Green Hydrogen Systems

Denmark-based Green Hydrogen Systems manufactures modular alkaline electrolyzers and provides related services for the production of clean hydrogen using renewable energy. It offers two electrolyzers, the “HyProvide A-Series,” which delivers up to 20 megawatts (MW), and the “HyProvide X-Series,” which delivers more than 20 MW. 

As of August 2021, only the A-Series model was commercially available, and the company was accepting pre-orders for the X-Series model with plans for a full commercial launch in 2023. In 2023, the first prototype of the HyProvide X1200 6 MW electrolyzer was rolled out for testing. Green Hydrogen Systems has a combined manufacturing, R&D, and office facility in Kolding, Denmark. The facility began operations in 2021 with an annual production capacity of 75 MW and expanded its capacity to 400 MW in 2022.

Key customers and partnerships

In October 2023, the company partnered with Danish circular bioeconomy company BioCirc to test and deliver a HyProvide X1200 unit as a first step toward on-site hydrogen production.

Funding and financials

In October 2021, Green Hydrogen Systems received a EUR 9 million (USD 10 million) grant from the European Climate, Infrastructure, and Environment Executive Agency (CINEA). The funds will be used to develop a 6 MW test module by the end of 2022, which will be scaled up to a 100 MW electrolysis plant by the end of 2024. Previously, in December 2020, Green Hydrogen Systems raised EUR 28 million (around USD 34 million), of which EUR 20 million (around USD 24 million) was debt financing from A.P. Moller Holding and the remainder was venture capital financing led by Nordic Alpha Partners. The proceeds were to be used for larger facilities and increased headcount. 

In June 2021, the company began trading on the Nasdaq Copenhagen stock exchange raising DKK 1,265 million (USD 189 million) at a valuation of DKK 3.1 billion (USD 0.496 billion). The funds were used to launch its X-Series electrolyzers and to cover capital requirements for growth until 2025.

The company reported revenues of DKK 42 million (~USD 6.1 million), and an EBITDA loss of DKK 268 million (~USD 39.0 million) in 2023. For 2024, the company expects revenues of DKK 125–165 million (~USD 18–24 million) and an EBITDA loss of DKK 260–220 million (~USD 38–32 million). In the medium term, the company expects to achieve revenues of more than DKK 1,000 million (~USD 160 million) and to be EBITDA positive by 2025.