially proven and cost-competitive electrolysis technology endorsed by leading energy and industrial companies.


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