Kolding, Denmark– Green Hydrogen Systems today announced that they have obtained investments for a total of approx. EUR 28 million to enable Green Hydrogen Systems to meet the accelerating demand for electrolyzer capacity.
The ongoing scale-up implies investment in larger facilities and a larger organisation with added resources and competencies along the full value chain of the company, i.e. R&D, sales, manufacturing, and assembly, commissioning and after-sales service.
The funds will come from A.P. Møller Holding A/S (A.P. Moller Holding), who will invest in Green Hydrogen Systems in the form of a convertible loan of EUR 20 million and Nordic Alpha Partners, the major shareholder of Green Hydrogen Systems, who has agreed to invest an additional app. EUR 7 million and in the company. Finally, current shareholder Norlys Holding invests an additional EUR 1 million.
CEO Sebastian Koks Andreassen, Green Hydrogen Systems said: “There is an unprecedented momentum in the market for green hydrogen supported by industrial demand and political decisions to sharply increase installed hydrogen capacity in the coming years. The additional funds enable us to scale-up our existing production facilities to meet the surging demand. The investment from A. P. Moller Holding is a vote of confidence in our company and the incredible market potential we are looking into.”
As part of the agreement to invest, A. P. Moller Holding will have the right to appoint one member to the board of directors of Green Hydrogen Systems.
Jan T. Nielsen, CIO, A. P. Moller Holding said: “We see hydrogen as an important part of the future green energy mix for industry, shipping and heavy transport. Green Hydrogen Systems has a compelling technology platform for electrolytic hydrogen production based on green energy and we are excited to support them in developing this platform further.”
The EU recently announced an ambitious hydrogen strategy targeting 6 GW of installed capacity by 2024 and 40 GW by 2030 compared with the current around 300 MW installed hydrogen capacity today. In addition to this, Germany, the Netherlands, France, Portugal and Norway have established ambitious national strategies for green hydrogen production.
Troels Øberg, Partner at Nordic Alpha Partners said: “Green Hydrogen Systems is very well positioned to become a leading supplier in this fast-growing green hydrogen market. It requires significant investments to unfold the full potential, and therefore an IPO of Green Hydrogen Systems could be the next step on the funding journey. So far, we are very pleased that a qualified and reputable investor as A.P. Moller Holding has decided to become a key partner in taking Green Hydrogen Systems to the next level.”
Green Hydrogen Systems is pioneering wind-to-hydrogen projects in Denmark in cooperation with leading wind energy players and is expecting its products to play a key role in decarbonizing energy systems.
About Green Hydrogen Systems
Founded in 2007, Green Hydrogen Systems provides ultra-efficient, standardized and modular electrolyzers that produce green hydrogen using renewable energy. The company’s technology is already in use in Northern Europe, with the rapidly emerging OEM segment as a particular focus of future growth. Backed by growing revenue and a major investment from Nordic Alpha Partners granted in the Autumn of 2019, the company is aggressively scaling its operations.