Green Hydrogen Systems to launch IPO on Nasdaq

Three companies invest in FiveT Hydrogen Fund

Green Hydrogen Systems announced its intention to launch an initial public offering of its shares and to apply to Nasdaq Copenhagen for admission to trading and official listing of its shares.

The anticipated IPO will consist of the Company issuing new shares in order to raise approximately DKK 1 billion in proceeds, plus customary greenshoe, to support the execution of Green Hydrogen Systems’ strategy and strengthen its balance sheet in order to facilitate future growth. The total offer size will be announced when the Prospectus is expected to be published.

On the basis of a pre-money equity valuation of approximately DKK 2 billion, certain new and existing investors have agreed to subscribe for shares in the upcoming IPO. ATP has pledged DKK 200 million, Vkstfonden has pledged DKK 100 million, BankInvest has pledged DKK 100 million, Nordea Asset Management has pledged DKK 100 million, Spar Nord has pledged DKK 45 million, and MK Ventures has pledged DKK 25 million (collectively the “Cornerstone Investors”). Furthermore, Nordic Alpha Partners, A.P. Moller Holding (after debt conversion as described further down in the announcement), and Norlys Holding have agreed to subscribe for shares worth EUR 5 million (DKK 37 million), EUR 0.5 million (DKK 4 million), and EUR 0.5 million (DKK 4 million), respectively, in order to remain supportive shareholders of the Company. In addition, members of the Board of Directors have agreed to subscribe for DKK 7.75 million in shares. The Cornerstone Investors, existing shareholders, and members of the Board of Directors have pledged a total of DKK 656 million.

According to current plans, the net proceeds from the proposed IPO will be sufficient to launch the Company’s X-Series electrolysers and possibly cover the Company’s capital needs to continue growing until the end of 2025. Green Hydrogen Systems aims to achieve high consecutive revenue growth in the coming years, with the highest absolute growth rates in the middle to later part of the period leading up to 2025, with revenue from contracts with customers of more than DKK 1,000 million.

Green Hydrogen Systems intends to invest significantly in the continuation of R&D efforts, production scale-up, sales and marketing efforts, and organizational ramp-up over the next two to three years, resulting in a planned decline in absolute EBITDA. Green Hydrogen Systems expects to generate a positive EBITDA in 2025 as a result of gradual improvements, and the company aspires to achieve a high single-digit EBITDA margin in 2025.

“We are in the middle of a fundamental shift in our energy systems towards a net-zero carbon society in 2050, and green hydrogen plays a key role in this transition. Green Hydrogen Systems is well-positioned to become a leading supplier of electrolysers for the production of hydrogen based on renewable electricity. However, it requires further investments to unfold the full potential of the company, and therefore an IPO is a natural next step. In this connection, we are pleased that our existing shareholders Nordic Alpha Partners and Norlys Holding as well as A.P.Møller Holding have decided to convert their recent loan to Green Hydrogen Systems into shares prior to an IPO. Together with new cornerstone investors they will all take part in the future development of the company along with new Danish and international investors.” Thyge Boserup, Chairperson of Green Hydrogen Systems

“There is strong momentum in the market for green hydrogen supported by industrial demand and political decisions to sharply increase installed green hydrogen capacity in the coming years. The Danish government’s recent announcement of two test zones for green hydrogen and Power-to-X solutions, both of which we are providing electrolysis solutions to, is a testimony to this momentum. But to deliver on the demand and targets, it requires that our electrolyser production capacity is scaled up significantly and rapidly. Proceeds from the IPO will enable us to continue to scale our production facilities and organisation, and to accelerate R&D efforts in order to further reduce costs of green hydrogen and make it a compelling energy carrier of the future.” Sebastian Koks Andreassen, CEO of Green Hydrogen Systems

Arnes Biogradlija
Creative Content Director at EnergyNews.Biz

Total acquires 20% stake in Hysetco

Previous article

PowerTap Hydrogen Fueling to serve as Devlin DeFrancesco’s main sponsor

Next article

You may also like

More in Europe


Comments are closed.